Credit Suisse Already Had Problems in 2015, UBS CEO Tells Paper

UBS Group AG Chief Executive Officer Sergio Ermotti, who’s overseeing the takeover of Credit Suisse Group AG in a government-brokered rescue, said he saw problems at UBS’s smaller competitor as early as 2015.

“UBS was very well positioned from 2015, we had done our homework after the financial crisis,” Ermotti said in an interview with the Schweiz am Wochenende newspaper. “We always looked at what opportunities there were for us to grow organically and inorganically. It was clear to me that something wasn’t going well at CS.”