European Bankers Blast ECB For Negative Interest Rates

Oswald Gruebel, who served as Credit Suisse CEO from 2004 to 2007 and as UBS Group AG’s top executive from 2009 to 2011, has slammed ECB policy in an interview with Swiss newspaper NZZ am Sonntag. “Negative interest rates are crazy. That means money is not worth anything anymore,” Gruebel exclaimed. “As long as we have negative interest rates, the financial industry will continue to shrink.”