Sergio Ermotti, CEO of UBS, addressed the challenges of integrating Credit Suisse at an Institute of International Finance conference, emphasizing the need for banks to adapt to rapid technological changes. He highlighted the importance of maintaining a liquid balance sheet, especially in light of reputational risks, stating, "People hate it when banks make money, but there is nothing worse than banks that lose money." The bank is currently migrating client data, with significant cost savings expected once the transition is complete.
