Finance
Ermotti Says UBS Catch-Up on US Wealth Market Will Take Time
- UBS CEO speaks at Morgan Stanley financials conference
- UBS looking to widen product offering for US clients
Sergio Ermotti
Photographer: Pascal Mora/BloombergThis article is for subscribers only.
UBS Group AG chief executive officer Sergio Ermotti said catching up with Wall Street giants in the US will take time, as the bank seeks to build its product offering in the world’s largest wealth market.
“We have the cost base of a much larger organization in the US but we don’t have the capabilities yet that allow us to fully leverage our global franchise,” Ermotti said at Morgan Stanley European Financials Conference in London on Tuesday. “We need to have a better footprint in the US.”