Credit Suisse is 'not the deal of the century' - UBS CEO

(Reuters) - UBS's Chief Executive on Wednesday said the takeover of Credit Suisse last year, which was orchestrated by Swiss authorities, was "not the deal of the century" and that there was hard work to be done to integrate successfully.

"In order to be the deal of the century we need to work hard in the next two or three years," Sergio Ermotti said while taking part in a panel discussion at the World Economic Forum in Davos.

"It is not a present, it is nothing for free so [there is] still hard work to be done."

At the same panel discussion JP Morgan's Mary Callahan Erdoes, CEO of the U.S. bank's asset and wealth management division, said rates were probably going to stay higher for longer and markets should prepare for massive volatility.

(Reporting by Noele Illien in Zurich, Editing by Louise Heavens)