Swiss Franc and Sergio Ermotti

stock market: Chief Executive Sergio Ermotti said volatile markets in early 2016, and the relative strength of the Swiss franc, meant it was too early to make revenue forecasts this year, according to Euro News. But he said the bank was sticking with its plan to invest more in its Chinese business and double its number of clients there, despite the country slowing economic growth and wild gyrations in its stock market. The Swiss bank shares fell 8 percent to hit their lowest in almost a year after it reported a fourth-quarter net new money outflow of 3.4 billion Swiss francs at its wealth management arm, as an exodus from emerging markets and Europe offset inflows from Asia and Switzerland. Clearly we have to manage these next few quarters of volatility in China but the trend remains intact, he told an analyst conference call. UBS has reshaped its strategy in the wake of the global financial crisis, slimming down its investment bank and focussing more on wealth management, which now accounts for in excess of 50 percent of its operating profit. Ermotti said the bank was keeping its general annual goal of 3-5 percent net new money at its wealth management business despite the fourth-quarter outflow. (news.financializer.com). As reported in the news.