Program and guest
A Bloomberg Television interview with UBS CEO Sergio Ermotti. Original English title: UBS CEO Ermotti on Earnings, Cost Savings, Capital Return Plans. Subtitles cover the full video (14:41); this article covers the entire interview.
Key points
(The following paraphrases the guest’s remarks. Timestamp links lead to the corresponding points in the original video.)
- Third-quarter results were broadly in line with expectations. Diversification across business lines and regions again demonstrated resilience, and client momentum was good in wealth management, asset management and investment banking. 0:09
- Wealth management net new assets reached 55.1 billion dollars, according to the program description, led by the US and Asia Pacific, with significant inflows also from Europe, the Middle East and Switzerland. Asset management recorded 12 billion dollars in inflows into alternative investments, while the Swiss business renewed 40 billion dollars in loans during the quarter. 0:23
- The Credit Suisse integration is nearing completion, integration reporting will conclude within the next few months, and the cost savings target has been raised by a further 200 million dollars. From next year, UBS will report only overall figures and will no longer discuss the integration separately. 1:15
- Equities trading grew 22% during the quarter. Ermotti said that, amid constantly changing macroeconomic conditions and investor sentiment, it was difficult to judge whether this was the peak of the trading boom. 2:56
Background and notes
Subtitles cover 0:00–14:41 (full length: 14:41); this article covers the entire interview. The views and timestamps are paraphrased from the subtitles, and each timestamp marks the start of the corresponding passage in the original remarks. Specific figures, including 55.1 billion dollars and 12 billion dollars, come from the program description and the interview itself.