UBS CEO Ermotti aims to broaden United States business
CEO Sergio Ermotti says UBS must broaden its U.S. business while preparing for new Swiss capital rules. He noted that future expansion may include acquisitions.
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UBS GROUP AG-REG CEO Sergio Ermotti said Wednesday afternoon the bank must broaden its United States operations to diversify revenue. The Swiss bank secured a national banking license in March to facilitate growth beyond its current wealth management footprint. Ermotti vowed to work until the last minute to ensure UBS and Switzerland kept benefiting from each other, amid speculation the bank could move its headquarters abroad if stricter capital requirements became too onerous.
