30-07-2025
UBS CEO Says Clients' FX Losses Don't Signal Governance Issues
UBS Group AG Chief Executive Officer Sergio Ermotti said that the steep losses incurred by clients on complex currency derivatives don't point to deeper problems at the Swiss lender.
'The situation is not indicating to me any issues around governance or suitability controls' at UBS, Ermotti told Bloomberg TV on Wednesday when asked about the matter. Instead, he said the derivatives losses were 'the unfortunate outcome of people not using it in the right way.'
