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UBS Shifts $17 Billion Representing 65% of $26 Billion Risk-Weighted Assets in Investment Banking to Wind-Down Unit Signalling a Smaller Investment Bank, UBS to Cut 3,000 Jobs in Switzerland
1st September 2023 | Hong Kong
UBS has shifted $17 billion representing 65% of $26 billion risk-weighted assets in UBS investment banking to wind-down unit signalling a smaller investment bank, with UBS also reported to be cutting 3,000 jobs in Switzerland. In the latest 2023 Q2 results, UBS reported $29 billion net profit for 2023 Q2 with UBS wealth net inflow of $16 billion, and Credit Suisse reported pre-tax loss of $10 billion for 2023 with net inflow of $18 billion for 2023 Q2.
“ UBS Shifts $17 Billion Representing 65% of $26 Billion Risk-Weighted Assets in Investment Banking to Wind-Down Unit Signalling a Smaller Investment Bank, UBS to Cut 3,000 Jobs in Switzerland “
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UBS Reports $29 Billion Profit for 2023 Q2 with UBS Wealth Net Inflow of $16 Billion, Credit Suisse Pre-Tax Loss of $10 Billion for 2023 with Net Inflow of $18 Billion
1st September 2023 – UBS has reported $29 billion net profit for 2023 Q2 with UBS wealth net inflow of $16 billion, and Credit Suisse reported pre-tax loss of $10 billion for 2023 with net inflow of $18 billion for 2023 Q2. Sergio P. Ermotti, UBS Group CEO: “Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history. We are winning back the trust of clients, reducing costs and taking the necessary actions to create economies of scale that will allow us to better focus our resources and target investments for future growth. This combination will reinforce our status as a premier global franchise – and one that our home market, Switzerland, can be proud of. We are humbled by this task, and the responsibility entrusted to us.”
UBS Reports $29 Billion Profit for 2023 Q2 with UBS Wealth Net Inflow of $16 Billion, Credit Suisse Pre-Tax Loss of $10 Billion for 2023 with Net Inflow of $18 Billion
Consolidated financials for 2Q23 and 1H23 include results for the former Credit Suisse business from 1 June 2023
- 2Q23 net profit of USD 29bn including USD 29bn of negative goodwill from CS acquisition to sustain USD 238bn assumed RWA; underlying1 PBT of USD 1.1bn, of which USD 2.0bn from the UBS sub-group
- Strong capital position maintained with CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.8%
- Credit Suisse (Schweiz) AG to be fully integrated following a thorough evaluation focused on creating lasting value
for all stakeholders; closing of legal entity merger expected in 2024 - Credit Suisse AG reports a 2Q23 US GAAP pre-tax loss of CHF 8.9bn; CHF 4.3bn excluding acquisition-related effects;
adjusted pre-tax loss of CHF 2.1bn2 - Credit Suisse franchise broadly stabilized with net deposit inflows of USD 18bn in 2Q23, momentum continuing into 3Q23
- UBS Global Wealth Management recorded highest second-quarter net new money in over a decade at
USD 16bn, momentum continuing into 3Q23 - Non-core and Legacy perimeter defined with clear plans to substantially reduce capital consumption by year-end 2026
with USD 9bn in RWAs exited in 2Q23 - Plans to achieve greater than USD 10bn gross cost reductions, C/I ratio of <70%, and RoCET1 of around 15% exit-rate 2026
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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