UBS is well placed for the challenging year ahead, said chief executive Sergio Ermotti, speaking on the sidelines of the UBS Greater China Conference in Shanghai.
UBS is committed to continued growth in Asia and has plans to double the headcount in China, CEO Sergio Ermotti told «Bloomberg News» in an interview. The Swiss No. 1 currently employs about 600 people in its Chinese operations, a number which Ermotti said would double in the next five years.
Add Significant Value
The additions would be across the board in Investment Banking, Asset Management, Fixed Income and the Swiss bank's key strength of Wealth Management.
With only a small fraction of very rich clients in China diversified into overseas assets this was where Ermotti saw UBS being able to add significant value. «From the 9 trillion retail deposits in China only 1 percent are invested abroad,» said the UBS CEO.
Best Times for Bankers
He also emphasized the point that at this time of uncertainty and market turmoil it was the best time for his bankers to get close to clients.
