All those “who say that two major banks in Switzerland are absolutely necessary because otherwise there would be a risk of concentration are thinking very shortsightedly.” Ermotti said this in an interview with “Sonntagszeitung”. “The real risk was to allow the bank to fall into the abyss with a wrong strategy.” They had their sights set on a competitor “because we saw that CS had the wrong business model.” UBS also wanted to prevent a takeover by a foreign bank.
It is finally clear what happens when a bank continues to suffer losses. Customers lost trust and withdrew their money. UBS has a “good business model” and is profitable, he said.
