UBS CEO Ermotti Sees ‘Witch Hunt’ Amid First Brands Fallout

UBS Group AG Chief Executive Officer Sergio Ermotti defended his bank against criticism over the exposure to bankrupt auto parts supplier First Brands Group, saying that investors were aware that they were engaged in higher-risk strategies.

“There is a little bit of witch hunting,” Ermotti said in a Bloomberg TV interview after the bank announced its third-quarter earnings. “Comparing things between one bank or the other and one strategy or the other is totally inappropriate.”