During the BloombergHouse event in Davos, UBS Chairman Colm Kelleher and European Central Bank President Christine Lagarde discussed various aspects of the bank's current strategy and outlook. Kelleher expressed skepticism about regulators' push to increase capital at banks, suggesting that this approach does not address the real weaknesses in the financial system. Instead, he pointed to the non-bank financial intermediation (NBFI) sector as a more likely source of future crises due to insufficient regulation. In terms of UBS's performance, Kelleher indicated optimism, stating that there is a fair chance UBS will surpass its profitability goals, specifically mentioning a possible 'upside' to the bank's return on equity target, which has been set at 15%. He also commented on the Credit Suisse takeover, saying that the markets are responding positively to UBS's actions and that the acquisition, while not being the 'deal of the century,' has nonetheless made UBS stronger. Kelleher noted that the integration of Credit Suisse is expected to contribute to the potential increase in UBS's return on equity. Additionally, Kelleher highlighted the need for the European Union to progress in unifying its banking and capital markets, especially in the absence of the City of London.
Credit Suisse takeover is no 'deal of the century' but leaves UBS stronger, says CEO https://t.co/rV0cxkdchs https://t.co/NL4FdYrwLf
INTERVIEW UBS Chairman Colm Kelleher indicates there’s a fair chance the Swiss lender will exceed the profitability goal it has set itself https://t.co/Kno52jBOwq via @business @myriamBalez #Switzerland
Credit Suisse is 'not the deal of the century' - UBS CEO https://t.co/ekh4Jc3ojR https://t.co/10fnmzAGtN
The EU needs to make progress on its long-mooted push to unify its banking and capital markets now it can no longer rely on the City of London, according to UBS Chairman Colm Kelleher https://t.co/CiXIljahdJ
"The markets like what we're doing" UBS Chairman Colm Kelleher gives his verdict on how the Credit Suisse takeover is going at #BloombergHouse in Davos https://t.co/0vrdE9xdBU https://t.co/hmR1ow6lFz
UBS chairman sees possible 'upside' to bank's return on equity target https://t.co/kXDJtIOnOH https://t.co/av5IpxaL0W
⚠️ UBS CHAIRMAN SEES POSSIBLE 'UPSIDE' TO BANK'S RETURN ON EQUITY TARGET (Reuters) UBS's return on equity may be higher than currently expected, once the integration of its former rival, Credit Suisse, has been completed, its chairman said on Wednesday. "We have given a 15%… https://t.co/ZnHN1cBDb0
UBS Chairman Colm Kelleher indicates there’s a fair chance the Swiss lender will exceed the profitability goal it has set itself https://t.co/iydH4zUpTd
UBS Chairman Colm Kelleher says regulators pushing to increase capital at banks are looking in the wrong place to address the weaknesses in the financial system https://t.co/nTUUIuQik3
"Since that sector [NBFI] is not sufficiently regulated, by definition that is probably where you'll see crises coming out." Colm Kelleher, Chairman, @UBS tells @MyStephanomics, Senior Executive Editor ,Bloomberg Economics what he is worried about in 2024. #BloombergHouse https://t.co/WneEUSVyvT
LIVE NOW: @UBS Chairman Colm Kelleher and Christine Lagarde, President, European Central Bank joins us this morning on day two of #BloombergHouse in Davos. Send us your questions in the comments. https://t.co/Rmi5BIjzc9