Colm Kelleher, Chairman of UBS, on Culture, Leadership, Surviving the GFC and UBS Today

In an interview we had especially looked forward to, and with the Credit Suisse acquisition behind us, the MMP went to Zurich to talk to Colm Kelleher. Described as one of the most influential and capable banking executives of the last several decades, he has also been dubbed by the FT as 'Europe’s most powerful banker.' As Chairman of the UBS board, he helps manage an organisation with approximately $5.7 trillion in assets, employing 112,000 people. After discussing the early forces that shaped him, he explains why he realised US Banks were better placed to outgun their UK rivals, why he joined Morgan Stanley, and the journey to CFO and President. He discusses the brutal intensity of fighting to keep Morgan Stanley alive from following Lehman, and the emotional scars it left. Colm describes the attraction of UBS, the preparation that made the Credit Suisse deal work in such an orderly manner as well as the business, the brand, and its position today. He explains what culture means to him, Europe’s position in financial services, disintermediation, and the likely shape of banking going forward and why banks shouldn’t seek to be entrepreneurial. Subscribe to stay up to date with our range of fascinating interviews, featuring some of the biggest names in global finance and business! TOPICS: 00:00:00 - Introduction 00:02:02 - Growing up in an Irish Community 00:04:15 - Transition to Morgan Stanley and the Importance of Client Relationships 00:06:32 - The Power of Teamwork in Times of Crisis 00:08:42 - Dealing with Financial Panic and Stress in the Industry 00:10:48 - Reflections on Leadership & Friendship 00:13:01 - The Courage of John Mack 00:15:12 - Transition to UBS 00:17:32 - Credit S Troubles and Preparation for UBS Deal 00:19:45 - Emotions and Reflections on Economic Crisis 00:21:55 - Reflection on Company Culture 00:23:59 - Assessing Risks in the Banking Sector 00:26:11 - Initiatives for European Banking Reforms 00:28:21 - The Impact of Brexit on Market Structure and Capability 00:30:31 - Global Expansion and Market Positioning in Asia 00:32:39 - Reinforcing Good Values and Building Culture 00:34:49 - The Role of a Bank in Servicing Entrepreneurs and Clients 00:36:57 - Lessons Learned and Dealing with Stress 00:39:06 - The Importance of Surrounding Yourself with Supportive Partners 00:41:11 - Conclusion SPONSORS: Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Find out more: https://www.schroders.com/en/global/i... IFM Investors are a global institutional asset manager whose purpose is to invest, protect and grow the long term retirement savings of working people. They manage investments across infrastructure, debt, listed equities and private equity assets. Find out more: https://ifminvestors.com/en-gb/ The World Gold Council is membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. Find out more: https://www.gold.org/ STAY UP TO DATE ✅ Newsletter: https://www.moneymazepodcast.com/subs... ✅ LinkedIn:   / the-money-maze-podcast   ✅ X/Twitter:   / podcast_maze   LISTEN: 🎧 Apple Podcasts: https://podcasts.apple.com/gb/podcast... 🎧 Spotify: https://open.spotify.com/show/0uT0iw8... DISCLAIMER All content on the Money Maze Podcast is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Guests and presenters may have positions in any of the investments discussed. The Money Maze Podcast is funded by third party advertising, with all episodes editorial - and not commercial - in relation to all interview content discussed. Please note, Money Maze Curated Podcasts do not contain third party advertising, and are instead funded by the featured interviewee and/or their business (these episodes are commercial, as opposed to editorial features).