UBS CEO says restructure like decommissioning a nuclear plant

Nuclear Bomb

'We all had very strong confidence that this was the right way to go'.

Two years after he announced plans to shrink UBS’s investment bank, Group CEO Sergio Ermotti said he made the right call.

“People at that time, rightly so, were comparing what we were doing to decommissioning a nuclear plant,” Ermotti said in an interview with Bloomberg TV’s Manus Cranny broadcast Tuesday. “We all had very strong confidence that this was the right way to go.”

After a year on the job, Ermotti came out with a strategy in October 2012 to scale back debt trading and focus on wealth management.

Asked to evaluate his performance to date, Ermotti assigned himself a grade of eight out of 10.

To access the complete Bloomberg News article hit the link below:

Ermotti Likens UBS Revamp to Nuclear Plant Decommissioning

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