UBS CEO Ermotti Says Financial System Is Assuming No Brexit Agreement

The transcript covers various topics including the impact of Brexit on the financial system, the strategic decision to use Frankfurt as a base for operations, and the resilience of the banking system against potential crises. It also discusses joint ventures in China, global economic risks, and the influence of technology on banking, emphasizing the need for fintech regulation.

What is the primary reason for the financial system's readiness for a hard Brexit?

• The financial system has already assumed no agreements.

• The financial system is expecting a soft Brexit.

• The financial system is not prepared for any Brexit outcome.

• The financial system is waiting for further negotiations.

What is the strategic choice for the base of operations in response to Brexit?

• Tokyo

• New York

• Frankfurt

• London

What is the status of negotiations for joint ventures in China?

• Negotiations have been abandoned.

• Negotiations are complete, and the first bank has filed for authorization.

• Negotiations have not started.

• Negotiations are ongoing with no progress.

What is considered the biggest risk to the global economy?

• Political instability

• Technological advancements

• Trade tensions

• Natural disasters

What sector poses a significant risk outside the traditional banking sector?

• Shadow banking sector

• Retail sector

• Manufacturing sector

• Agricultural sector

How is technology expected to impact the banking industry?

• It will disrupt the back office operations.

• It will have no impact.

• It will only affect customer service.

• It will make banks obsolete.

What is the anticipated regulatory approach towards fintech companies?

• They will face less regulation than banks.

• They will be regulated like traditional banks.

• They will be banned from banking activities.

• They will remain unregulated.