UBS's Weber Calls for Larger European Banks to Rival U.S. Firms
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UBS Group AG Chairman Axel Weber expects European banks will need to get bigger to compete with their U.S. counterparts, adding to calls for consolidation in the industry.
“What Europe needs in order to catch up with American firms is European champions, banks that are larger in size,” Weber told Bloomberg’s Francine Lacqua in an interview recorded in November and broadcast on Thursday. “You will see not just domestic banks become more pan-European, you will also see U.S. banks taking a bigger stake in Europe and in Asia because their clients will want global exposure and global banking as well.”