For UBS to maximize its returns for shareholders from Credit Suisse, it has to first persuade the public on its merits, writes PaulJDavies
is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.Sergio Ermotti’s first mission in his second stint as UBS Group AG chief executive officer is political: He is campaigning to get the Swiss public behind the $3 billion-plus rescue of rival Credit Suisse AG.
since the deal was forged — at least as much as explaining UBS’s slightly disappointing first-quarter numbers reported Tuesday and its muted outlook for the year. Credit Suisse is potentially a hugely valuable deal for UBS shareholders, but details on plans for the combination remain scant. UBS can’t say much to investors or to its former rival’s staff until the transaction closes, which should happen next month.
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