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
