ZURICH, May 3 (Reuters) - UBS Group Chief Executive Sergio Ermotti warned on Thursday that investors may be expecting too much too soon from Switzerland's biggest bank, noting heavy spending on technology would weigh on results in the short term.
"I have said this before – we cannot, unfortunately, simply multiply the first-quarter result by four," he said in remarks prepared for the bank's annual meeting in Basel.
"While the macroeconomic environment may have improved somewhat, the geopolitical position remains difficult. And the interest rate situation – particularly in Switzerland and Europe – continues to be a challenge.
"As with many of our U.S. competitors, the market may have too high short-term expectations," he said. (Reporting by Angelika Gruber and Michael Shields, editing by John Revill)