The bank is well placed for the challenging year ahead, said UBS CEO Sergio Ermotti, speaking on the sidelines of the UBS Greater China Conference in Shanghai.
CEO Sergio Ermotti said in an interview with the «Bloomberg Asia» information service that UBS was committed to continued growth in Asia and has plans to double the headcount in China.
At present the bank directly employs around 600 people in its Chinese operations which Ermotti said would double in the next five years.
Add Significant Value
The additions would be across the board in Investment Banking, Asset Management, Fixed Income and the Swiss banks key strength of Wealth Management.
With only a small fraction of Chinese UHNW clients diversified into overseas assets this was where Ermotti saw UBS being able to add significant value. «From the 9 trillion retail deposits in China only 1 percent are invested abroad,» said the UBS CEO.
Best Times for Bankers
He also emphasised the point that at this time of uncertainty and market turmoil it was the best time for his bankers to get close to clients.
