UBS Group Chief Executive Sergio Ermotti on Wednesday said banking consolidation...
FILE PHOTO - Sergio Ermotti, CEO of UBS gestures during a panel discussion at the Swiss-American Chamber of Commerce in Zurich, Switzerland January 18, 2019. REUTERS/Arnd WIegmann
Ermotti, who is cutting his investment banking staff after the division contributed to a third-quarter profit slide, said at an event in Zurich that European banks needed to bulk up to catch up with rivals in the United States. “I believe over the next few years it is unavoidable that consolidation will have to play a vital role particularly in Europe,” Ermotti said. “The question for Swiss and European banks no longer is ‘too big to fail’, but ‘too small to survive’.”
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