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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Let us focus on the numbers, the bait from EBS,

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Speaker 2: also the broader macro landscape.

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Speaker 1: Here's the CEO, says Amotti.

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Speaker 3: And if I look at the market and geopolitical front,

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Speaker 3: the US election for sure won't be an uneventful.

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Speaker 1: Topic.

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Speaker 3: So I think that no matter what wins and how

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Speaker 3: they win, and how things play out, so you're going

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Speaker 3: to see changes and movements in markets. So we remain

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Speaker 3: to be seeing how investors will react to that.

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Speaker 1: The US election is exactly seven days from now. How

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Speaker 1: do you prepare for that?

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Speaker 3: Well, we are prepared to basically stay closer to clients,

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Speaker 3: advising them and you know how to eventually position themselves

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Speaker 3: and take advantage of any movements. But also from a

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Speaker 3: bank stand point of view, of course, we are always

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Speaker 3: prepared for major events.

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Speaker 1: But so what do you exactly worry about?

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Speaker 2: Is it market volatile uncertainty or is it also the

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Speaker 2: impact for example, of a Trump pregnancy on tariffs and

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Speaker 2: non bank regulation.

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Speaker 3: Now that one is not really the issue. I think.

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Speaker 3: I think that right now markets, the markets are pricing

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Speaker 3: rather a Trump victory, and think that if this is

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Speaker 3: confirmed in the.

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Speaker 1: Remains to be seen.

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Speaker 3: Is a classical seal or news event or how we

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Speaker 3: wins will be also determining, you know, is in control

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Speaker 3: of the Congress. If Kamala Harris wins. You know, of

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Speaker 3: course some of the trades that are ongoing in for

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Speaker 3: for Trump will probably have to be reconsidered, and therefore

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Speaker 3: they're going to create rotations in the market.

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Speaker 1: And UH and and other movements.

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Speaker 3: So I think, as I mentioned, it's not going to

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Speaker 3: be an uneventful topic.

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Speaker 2: Does that mean, you know, extra inflation and how do

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Speaker 2: you think it impacts you know, is there going to

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Speaker 2: be a standstill of M and A again depending on

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Speaker 2: what happens and who wins and how they win.

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Speaker 3: No inflation, I don't know. Inflation is probably going to

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Speaker 3: be more, you know, a consequence of the ability of

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Speaker 3: central banks to really do the last touch and really

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Speaker 3: bring core inflation below their targets and and and the

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Speaker 3: risk there is probably more coming from the geopolitical front.

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Speaker 3: Any any dislocation in the respect of supply chains, energy access,

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Speaker 3: energy prices can bring back inflation to a level that

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Speaker 3: may slow down at the pace of rate cuts. And

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Speaker 3: but on the rest, I think that we are well

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Speaker 3: prepared for any scenario surgery.

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Speaker 2: On chair buybacks, I mean, you have a pretty hefty, uh,

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Speaker 2: you know number that you want to give back.

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Speaker 1: How is there anything that puts that at risk?

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Speaker 3: Well, I mean it's fairly modest compared to what UBS

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Speaker 3: and other banks are doing nowadays. Is somehow reflecting the

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Speaker 3: fact that we are still midway into the integration. We

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Speaker 3: need to still absorb a lot of cost to restructure

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Speaker 3: and create a Swiss So I think that despite the

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Speaker 3: fact that we have very strong results, we are still

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Speaker 3: a halfway in the journey to restore the profitability levels

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Speaker 3: that are allowing us to have the similar return on

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Speaker 3: capital we had before the acquisition.

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Speaker 2: But again there are many questions about extra capital requirements

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Speaker 2: also by the Swiss authorities.

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Speaker 1: How does that impact actually you're thinking, I'm sure.

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Speaker 3: Buybacks and division that it's a consideration we always have

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Speaker 3: to think about. But in the short term this is

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Speaker 3: not going to affect our policy. We are executing our

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Speaker 3: twenty twenty four plans and we believe that also for

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Speaker 3: twenty twenty five is will not be a major issue.

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Speaker 3: And then of course we have to consider all the elements.

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Speaker 3: But our aim is to continue to Basically, our aim

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Speaker 3: is to deliver same levels of capital returns UBS said

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Speaker 3: before the acquisition by the end of twenty twenty six.

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Speaker 2: How are your conversations going with social authorities on these

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Speaker 2: capital requirements and where do you think the lands.

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Speaker 1: There's a range between ten billion and twenty billion.

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Speaker 3: The conversations are still at technical levels, so I think

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Speaker 3: that is premature to the rest is going to be

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Speaker 3: once we finish technical level discussions and there's going to

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Speaker 3: be the consultation process. We are not in control of timing,

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Speaker 3: so in that sense, it's way too early to speculate

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Speaker 3: or on this matter. We do believe that we have

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Speaker 3: a very strong capital position and we do for a

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Speaker 3: proportionate outcome.

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Speaker 1: That was the ABSEO.

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Speaker 2: Of course, as you're mostly speaking to our colleference in

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Speaker 2: Lackwa