'I hope one day those kinds of mergers between big banks will be allowed and we can contribute to that by showing that it's possible,' Sergio Ermotti said.
Credit Suisse collapsed in March 2023 following years of underperformance, scandals and risk management crises. UBS in June completed its takeover of the 167-year-old bank in a deal controversially brokered by Swiss authorities.
"Of course, we can't just rely on a crisis to create or facilitate the merger of banks," Ermotti said. "But the bad news is that they don't realize that in order to really be meaningful, and go to the next level of their contribution in their economies, they will need to be also more competitive globally. But without a banking union, without a capital markets union, it's going to be very, very difficult for Europe to compete with U.S. large banks."
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