UBS maintains targets, ambitions announced in 2024

The company said, “We aim to deliver, by the end of 2026: an underlying return on common equity tier 1 capital of around 15%; an underlying cost / income ratio of less than 70%; and exit rate gross cost savings of around $13B by the end of 2026 compared with the 2022 combined cost base of UBS (UBS) and Credit Suisse. Our capital guidance remains unchanged, we aim to maintain: a common equity tier 1 capital ratio of around 14%; and a CET1 leverage ratio of greater than 4.0%. As we complete the execution of the integration, including cost and capital efficiency measures, we believe our scale and client franchises will position us to sustainably drive higher returns. We therefore aim to deliver a reported RoCET1 of around 18% in 2028. Our targets and ambitions are based on our Group target of around 14% CET1 capital ratio and the existing Swiss capital regime. Our business division ambitions: Global Wealth Management: surpass $5T of invested assets by 2028, with around $100B of net new assets in 2025, building to around $200B annually by 2028, and an underlying cost / income ratio of less than 70% by the end of 2026. Personal & Corporate Banking: an underlying cost / income ratio of less than 50% by the end of 2026and an underlying return on attributed equity of around 19% in the medium term. Asset Management: an underlying cost / income ratio of less than 70% by the end of 2026. The Investment Bank: an underlying return on attributed equity of around 15% through the cycle, while operating with no more than 25% of the Group’s RWA. Non-core and Legacy: an underlying loss before tax of less than $1B, underlying operating expenses of around $0.8B, both excluding litigation, and around $22B RWA all by the end of 2026.”