But are you seeing significant flows there? Your expectations that we're going to see a lot more business being done and you're going to be able to take a share of that significant share?

We hope so.

I mean, if you look at the secular trends supporting our industry, wealth creation, the fact that people, demographic trends, aging population that needs to save more money.

drives the necessity of our capabilities in wealth management and in asset management.

So we continue to see that momentum playing out.

And as we mentioned before, innovation is also a big driver.

I mean, innovation drives monetization, new investments, and being at the center of this dynamics of entrepreneurs growing their own businesses and then potentially monetizing it.

How are you thinking about it at UBS in terms of the risk of some cyber hack that could cause significant problems in the financial system?

As a bank boss right now, a CEO, who's thinking about expanding around the world, why is US still top of mind for

you? Well, because from our standpoint of view, we see two big levers.

First of all, wealth creation, GDP growth, innovations, and also more idiosyncratic to UBS is that we see potential for us to become more present, increase our market share.

So that's one place.

On the other end, we are also very big in Asia.

I mean, we manage one trillion of assets there.

We are growing very fast.

But how would you like your legacy to be remembered as the leader of UBS?

It seems like capital is not only coming into China, where foreign interest is obviously looking at that rebound, but also the capital is moving abroad.

Yeah, I mean, look, it's a good mix of businesses, but when you look at, for example, the underweight of international investors to China, almost half, from around 2.5%, in 2024 to 1.3% or so in 2025.

So this is a significant change on a year-on-year basis.

And this is the main driver.

We continue to see a lot of activity around IPOs, particularly you saw the record IPO issues last year in Hong Kong, which are probably going to stay with us also in 2026.

We see a lot of activity across Asia, inbound and outbound.

M&A in Japan is up threefold.

What's your views on whether we're in a bubble and how long that potentially could still last?

What's your views on whether we're in a bubble and how long that potentially could still last?

I don't know if we are in a bubble or not, but of course, when you see this kind of multiples and performances, you have to ask yourself, is this a repeat of what we saw in maybe another time? 2001? Exactly, the TMT bubble and so on and so forth.

I would say that in general, first of all, our advice is very clear.

Diversification, no concentration of risk around the sector.

The technology is here to stay.

But we should not really mix the two issues.

From an investor's standpoint of view, it's very important to diversify, not to get into a trap of trying to pick up the right, the winner or the loser.

What are the biggest hurdles to overcome right now? IT integration is going to be a big one, but also there's going to be some personnel issues that you have to resolve as you go through that cost-cutting.

How is your team looking at opportunities for the bank here, internal or external?

Yeah, it's fair to say that Also, this time probably there is an exaggeration of the estimation, but it is growing faster than what we saw in the past, but I'm pretty convinced that we are still underestimating the impact it will have over the long term.

I think that for us it's all about really preparing for the future.

The biggest focus we have right now is how to make our processes more efficient on the back end, but also how can we help our client advisors as serving their clients in a more effective and efficient way, our analysts to be more responsive to market changes.

And, you know, one point is very important.

Technology will help humans being better.

And in banking, we will continue to see the emotional part, the EQ part of the equation playing also a very

What's your sense of the global economy and where do you think we will be in six months time? Are we going to be better off or worse off?

more than Germany,

right? So that's what I'm always trying to say is, okay, by the way, Switzerland is the 20th largest economy in the world, and we are number 19.

as a bank in terms of size in the world.

So I'm saying, okay, this is what Switzerland is all about.

Now, let's talk about the risk.

We have 1.5 trillion of balance sheet.

So if you look at the difference between our current balance sheet and what, you know, for example, the financial crisis.

how do you look at the risk of now reciprocal terrorists, which of course have already come in, and this risk of a prolonged trade war, as opposed to this being about negotiation and bargaining, and ultimately is going to be short-lived if inflationary pressures lead to U-turns? What's your