6/9, 12:21 PM (Source: TeleTrader)
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UBS CEO: Next few months will be 'bumpy'

The UBS Group AG Chief Executive Officer (CEO) Sergio Ermotti on Friday stressed that the upcoming months will be "bumpy" with regard to the integration and restructuring of Credit Suisse Group AG.

Speaking at the Swiss Economic Forum, the CEO estimated that the future of Credit Suisse will be "analyzed and checked in detail by summer." "We will hold less risk on our balance sheet, the business will be less capital intensive and we will improve the bank's earnings potential," he added.

Earlier today, the Swiss bank and government signed loss guarantee agreement ahead of the finalization of the Credit Suisse takeover. Due to "complexities" with the acquisition of the embattled bank, UBS decided to postpone the presentation of its second-quarter financial report for fiscal 2023 until August 31.

Baha Breaking News (BBN) / AB