The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Macaskill on markets: Is Axel Weber the Otto von Bismarck of banking?

The chairman of UBS seems determined to force a wave of European banking consolidation. A merger of his firm with Credit Suisse may not be possible, but other deals are likely.


Axel Weber’s views on the need for European bank mergers have achieved unusual prominence recently.

One media report revealing board level discussion of a possible merger between UBS and Credit Suisse was followed by a separate article disclosing that Weber has a wish list of potential partners that also features Deutsche Bank and BNP Paribas.

Then at a Bank of America financial services conference in late September, a trio of senior bankers used their virtual appearances to echo the opinion that European banking consolidation is inevitable.

Two of these executives – Credit Suisse chief executive Thomas Gottstein and Deutsche’s chief financial officer James von Moltke – might hope to win senior roles in a Weber-sponsored European mega-bank; while the third – departing UBS chief executive Sergio Ermotti – is serving his final months at the pleasure of his chairman, Weber.

It was almost as though Weber had sent his lieutenants into the field in a coordinated attempt to speed the pace of a long-awaited wave of banking mergers.

Weber (below) may not need to go as far as mounting a diversionary bid for BNP Paribas if his real target is a merger of UBS and Deutsche
Axel Weber, chairman of UBS

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?