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UBS wants to save 300 million US dollars

group chief Executive Sergio Ermotti said on Wednesday at a conference of Morgan Stanley of an additional 300 million US dollars of short-term cost savings. "B

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UBS wants to save 300 million US dollars

group chief Executive Sergio Ermotti said on Wednesday at a conference of Morgan Stanley of an additional 300 million US dollars of short-term cost savings. "Basically, I am very pleased with the progress of strategic initiatives to reduce costs and optimize the financial resources," said Ermotti. In the current environment, it is double the efforts and to make "both strategic and tactical" measures.

"Our short-term cost initiatives will support profitability without burdening the future of the Bank," says the CEO. You have slowed down the recruitment of staff, and some IT projects, but I will not stop the investments in growth-oriented initiatives for the improvement of the income account.

Ermotti is expected that the so-called tactical cost-cutting measures will bring at least 300 million of additional cost savings in comparison to the original Plan for the fiscal year 2019. Most of them should come in the second half of the year.

On the asset side, they search for Ways to accelerate the improvements in the Leverage Ratio, ie the unweighted capital ratio, said Ermotti. Thanks to investments in technology, we have identified new possibilities for the optimization of liquidity management. (aru/sda)

Created: 20.03.2019, 10:51 PM

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