Revenue and Financial Performance - UBS AG's total revenues for 2023 were $33.7 billion, with Americas contributing $13.3 billion, Asia Pacific $5.2 billion, EMEA $6.1 billion, Switzerland $9.2 billion, and Global $(0.1) billion[20] - Credit Suisse AG's net revenues for 2023 were CHF 19,890 million, with Wealth Management contributing CHF 3,058 million, Swiss Bank CHF 3,515 million, Asset Management CHF 659 million, and Non-core and Legacy (including Investment Bank) CHF (1,185) million[22][23] - Credit Suisse AG's net revenues by geographic location for 2023 were Switzerland CHF 17,210 million, EMEA CHF (1,488) million, Americas CHF 4,270 million, and Asia Pacific CHF (102) million[24] - UBS AG's Americas revenues decreased from $10.6 billion in 2022 to $10.2 billion in 2023, while Switzerland revenues increased from $7.7 billion in 2022 to $9.2 billion in 2023[20] - Credit Suisse AG's Wealth Management revenues declined from CHF 5,549 million in 2021 to CHF 3,058 million in 2023[22] - UBS AG's Asia Pacific revenues decreased from $2.6 billion in 2022 to $2.5 billion in 2023[20] - Credit Suisse AG's Asset Management revenues dropped from CHF 1,352 million in 2021 to CHF 659 million in 2023[22] - UBS AG's EMEA revenues decreased from $3.9 billion in 2022 to $3.6 billion in 2023[20] - Credit Suisse AG's Swiss Bank revenues declined from CHF 4,457 million in 2021 to CHF 3,515 million in 2023[22] - UBS AG's Global revenues were $(0.1) billion in 2023, compared to $0.8 billion in 2022[20] - UBS's total revenues for 2023 were USD 40,834 million, compared to USD 34,563 million in 2022[106] - UBS's net profit attributable to shareholders for 2023 was USD 27,849 million, a 265.0% increase from 2022[106] - UBS's total assets for 2023 were USD 1,717,246 million, compared to USD 1,104,364 million in 2022[106] - UBS's common equity tier 1 capital ratio for 2023 was 14.4%, compared to 14.2% in 2022[106] - UBS's negative goodwill from the Credit Suisse acquisition was adjusted to USD 27.7 billion, decreasing from USD 28.9 billion[107] - UBS's full-year profit before tax in 2023 stood at USD 28.7 billion, including USD 27.7 billion of negative goodwill[91] - UBS's common equity tier 1 (CET1) capital ratio increased to 14.4% at year-end 2023, comfortably above the guidance of around 14%[91] Corporate Governance and Shareholder Rights - Shareholders' meetings require approval of at least two-thirds of the votes for significant corporate changes such as delisting, share capital increase, and change of domicile[36] - The company must retain at least 5% of annual net profits as statutory retained earnings until they reach 50% of the registered share capital[38] - Dividends can only be paid if the company has sufficient distributable profits or reserves, and must be approved by shareholders[39] - Existing shareholders have preemptive rights in share issues, which can be limited or excluded by a two-thirds majority vote[40] - A mandatory takeover bid is required if an entity acquires more than 33 1/3% of the voting rights of the company[42] - The company can repurchase shares only if freely distributable reserves cover the purchase price and the total nominal value of repurchased shares does not exceed 10% of nominal share capital[47] Taxation and Dividends - Dividends paid by the company are subject to a 35% Swiss federal withholding tax, with potential refunds for US holders under the Treaty[58] - The company distributes dividends equally from capital contribution reserves and taxable dividends, with the latter subject to 35% withholding tax[59] - Swiss securities transfer stamp duty of up to 0.15% applies to UBS ordinary shares transactions through banks or securities dealers in Switzerland or Liechtenstein[62] - Dividends paid by UBS Group AG to US holders are generally treated as qualified dividend income if shares are held for more than 60 days during a 121-day period around the ex-dividend date[66] - UBS Group AG expects dividends to be qualified dividend income as its ordinary shares are listed on the New York Stock Exchange[66] - US holders may recognize capital gain or loss on the sale of UBS ordinary shares, with preferential tax rates for non-corporate holders if shares are held for more than one year[71] - UBS Group AG believes it should not currently be classified as a Passive Foreign Investment Company (PFIC) for US federal income tax purposes[72] - If classified as a PFIC, US holders may face ordinary income tax rates on gains or excess distributions from UBS ordinary shares, with interest charges on deferred taxes[72] - Dividends paid by UBS Group AG are generally considered foreign-source income for US foreign tax credit purposes, unless specific ownership and earnings conditions are met[68] - US holders must include dividends in gross income at the US dollar value of Swiss franc payments, based on the spot exchange rate on the dividend inclusion date[69] - Swiss withholding tax on dividends may be creditable or deductible against US federal income tax liability, subject to US foreign tax credit limitations[70] - UBS Group AG’s PFIC status depends on whether at least 75% of its gross income is passive or 50% of its assets produce passive income[72] Debt Issuance - UBS Group AG issued USD 1.75 billion 9.250% Tier 1 Subordinated Notes on 13 November 2023 with a first call date of 13 November 2028[75] - UBS Group AG issued USD 1.75 billion 9.250% Tier 1 Subordinated Notes on 13 November 2023 with a first call date of 13 November 2033[75] - UBS Group AG issued USD 1 billion 7.750% Tier 1 Subordinated Notes on 12 February 2024 with a first call date of 12 April 2031[75] - UBS Group AG issued SGD 650 million 5.750% Tier 1 Subordinated Notes on 21 February 2024 with a first call date of 21 August 2029[75] - UBS Group AG issued USD 1.5 billion 4.875% Tier 1 Subordinated Notes on 12 January 2022[76] - UBS Group AG issued CHF 265 million 3.375% Tier 1 Subordinated Notes on 16 February 2022[76] - UBS Group AG issued USD 750 million 3.875% Tier 1 Subordinated Notes on 02 June 2021[73] - UBS Group AG issued USD 1.5 billion 4.375% Tier 1 Subordinated Notes on 10 February 2021[73] - UBS Group AG issued USD 750 million 5.125% Tier 1 Subordinated Notes on 29 July 2020[73] - UBS Group AG issued AUD 700 million 4.375% Tier 1 Subordinated Notes on 27 August 2019[73] Wealth Management and Asset Growth - UBS achieved net new assets of USD 77 billion in Global Wealth Management and USD 77 billion of net new deposits across Global Wealth Management and Personal & Corporate Banking since the acquisition of Credit Suisse[90] - UBS's Global Wealth Management business generated 60% of the company's revenues in 2023, with over a third of risk-weighted assets dedicated to this segment[92] - UBS expects Global Wealth Management margins in Asia Pacific to eventually exceed 40% as the company captures the benefits of its leadership positions and integration-related synergies[92] - UBS aims to capture around USD 100 billion of net new assets per annum through 2025, building to around USD 200 billion per annum by 2028[95] - UBS's total invested assets reached USD 1.6 trillion following the acquisition of Credit Suisse Group[146] - UBS's combined market share in the Swiss franc-denominated market is nearly 50%[153] - UBS's Investment Bank Research covers more than 3,400 stocks in 49 different countries[153] - UBS's ESG Company Radar reports assess the impact of ESG factors at the company level and received a positive client response[153] - UBS's Global Markets business aims to capture market share in global equity derivatives, focusing on flow derivatives and quantitative investment strategies[152] - UBS's total invested assets (UBS Group) reached USD 5,714.1bn as of 31 December 2023[210] Cost Savings and Efficiency - UBS expects to realize around USD 13 billion in gross cost savings by the end of 2026, with around 45% of the cumulative gross cost reductions expected by the end of 2024[95] - UBS achieved around USD 4bn in exit rate gross cost savings as of the end of 2023 compared with the full year 2022 for UBS and Credit Suisse combined[120] - UBS reduced funding costs by around USD 550m per quarter by terminating the loss protection agreement guaranteed by the Swiss government[120] - UBS reduced risk-weighted assets by USD 12bn, nearly 80% of which came from unwinds[120] - The company aims to deliver exit rate gross cost savings of approximately USD 13bn by the end of 2026 compared to 2022[133] - The company expects up to USD 1bn of funding cost savings by 2026 compared to 2023 levels[133] Sustainability and ESG - UBS aims to reduce its absolute financed emissions in the fossil fuel sector by 70% from the 2021 baseline to 2030[96] - UBS facilitated USD 53.7bn in green, social, sustainability, and sustainability-linked bond deals in 2023[209] - UBS AG's sustainable investments rose to USD 292.3bn as of 31 December 2023, a 10% year-on-year increase[210] - Sustainable investments accounted for 6.5% of UBS's total invested assets at year-end 2023[210] - UBS reduced its own energy consumption by 15% from 2019 levels by 2025[204] - UBS aims for 100% renewable electricity coverage[204] - UBS plans to neutralize residual emissions down to zero by 2025 through credible carbon removal credits[204] - UBS engaged with GHG key vendors, targeting 100% to declare emissions and set net-zero-aligned goals by 2026[204] - UBS's sustainability and impact strategy focuses on three key areas: planet, people, and partnerships[203] - UBS aims to align 20% of UBS AG Asset Management's total assets under management with net zero by 2030[204] - UBS targets USD 400bn in sustainable investments by 2025[204] - UBS's Corporate Culture and Responsibility Committee oversees the Group-wide sustainability and impact strategy, including climate, nature, and human rights[201] - UBS is committed to the 17 United Nations Sustainable Development Goals and the transition to a low-carbon economy[199] - UBS's direct cash contributions and affiliated foundations amounted to USD 63m in 2023[198] - 38% of UBS's global workforce engaged in volunteering in 2023, contributing 199,633 volunteer hours, with 45% being skills-based[198] - UBS launched donor-advised funds in Hong Kong SAR in 2023, raising USD 318m in donations[194] - The UBS Optimus network of foundations raised USD 328m in donations and committed USD 306m in grants in 2023[195] - UBS secured major investor commitments for a USD 100m SDG Outcomes blended finance initiative in 2023[196] - The UBS Optimus network of foundations raised and distributed over USD 25m for emergency relief in 2023, including for the Turkey and Syria earthquake and Hawaiian wildfires[197] - UBS aims to mobilize USD 1bn in philanthropic capital and positively impact more than 26.5 million people by 2025 (cumulative total since 2021)[194] - UBS's DE&I strategy aims for 30% of Director level and above roles globally to be held by women by 2025[191] - Women accounted for 40.9% of UBS's workforce and 29.5% of Director level and above roles at the end of 2023, up from 27.8% in 2022[191] - UBS's internal pay equity audits show a gender pay differential of less than 1% across major locations[191] - UBS's employee engagement survey in November 2023 found 87% of respondents experienced a professional and respectful work environment[192] - UBS's workforce as of 31 December 2023 includes 115,038 internal employees and 25,619 external staff[187] - UBS hired 11,435 external candidates and developed over 3,700 graduates, trainees, apprentices, and interns globally in 2023[189] - UBS's full-time equivalents in the Americas increased by 27% to 27,638, with the USA seeing a 24% increase to 26,024[190] - UBS employees completed over 2.3 million learning activities in 2023, averaging 1.91 training days per employee, with a total investment of over USD 100m in training[191] - Increased worldwide roles at Director level and above held by women to 29.5% in 2023, up from 27.8% in 2022[214] - Increased US roles at Director level and above held by employees from ethnic minority backgrounds to 25.1% in 2023, up from 20.5% in 2022[214] - Achieved a UBS Optimus network of foundations donation volume of USD 328.0m in 2023, totaling USD 763.9m since 2021[215] - Reached 7 million beneficiaries in 2023 and 18.5 million beneficiaries across social impact activities since 2021[215] - UBS Group will publish sustainability and climate risk metrics for UBS Group and Credit Suisse AG in a supplement to the UBS Group Annual Report and Sustainability Report in Q3 2024[216] - UBS Group Sustainability Report 2023 follows GRI standards, EU Directive 2014/95/EU, and Swiss Code of Obligations (Art. 964a et. seq.)[216] - UBS Group Climate and Nature Report 2023 aligns with TCFD and TNFD frameworks[216] - UBS Group's sustainability reporting has been reviewed on a limited assurance basis by Ernst & Young Ltd against GRI Standards[216] - UBS Group is subject to consolidated supervision by FINMA as a financial services provider based in Switzerland[217] - UBS Group entities are regulated and supervised by authorities in each country where they conduct business[217] - UBS Group is designated as a global systemically important bank (G-SIB) by the Financial Stability Board[217] - UBS Group is classified as a systemically relevant bank (SRB) in Switzerland, subject to stricter regulatory requirements[217] Acquisition and Integration of Credit Suisse - UBS Group AG acquired Credit Suisse Group AG for a purchase price of USD 3.7bn, with Credit Suisse shareholders receiving 5.1% of UBS Group AG shares[119] - The acquisition of Credit Suisse strengthened UBS's position as a leading global wealth manager and the leading bank in Switzerland[116] - The acquisition of Credit Suisse was supported by government guarantees and measures to restore confidence in the Swiss economy and banking system[119] - The acquisition of Credit Suisse was accounted for as a business combination under IFRS 3, applying the acquisition method of accounting[119] - The acquisition of Credit Suisse followed a request from Swiss authorities to restore stability in the Swiss banking system[119] - UBS has been entrusted with USD 77bn of net new assets since the acquisition of Credit Suisse[120] - UBS expects to complete the merger of UBS AG and Credit Suisse AG by the end of the second quarter of 2024[120] - UBS aims to substantially complete the integration of Credit Suisse by the end of 2026[120] - The legal merger of Credit Suisse (Schweiz) AG with UBS Switzerland AG is expected to be completed in the third quarter of 2024[141] - UBS has excluded Credit Suisse entities from its assessment of internal control over financial reporting as of 31 December 2023[123] - UBS plans to complete remediation of internal control risk identification and severity assessment weaknesses by integrating Credit Suisse into the UBS internal control framework in 2024[122] - The acquisition of Credit Suisse contributed approximately USD 680bn in invested assets and more than 1,500 client advisors globally[135] Market and Economic Outlook - Global economic growth slowed to 3.2% in 2023, down from 3.4% in 2022, with US GDP growth increasing to 2.5% from 1.9% in 2022[163] - US consumer price inflation slowed to 3.4% in December 2023 from 6.4% in January 2023, while Eurozone inflation decelerated to 2.9% year over year in December 2023 from 8.5% in January 2023[163] - The MSCI All Country World Index returned a 22.2% gain in 2023, with the S&P 500 rising by 26.3% and the FANG+ index increasing 96% over the year[163] - UBS expects US GDP growth to remain positive at around 1.1% in 2024, with Eurozone growth at 0.6% and UK GDP growth at 0.6%[164]

Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse.The bank announced in late March that Ermotti would return for a second spell as CEO, replacing Ralph Hamers from April 5 last year, as UBS undertook the mammoth task of integ ...

UBS Group AG (UBS) will be subjected to two stress tests this year along with around 40 reviews by Swiss financial regulator, FINMA. The increased vigilance on the country's last remaining global systemic bank comes after its 2023 takeover of Credit Suisse, escalating concerns about "too big to fail" lenders.Following the acquisition, UBS’ balance sheet is twice the size of the Swiss economy. This might result in stringent capital and liquidity requirements for UBS.Per Thomas Hirschi, FINMA's head of the ba ...

There are four strategies investors can adopt to manage tax liabilities, regardless of who wins the 2024 election, according to UBS. The firm says investors should diversify their tax statements and defer capital gains for as long as they can. They should also ramp up lifetime gifting now and find a trust and estate lawyer, UBS says. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access yo ...

About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and ...

UBS Group AG (UBS) intends to expand its wealth management business in the United States over the next three or four years on the back of mergers and acquisitions (M&A). The news was reported by Reuters that cited an interview of UBS chairman, Colm Kelleher, with the NZZ newspaper.This strategic approach reflects UBS Group’s commitment to expanding its footprint in the U.S. market and further strengthening its presence in the wealth management space.Over the past years, UBS Group has significantly strengthe ...

UBS has maintained a neutral rating on London Stock Exchange Group PLC (LSE:LSEG) shares despite the capital markets and data firm having a relative discount to its US counterparts. Analysts at the bank pointed out LSEG’s lack of earnings momentum to justify their neutral stance. According to UBS, LSEG's earnings momentum has significantly lagged behind its peers, causing the ongoing valuation discount. Since the end of 2022, LSEG's consensus EPS for 2024/25 has been reduced by 11-12%, contrasting with the ...

Gold has continued to hit record highs despite several headwinds and UBS expects the price to see a pullback in the near term and then rally to further new records later in the year.  The Swiss bank sees gold being supported by several trends. These include the US Federal Reserve "appearing on track" to cut interest rates, support for gold from central banks and investors buying gold, and heightened geopolitical risk. “We remain positive on the price of gold for 2024, and continue to recommend it as a portf ...

SAN DIEGO--(BUSINESS WIRE)--UBS Wealth Management today announced that James (Jim) V. Carideo has been appointed Market Director for the firm’s San Diego offices, effective January 1, 2024. He will be based in the downtown San Diego office and will oversee financial advisors and support staff in San Diego and additional branches in Rancho Bernardo and Carmel Valley. Jim Carideo has been with UBS for nearly 13 years, most recently serving as Market Director in Portland, Oregon. In that role, Jim oversaw a ...

LOS ANGELES--(BUSINESS WIRE)--UBS Private Wealth Management announced today that financial advisor team, The Mahoney Group, based in the firm’s Los Angeles Private Wealth Management office, has been named to the Forbes Best-in-State Wealth Management Teams list for 2024. As an accomplished UBS Private Wealth Management team with over 36 years of experience, The Mahoney Group specializes in guiding private company founders and their families through the preparation, long-term planning and management of th ...