Part 2/10:
Ermotti began by addressing the impressive performance of UBS over the past year, especially after the acquisition of Credit Suisse. The share price has skyrocketed by over 80%, marking UBS as the most valuable bank in Europe—a position deemed an incredible turnaround from previous challenges. However, Ermotti emphasized the significant costs linked to the acquisition, including a projected additional $15-17 billion needed for restructuring, which paints a more complicated picture of this supposed bargain.