"This is not an environment that is very good for us."
Bloomberg News reports that UBS's top investment banker this week suggested that the bank may be more at risk from a continued lack of client activity than peers because it’s more dependent on customer trades.
“We see the environment probably more negatively than some of our competitors," Andrea Orcel, the head of UBS’s investment banking operations, told reporters in Hong Kong on Tuesday.
The UBS business model is based around being an intermediary with a limited balance sheet, he said. "This is not an environment that is very good for us."
“This is an environment that tests the model in as hard a way as we can,” Orcel said. “If you intermediate and people don’t trade, that’s a problem.”
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