Dealbreaker’s one and only Bess Levin writes: ….Difference
is, UBS is the only one that’s faced facts already, ’cause they’re consistently
ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other
guys will get a cold hard dose of reality sooner or later, though, and when
they do they’ll say, “Damn! UBS was all over this! We’re not worthy!”
A day after UBS AG announced it was cutting up to 10,000
jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking
giant’s rivals may have to follow suit…“I suspect that many banks have not yet
really understood what the consequences of the new capital rules for business
will be when they come into full effect in 2019,” Weber was quoted as saying in
Wednesday’s edition of the German daily Handelsblatt. “We, on the other hand,
see this new world very clearly,” he said. “Besides that, Swiss rules commit us
to even higher own capital demands than the 10 percent capital quota that Basel
III orders….
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