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Schletti, Bruno


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2 articles of this author have been cited in the European Press Review so far.

Tages-Anzeiger - Switzerland | 31/10/2012

USB won't give up gambling on its own

The Swiss Bank UBS is facing a radical restructuring. UBS head Sergio Ermotti announced on Tuesday that the bank will considerably pare down its investment division and axe around 10,000 jobs by 2015. The stock markets reacted positively to the plan but the liberal Tages-Anzeiger is reluctant to join in "the praise of individual analysts who see the UBS bankers as pioneers in the sector …. The reality is different. The regulators - first and foremost the Swiss National Bank - have tightened regulations to such an extent that the investment bankers were flabbergasted. Nowadays so much capital has to be put aside to cover risky deals that they're simply no longer profitable. And what is not profitable doesn't generate profit, so there's no bonus at the end of the year. Now this is a language the bankers understand. So we are witnessing how deals that only yesterday were indispensable are now being tipped overboard. And there is talk of a completely new business model in the sector. It was invented by the regulators."

Tages-Anzeiger - Switzerland | 28/07/2010

Euphoria over UBS billion euro profit uncalled-for

After encountering severe difficulties as a result of the financial crisis the Swiss major bank UBS announced on Tuesday unexpectedly high second-quarter profits of two billion Swiss francs (roughly 1.5 billion euros). No reason to celebrate, writes the Tages-Anzeiger: "UBS' old leadership did far too much damage to go back to business as usual after three quarterly results in the black. The fact that customers are still withdrawing their funds is proof that the trust has not yet returned. But the question of trust cannot be assessed in terms of money alone. The Swiss people still don't know if they can trust the new bankers (who as a rule haven't changed). Lip service has been paid to all kinds of lessons from the crisis, none of which have yet been implemented on the political level - for example the question of state protection for large enterprises upon whose survival the system depends. The bankers are still suspected of torpedoing regulations. The more their business gets back to normal, the more often they will prove susceptible to such temptation."

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