UBS boss : Industry should be 'brutal' when analyzing business models

Floyd Mayweather

'Conduct a brutal and open self analysis, because without it and without acknowledging your own weaknesses and strengths, you can’t pursue such an overhaul'.

UBS Chairman Axel Weber said banks overhauling their business models shouldn’t shy from taking difficult decisions in their quest to bolster capital levels and profitability.

'To get there you have to do one thing: conduct a brutal and open self analysis, because without it and without acknowledging your own weaknesses and strengths, you can’t pursue such an overhaul', Weber said on a panel at a conference in Frankfurt on Thursday.

Bloomberg News reports that the example of UBS, which opted to pull out of most its capital-intensive fixed income trading unit in 2012, is proof that investors applaud managers who dare to take radical steps, said Weber.

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

UBS Chairman Weber Says CEOs Overhauling Banks Must Be `Brutal'

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