Key facts
- UBS chief executive Sergio Ermotti said cyber defence now ranks alongside credit and market risk management at the bank.
- Ermotti said UBS does not allow external AI models to take actions on behalf of clients.
- Ermotti said the priority is preventing AI models from driving client outcomes in a black box.
Sergio Ermotti, chief executive of UBS Group AG, said guarding against cyber attacks has become as important as managing traditional credit and market risk, and possibly more so, as threats against the banking sector increase in frequency and sophistication, ETCIO reported on October 27, 2026.
Ermotti also addressed artificial intelligence. "You heard recently some banks are being exposed to potential misbehaviors of models in managing clients' accounts and shifting deposits and optimizing deposits," Ermotti told a science conference. "We are not allowing models to enter into the bank and do that."
He said the priority for AI is avoiding models that drive client outcomes in a black box. The integration of Credit Suisse, which UBS acquired in 2023, slowed its AI deployment somewhat, he said. "I'm glad that we are almost over with the integration and therefore we can now put even more emphasis around technology and how we can help the bank become more effective and efficient."
Major US banks have been blocking third-party AI agents' access to customer accounts, people familiar with the matter told Reuters. ETCIO credited Reuters as the source of the interview.