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UBS boss Ermotti says too-small European banks must consolidate

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By Reuters
UBS boss Ermotti says too-small European banks must consolidate
FILE PHOTO: UBS CEO Sergio Ermotti attends the Swiss Global Digital Summit in Geneva, Switzerland, September 2, 2019. REUTERS/Denis Balibouse   -   Copyright  DENIS BALIBOUSE(Reuters)

ZURICH (Reuters) – UBS Group <UBSG.S> Chief Executive Sergio Ermotti on Wednesday said banking consolidation, especially in Europe, is unavoidable in coming years as institutions must achieve critical mass to remain competitive.

Ermotti, who is cutting his investment banking staff after the division continued to a third-quarter profit slide, said at an event in Zurich that European banks needed to bulk up to catch up with rivals in the United States.

(Reporting by Angelika Gruber, writing by John Miller, editing by John Revill)