ZURICH (Reuters) - UBS (UBSG.S) Chairman Axel Weber thinks an economic upturn is gathering momentum, which should help business at Switzerland’s biggest bank, he told the Basler Zeitung newspaper in an interview published on Thursday.
“Growth rates are strengthening and the recovery is taking hold. Future prospects are thus more favorable than they were in the past five years. That should have a positive impact on our business but we are still surrounded by risks to be managed,” he was quoted as saying.
UBS Chief Executive Sergio Ermotti said in the same interview that retail savers “in the current rate situation” did not need to fear having negative interest rates passed on to them even though UBS had introduced fees for institutional investors and wealthy private banking clients with large cash holdings.
Reporting by Michael Shields, Editing by Brenna Hughes Neghaiwi