“Life is hard enough, and I think this constant lecturing on ethics and on integrity by many stakeholders is probably the most frustrating part of the equation. Because I don’t think there are many people who are perfect,” Mr. Ermotti said in an interview at the World Economic Forum in Davos, Switzerland. “We are far from being perfect…but it’s not going to be very helpful to be constantly bashing banks.” [...] Mr. Ermotti, a Swiss native who has spent his entire career in the banking industry, said he is growing frustrated with what he sees as some regulators, politicians, shareholders, clients, journalists and rival banks holding UBS to a higher standard than they hold themselves. “When I look around, I don’t think there are many banks that can come to us and say they are the example that should be followed,” he said. Speaking of a broader group of industry “stakeholders,” including regulators and politicians, Mr. Ermotti said: “None of them can be overly critical.” [WSJ]

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Comments (29)

  1. Posted by Reverse Commuter | January 27, 2014 at 12:09 PM

    "he is growing frustrated with what he sees as some regulators, politicians, shareholders, clients, journalists and rival banks holding UBS to a higher standard than they hold themselves."

    Higher standards? When did this happen?

    -UBS Standards Quant

  2. Posted by guest | January 27, 2014 at 12:14 PM

    hell yes!

    -Kweku Adoboli

  3. Posted by UBS HR | January 27, 2014 at 12:23 PM

    Perfect? There are barely any UBS employees that are qualified to work at a Jiffy Lube let alone perfect and then Honda Stamford just cherry picks the top performers.

  4. Posted by KingCo | January 27, 2014 at 12:37 PM

    TL;DR: We all suck, cut us some slack.

  5. Posted by SAC PM | January 27, 2014 at 12:45 PM

    Exactly. No one can watch everything in this era of the mega data.

    Guy who's MD used to routinely say, " I don't want to hear this Jim" as a que to stop the conversation.

  6. Posted by Guest | January 27, 2014 at 12:53 PM

    Definitely want a CEO who starts ANY response with "Life is hard enough"…

  7. Posted by Nobody | January 27, 2014 at 12:54 PM

    Ya know all these UBS honda jokes are really getting old.

  8. Posted by Guest | January 27, 2014 at 12:56 PM

    I want to have this man's baby.

    -Shazar

  9. Posted by Alt_EST | January 27, 2014 at 1:09 PM

    'Good enough' is absolutely the attitude I would expect from UBS.

  10. Posted by WTF__k | January 27, 2014 at 1:21 PM

    Exactly!

    - UBS ESL Quant

  11. Posted by Guest Compliance | January 27, 2014 at 1:23 PM

    You not US, UBS

  12. Posted by Dallas Big Wig | January 27, 2014 at 1:30 PM

    I am pretty sure gay athletes have participated in the Olympics before and were not killed, abused or mistreated, Obama & his traveling media circus is making us the laughing stock of the world because they see through it all…failed education system, failed economy, massive debt, & a dysfunctional govt…so lets' focus something other than the failure that Obama is and pretend we are MORALLY superior.

  13. Posted by Maybe | January 27, 2014 at 1:34 PM

    Isn't Shazar a dude?

  14. Posted by UBS Analyst | January 27, 2014 at 1:42 PM

    Yeah, absolutely nothing wrong with Hondas.

  15. Posted by Guest | January 27, 2014 at 1:42 PM

    The fuck are you on about?

  16. Posted by HSBC Guest | January 27, 2014 at 1:45 PM

    We like to bash our customers instead:
    http://www.dailymail.co.uk/news/article-2546622/H

    HSBC accused of treating customers like criminals after banning them from withdrawing large sums of cash if they won't explain what it's for
    Bank brought in secret policy last November, which has led to complaints
    Customers say withdrawals were refused or they were forced to barter
    HSBC says policy is 'responsible' and allows them to tackle financial crime

  17. Posted by Drunk Ernest | January 27, 2014 at 1:47 PM

    "Whose" and "Cue…" As in, "whose cue" did you take to leap into the whorehouse door as the bulls chased you down the Calle Guapo as the Guardia Civil, who also chased you behind the bulls because you didn't know that Nick, when drunk, had placed a "Chinga Los Policias" in poor Spanish on your well scratched back which was a result of too much sangria with Maria who grunted her pleasure with each harried thrust, one of which sent your head at a 45 degree angle from the headboard under the crucifix and you saw a certain mark on your underwear which gave you pause upon seeing it and Maria thought "this is it! (in Spanish, of course)' as you murmured a curse word, albeit in English, and continued to apply yourself to her like a screen door in a hurricane; a hurricane that, later, under a blue Caribbean sky, would be full of the swordfish, huge like watery lions resting in the shade of oceanic Kilamanjaro swells, and, when hoisted into the boat like a banker's petard, your one-armed friend, Mike, victim of the Spanish sniper, would swing his remaining arm out wide for a picture captioned, "It was this big!" like an Aggie in the Men's Room of the Cotton Bowl, describing his girth to the people from Odessa, TX, who have chased and been chased by their own bull.

  18. Posted by Deloras | January 27, 2014 at 2:00 PM

    Mr Guests ignorant, deceitful slut will say/do anything, she has the morals of a rabid dog. Look out Hillary, there's a new dirtbag in town

  19. Posted by Guest | January 27, 2014 at 2:07 PM

    I'll have what he's having.

  20. Posted by Guest | January 27, 2014 at 2:15 PM

    "When I look around, I don’t think there are many banks that can come to us and say they are the example that should be followed"

    Oh, I think if you looked around, you'd find an example of a bank that did no wrong for the last twenty years, where every step was exactly the correct one, and where everything that went horribly wrong was definitely someone else's fault and the result of circumstances that no one, and we mean no one, could have seen coming.

    - Alan G., Benjamin B., Janet Y.

  21. Posted by Guest | January 27, 2014 at 2:36 PM

    The fact that you say Mr. Guest, and then proceed in referring to them as a woman is indicative of your intelligence.

    - *Miss Guest

  22. Posted by Shazar | January 27, 2014 at 2:37 PM

    Are you an idiot?

  23. Posted by segoviacobain | January 27, 2014 at 3:09 PM

    I personally went with the BMW Z3 conversion on my girlfriend's 93 miata, and we have not looked back.

    – UBS Corporate Actions Slug.

  24. Posted by Guest | January 27, 2014 at 4:49 PM

    Hook 'em Horns, Papa! Bravo!

  25. Posted by guest | January 27, 2014 at 4:50 PM

    not sure i follow, i think he's just missing an apostrophe..

  26. Posted by gnome | January 27, 2014 at 5:57 PM

    He is right. UBS is not perfect. Just like all financial institutions, they have had their missteps. But if you take the past decade in context, are they as bad as others? I mean they are no Bear of Lehman. Lets see . . .
    - collapse/closing of Dillon Read Capital Management
    - massive losses on MBS leading to government bailout
    - sued/settlement for auction rate securities
    - sued/settlement for student loan securities
    - settlement around facilitating client tax evasion
    - LIBOR scandal
    - Mass employee defections
    - firing/hiring/firing strategies around the ibank
    - likely others

    The Swiss don't generally like to focus on history. But all iz goot now. ya?

  27. Posted by Rommel | January 30, 2014 at 3:09 PM

    UBS whistler blower case being over turned shows that the companies strategy of firing
    Employees who report firm front running is working. Just tell management what you see going on and we'll fire you

    Dodd Frank is weak and UBS is strong. The firm was built on the back of Erwin Rommel
    Long live the swiss

  28. Posted by Rommel | January 30, 2014 at 3:23 PM

    UBS gets favorable Dodd Frank ruling from Judge Failla. Well she was appointed by Obama who's biggest fund raiser is UBS ex CEO Robert"32 advisors"Wolf. You gotta love the Swiss

  29. Posted by A-Side | January 31, 2014 at 1:59 AM

    "Leave Britney Alone"