Sergio Ermotti

We believe we're going to manage that below 3,000 redundancies between now and the early part of 2027.

Well, this is really an important step together with finishing the integration.

I think that I just mentioned, you know, the process of completing the integration and finalizing this very big work.

Because, of course, it is also painful because, as I mentioned, we need to take also go through redundancies.

But what we want to set is the scene for growth.

to be able to hire again and grow.

And in that sense, in order to be able to grow, we need a competitive regulatory framework.

And we fully understand the necessity of taking the lessons learned.

from what happened at Credit Suisse.

But we believe that the current proposals are not really reflecting what happened at Credit Suisse and are going too far.

And therefore, we are contributing in the debate with our views on the matter.

But this is now a political process.

We hope we're going to get more clarity by the second half of the year.

Look, first of all, a compromise is usually between two people.

negotiating something we are not in a negotiation that is a political process and therefore we need to see what's coming out as I said our role right now is to make sure on behalf of our shareholders our employees our clients and in general to the public that we contribute our views on the matter but you know we want we are we are a Swiss bank we are very proud to be a Swiss bank is that we believe that is a

is a differentiating factor.

We believe this is good for Switzerland and we want to continue to operate as a Swiss bank.

I cannot be confident about that.

I think that I'm pleased to see that there is a political interest to go deeper and fully understand the details of this.

It's very important to understand the details of what's going on.