Looking forward to a 'big year'

How has the 'too big to fail' regulation been affecting UBS's business?

The changing regulation is not an issue just affecting UBS. It is affecting all of our competitors. I think we are not only prepared but also proactively addressing the issue.

A big part of our strategic direction was about focusing on what we are good at and de-emphasizing what we are not good at.

We took a view five years ago that the regulation was there to stay and was becoming very binding which constrained the way the banking industry was operating in the past decade.

We took a very proactive role and I am confident that we have made good progress so far in executing on the various regulatory requirements. We are well prepared for the future.

The regulatory factor remains an uncertainty and I don't see that trend stopping.

How would you define your management philosophy and how do you envision the future of UBS?

The defining moment for me was when I was appointed at a moment of crisis.

I was very honored to do that but it was not a free lunch. It was not something that was coming without any huge pressure in respect of expectations.

What I was able to do in that environment was to focus the organization toward clearly defined goals. And most importantly, it was keeping the discipline on executing the plans.

I am a small piece in the history of UBS. History will tell how I should be defined.

I would say that my predecessors have been quite visionary in respect of their decisions on Asia and China. What I would like to do with our team is to make sure that my successors feel the same way I feel about my predecessors.

What are your hobbies? How do you spend your weekend?

If you take work, skiing and running, then there is not a lot of time left because I also sleep. I like spending my free time with family and friends. The vast majority of my time is with my friends who I have known for 30 or 40 years. The good news is that I enjoy it very much although there is not a lot of free time.