Deutsche Bank issued a report in the week prior to the referendum and the media reported on 13 September that David Folkerts-Landau, the bank's chief economist, had concluded: "While it may sound simple and costless for a nation to exit a 300 year-old union, nothing could be further from the truth". Folkerts-Landau claimed that the economic prospects after a "yes" vote were "incomprehensible," citing Winston Churchill’s 1925 Gold Standard decision and the actions of America's Federal Reserve that triggered the Great Depression of the 1930s, as other mistakes of a similar magnitude. The Swiss UBS financial services company supported the position of the Deutsche Bank.