Smartly dressed and in a good mood, Thomas Rodermann welcomes his guests in the Frankfurt Opera House. He has just met with the bank’s various European country heads in Switzerland, part of his responsibilities as the chief of UBS Europe SE, the bank’s new pan-European outfit.
The managers had complained that the industry had become overly complicated because of the many rules. But there’s no sense in crying over spilled milk, Mr. Rodermann said, it’s simply the new reality in the banking business.
Since leaving Deutsche Bank two years ago, Mr. Rodermann’s former employer has gone through some major upheaval, and yet its private banking arm remained profitable, something UBS in Germany cannot claim. UBS Germany saw losses of €5.6 million ($5.97 million) in 2015 and €80.6 million the year before that. But the course has been set for UBS Germany to return to profitability, Mr. Rodermann told Handelsblatt in an exclusive interview.
“After I started at UBS, we set up a three-year roadmap: by 2018, the bank will generate profits,” he said. “We will achieve this thanks to targeted growth initiatives, cost reductions and a market that’s rebounding, based on what we can see today.”