UBS CEO Expresses Doubts on Inflation Control

UBS CEO Sergio Ermotti expressed skepticism about central banks' control over inflation, stating that he is not convinced it is under control. While the trend seems favorable, Ermotti believes it is important to remain agile and see if inflation continues to approach the 2% targets in major economies. UBS plans to cut 3,000 jobs in Switzerland following its takeover of Credit Suisse, and Ermotti acknowledged the difficulty of making choices and firing people who are not responsible for the bank's situation.