UBS boss Ermotti fears Europe's banks 'too small to survive'
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ZURICH (Reuters) - UBS Group Chief Executive Sergio Ermotti on Wednesday said banking consolidation, especially in Europe, is unavoidable in coming years as institutions must achieve critical mass to remain competitive. Ermotti, who is cutting his investment banking staff after the division contributed to a third-quarter profit slide, said at an event in Zurich that European banks needed to bulk up to catch up with rivals in the United States. UBS, the world's largest wealth manager, earlier..