Wall Street tycoon Wilbur Ross Jr. is worth $2.9 billion according to Forbes.
The billionaire has made his name in distressed assets investments and rose to fame turning around Bethlehem Steel as well as Burlington Industries.
Ross has managed to save jobs during ugly turnarounds, working closely with the unions.
“In our work, which is mainly dealing with distressed situations, we’re able to do good and do well for ourselves at the same time,” Ross says.
In a recent interview with Epoch Times, Ross touched on the Greek investment crisis, the troubled Chinese stock market and the importance of the people factor in investing.
Since, the businessman invested in Eurobank and also took small positions in Bank of Cyprus back in 2014, the stocks have gone down by 90 per cent.
“Those [stocks] so far have not worked out as well as the others (…) but on the fundamentals we’ve very happy with what’s going on at Bank of Cyprus,” he admits.
“That just comes with the territory. You may have noticed Euromoney magazine every year ranks who’s the best bank in Europe and most improved bank and the best CEO. We got best bank and best CEO for the Bank of Cyprus this year. So while the stock has not been good the internal dynamics have been making a lot of progress, so I’m happy with that.”
Ross concluded by saying he still has faith in the Greek banking system and believes that long term, his stocks will regain part of their value if not all of it.
*Wilbur Ross Jr. is the chairman and chief strategy officer of WL Ross & Co., an investment management company which is part of Invesco. Before founding WL Ross & Co. in 2000, Ross worked for Rothschild Investments as a bankruptcy adviser and private equity manager. Ross holds a B.A. from Yale College and an M.B.A. from Harvard Business School.