A Quote by Sergio Ermotti
We have a very competitive and profitable investment bank and strong asset management capabilities. We want to continue to build on all those businesses organically.
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To a bystander like me, those who made 190 million pounds deliberately underselling the shares of HBOS, in spite of its very strong capital base, and drove it into the bosom of Lloyds TSB Bank, are clearly bank robbers and asset strippers.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
All businesses require capital, management and labor, and business executives, wanting to grow and maintain profitable enterprises, have a strong incentive to keep costs, including labor, as low as possible.
In order to access private capital, you have to provide competitive return on investment. In order to give competitive returns to investors, you've got to operate on a profitable basis and be thinking of yourself as a business.
The most treasured asset in investment management is a steady hand at the tiller.
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
I'm delighted to be joining INVESCO, an organization that has been growing both in terms of assets under management and the breadth of investment capabilities offered. I see great potential in working with the accomplished investment centers within INVESCO and providing expertise to help develop strategic solutions for our clients.
Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.
I think there are probably too many asset management companies in the world, and I think the place to be is either big or small. The area where it is probably more difficult to be is in the middle ground, where you've got that cost of regulation, you've got the cost of buying your own research, you've got all the costs of running an asset management company without the benefits of a big income producing asset.
Many businesses in an investment bank, not only at UBS, are structurally a loss leader, so they don't pay for the cost of capital.
Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.
If the public understands the central bank's views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.
A strong body is a good asset. A strong mind is a very good asset.
Successful businesses create jobs; that is true. But the notion that if we cut taxes enough for the very rich and for already hugely profitable businesses, then all that money will trickle down to everyone else in the form of job creation is simply false.
Our government's investments in science, technology and innovation are ensuring that ideas move from the lab to the marketplace faster, creating jobs and opportunities for Canadians. Through our investment in Mitacs Elevate, we are providing training and new career opportunities for talented researchers while ensuring that local businesses such as Vision Extrusions stay competitive and continue to create jobs here in Woodbridge.
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