ZURICH, Oct 12 (Reuters) - UBS will deliver on its end-2017 cost-cutting target amid a challenging sub-zero interest rate environment, Chairman Axel Weber said on Wednesday.
“We have announced a cost-cutting programme where we will basically deliver 2.1 billion (Swiss francs) ($2.15 billion) cost-cutting over the time,” Weber said at a Bloomberg event in Zurich. “Mid-year we were at 1.4 (billion). We will deliver that programme.”
Weber, the former head of Germany’s Bundesbank, also said global central banks should no longer turn to unconventional monetary policies such as negative interest rates so long after the 2007-09 financial crisis.
($1 = 0.9768 Swiss francs)
Reporting by Angelika Gruber; Writing by Joshua Franklin; Editing by Michael Shields