Axel Weber

  • Image: UBS posts 1.7 billion dollar Q3 profit despite investment red ink

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    UBS Chairman Declares His Work At Bank Mission Basically Accomplished

    UBS chairman Axel Weber has hinted he may not stay at the Swiss bank as long as originally expected, in a newspaper interview linking his future with the lender’s ability to meet stricter regulation as well as to restructure by end-2015. “My work here is done when the bank is prepared for the new regulatory […]

    / Dec 18, 2013 at 4:56 PM
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    News

    UBS Chairman: Other Banks Will Have To Fire Thousands Of Employees Too, Y’Know

    Difference is, UBS is the only one that’s faced facts already, ’cause they’re consistently ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other guys will get a cold hard dose of reality sooner or later, though, and when they do they’ll say, “Damn! UBS was all over this!”

    A day after UBS AG announced it was cutting up to 10,000 jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking giant’s rivals may have to follow suit…“I suspect that many banks have not yet really understood what the consequences of the new capital rules for business will be when they come into full effect in 2019,” Weber was quoted as saying in Wednesday’s edition of the German daily Handelsblatt. “We, on the other hand, see this new world very clearly,” he said. “Besides that, Swiss rules commit us to even higher own capital demands than the 10 percent capital quota that Basel III orders.”

    UBS Chief: Other Banks May Need To Downsize Too [AP]
    Earlier: Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

    / Nov 1, 2012 at 11:55 AM

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