The Wall Street Journal reports that Ermotti is saying what many bank executives are privately thinking. But at a time banks are held in low regard by many Europeans, few executives are willing to publicly give voice to such frustrations.
'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', 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'.
UBS has been on the receiving end of quite a lot of bashing, thanks to huge losses it suffered during and after the financial crisis; a taxpayer bailout; a rogue-trading scandal and an admittedly central role in the manipulation of benchmark interest rates.
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