Edition:
India

UBS CEO: We Can't Have Price For Monetary Policy Paid By Shareholders


Tuesday, 23 Jul 2019 

July 23 (Reuters) - UBS ::CFO: EXPECT SLIGHTLY HIGHER OPERATIONAL COSTS IN H2 THAN IN H1.CEO: WILL ANALYSE THREE-YEAR PLAN AT END-Q3 AND WILL TAKE MARKET ENVIRONMENT AND INTEREST RATES INTO CONSIDERATION IN EVALUATING OUR GOALS.CEO ON POTENTIAL ADJUSTMENTS TO INVESTMENT BANK IN STRATEGIC REVIEW: WE'RE NOT THINKING ABOUT A REVOLUTION, EXPECT SERIES OF EVOLUTIONARY STEPS.CEO: BANK SAW LITTLE EVIDENCE SCANDAL AROUND ECONOMIST'S COMMENTS ON CHINA IMPACTED BUSINESS; NO IMPACT ON OUR COMMITMENT TO GREATER CHINA.CEO SAYS VERY PLEASED WITH ASSET MANAGEMENT PERFORMANCE, NO COMMENT ON MARKET RUMOURS.CEO, ASKED ABOUT IMPACT OF DEUTSCHE BANK'S INVESTMENT BANKING DOWNSIZE: OVERALL, UBS SEEING INCREASED SHARE OF WALLET IN INVESTMENT BANK, EXPECT TO SEE CONTINUED CONCENTRATION.CEO SAYS IN CONCRETE DISCUSSIONS REGARDING SEVERAL STRATEGIC PARTNERSHIPS, RELATED TO WEALTH MANAGEMENT, INVESTMENT BANKING AND COMBINATION OF BOTH.CEO SAYS WILL LOOK AT ANY ALTERNATIVES TO PROTECT MARGINS SHOULD MONETARY POLICY CHANGE; CAN'T HAVE PRICE FOR MONETARY POLICY PAID BY SHAREHOLDERS.CEO: WE MUST LOOK AT BALANCING SHAREHOLDER AND CLIENT INTERESTS, BUT IT WILL BE VERY DIFFICULT TO APPLY NEGATIVE INTEREST RATES TO RETAIL CLIENTS.CEO DECLINES COMMENT ON FUTURE OF CHIEF ECONOMIST PAUL DONOVAN, WHO WAS PREVIOUSLY PUT ON LEAVE OVER CHINESE PIG COMMENT.