FILE PHOTO: Chief Executive Officer of UBS Sergio Ermotti attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Consolidation in the European banking industry remains inevitable, UBS Chief Executive Sergio Ermotti told journalists on Thursday after Deutsche Bank and Commerzbank called off talks.

“Consolidation one day or the other will be part of the equation in Europe,” Ermotti said on a call. “In my point of view, the fact that (Deutsche Bank and Commerzbank) were talking was indicative of the fact that possibility is more than remote...So the consequences (of the cessation of talks) from my point of view is just a delay of an inevitable outcome.”