Stephen Carroll

What about Japan?

Let's talk about the overall integration with Credit Suisse.

You mentioned that in this part of the world and in China, that integration pretty much was completed last year.

And you've also said to us, I think in September, that the overall integration will be completed by the end of this current calendar first quarter.

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.

And where do we stand?

Do you have any kind of update right now what the bank's perspective is on, of course, the too-big-to-fail regulation and some of the proposals from the Swiss government as far as capital requirements?

Second half of the year.

Are there compromises that you would potentially accept and that conditions of doing business

Is it a hindrance, obviously, to be still domiciled in Switzerland?

So it's not necessarily a compromise because, as you said, that would be a negotiation, right?

But are you confident that they will come up and there will be a resolution that will be...

acceptable to UBS?

What are your opportunities do you see in the United States?

Obviously, your chairman has talked to Scott Besson and those massive market rumors that was possibly about discussing moving to the United States.

But we also know that Mr. Kelleher wants to boost a wealth management in the United States.

What are the opportunities there?

Sergio Armani, thanks so much for your time and having us here at the GCC 2026.

And I'm Caroline Hepke, here to introduce you to a podcast that brings you the news you need to start your day in just 15 minutes.