Swiss - Businessman | May 11, 1960 -
Usually, you measure appetite of investors by their ability or willingness to take a bit of leverage on their positions.
Sergio Ermotti
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When you look at billionaires, many of them share one characteristic: They were not born billionaires.
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When you start to get shareholders, clients, employees, rating agencies, and everybody converging, and then your competitors bad-mouth you, you know you did the right thing.
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Every bank has to find its own DNA.
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In 1987, Merrill Lynch asked me to open a Swiss capital markets operation. I was 27. In hindsight, I was lucky enough to start a business from scratch. And I mean from zero - no offices, even, just a space with walls between different areas. We decided to tear down the walls.
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There's no understandable reason why the financial services industry has not developed a more comprehensive sharing of the value chain.
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We don't really believe there's much room for the creation of new currencies if there is no real backing for a hard and credible issuer of that currency.
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We believe existing currencies may move into becoming more of a crypto-currency.
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People should never take things for granted.
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We have to have a business model that can be a sustainable and acceptable one to both regulators and the other stakeholders, clients, and investors.
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Wealth management businesses are capital light businesses.
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Many businesses in an investment bank, not only at UBS, are structurally a loss leader, so they don't pay for the cost of capital.
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