UBS Chief Ermotti Doesn’t See Cultural Clash With Credit Suisse

UBS Group AG’s chief executive officer pushed back against suggestions that cultural differences between his bank and Credit Suisse are complicating the integration of the former rival.

“I don’t think that per se there is a cultural clash between the two organizations,” Sergio Ermottisaid at the Bloomberg New Economy Forum in Singapore on Thursday. “We have been competing very fiercely but basically, more or less, with the same business model.”

The remarks contrast with comments by Chairman Colm Kelleher, who said shortly after the government-brokered rescue of the rival in March that Credit Suisse employees would be ...