UBS CEO flags investor complacency as geopolitical and economic risks mount

Sergio Ermotti, chief executive officer of UBS Group AG, during a Bloomberg Television interview in Zurich, Switzerland, on Wednesday, Feb. 4, 2026. UBS Group AG posted profit which beat expectations in the fourth quarter, as the bank announced a $3 billion buyback program for 2026 with the potential for more. Photographer: Pascal Mora/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty ImagesUBS CEO Sergio Ermotti on Thursday warned that investors have grown complacent over the past few years, even as geopolitical and economic risks have mounted. "There has been a level of complacency in financial markets in the last few years," Ermotti told CNBC's Christine Tan, adding that given the environment one would have expected considerably higher volatility. While markets have experienced occasional bouts of turbulence, strong investment in artificial intelligence, data centers and other new technologies has helped support economic growth and financial markets, he said.The UBS top boss cautioned that investors face an increasingly complicated environment given multiple headwinds. "New problems or new issues are emerging without any of the old ones being addressed or being closed."Mar...