ZURICH, Jan 21 (Reuters) - UBS CEO Sergio Ermotti stated on Tuesday that the Swiss bank is not currently considering acquisitions as it is focused on integrating Credit Suisse, which it acquired in 2023.
Speaking to CNBC on the sidelines of the World Economic Forum in Davos, Switzerland, Ermotti also expressed his view that significant deregulation in the U.S. banking sector under the new Trump administration is unlikely. He anticipated more consolidation of existing regulations, stating, "So at least for the big banks, I think it's appropriate. I don't believe that banks should be massively deregulated."
Ermotti suggested that the Trump administration might address certain geopolitical issues, although he cautioned that trade tariffs could lead to tensions.
UBS took over Credit Suisse following the collapse of its long-standing competitor due to a series of scandals and setbacks.