locked
\n horns<\/a>\u00a0with policymakers in Berne, the Swiss capitol,
\n about mooted capital requirements that UBS fears could threaten
\n the bank\u2019s competitive edge.
\n<\/p>\n
\n Results last year gave cause for cheer: UBS logged a 53 per cent
\n year-on-year net profit, attributable to shareholders, of $7.77
\n billion. However, share price performance so far in 2026 has
\n shown a 22.4 per cent fall, along with declines in a number of
\n other banks hit by the flight from risk amidst the upsurge of
\n military conflict in the Middle East. Shares in JP Morgan are
\n down 12.3 per cent since the start of 2026; shares in Deutsche
\n Bank are down almost 21 per cent, for example.
\n<\/p>\n
\n Capital pushback
\n While saluting progress made, the two senior figures reiterated
\n Switzerland\u2019s need to avoid over-onerous capital rules.
\n<\/p>\n
\n \u201cRobust oversight is essential for a healthy financial center. At
\n the same time, all parties agree that any regulatory amendments
\n must be targeted, proportionate and internationally aligned.
\n Experience shows that past idiosyncratic crises in the banking
\n sector mostly stemmed from poor business strategy and risk
\n management, not from insufficient capital requirements,\u201d they
\n wrote. \u201cBy granting substantial regulatory concessions and not
\n publicly communicating early on about Credit Suisse\u2019s weaknesses,
\n the Swiss authorities enabled Credit Suisse to muddle through and
\n avoid the market\u2019s discipline, forestalling timely action to
\n adjust its business model.
\n<\/p>\n
\n \u201cWith the integration of Credit Suisse, we are creating an even
\n more resilient firm, not only for our shareholders, clients and
\n employees, but for all stakeholders and the whole of Switzerland.
\n Protecting and expanding Switzerland\u2019s competitiveness is an
\n obligation shared by both political and economic spheres,\u201d they
\n wrote.
\n<\/p>\n
\n Kelleher and Ermotti said that UBS had transitioned all client
\n accounts booked outside Switzerland and 85 per cent of those
\n booked in Switzerland to UBS platforms and is on track to carry
\n out the remaining client transfers by the end of March.\u00a0
\n<\/p>\n
\n UBS also wrapped up its integration of asset management,
\n including the final portfolio migrations onto UBS platforms.
\n<\/p>\n
\n Costs
\n \u201cAfter delivering further efficiency improvements, we exceeded
\n our cost-reduction targets, with cumulative gross cost savings
\n reaching $10.7 billion in 2025, above our guidance of around $10
\n billion. This reflects our progress in decommissioning legacy
\n technology applications and infrastructure, and in simplifying
\n our legal entity structure. We identified an additional $500
\n million of incremental gross cost savings, taking the planned
\n cumulative total to $13.5 billion by the end of 2026,”
\n they\u00a0wrote.
\n<\/p>\n
\n The duo said UBS\u2019s non-core and legacy unit linked to the Credit
\n Suisse takeover continued to \u201cwind down non-strategic positions
\n and reduce exposures.\u201d
\n<\/p>\n
\n Since it was set up in 2023, NCL has freed up $8 billion of
\n capital and reduced its risk-weighted assets by two-thirds and
\n its underlying operating costs\u00a0by around 80 per cent
\n compared with the full-year 2022 baseline. UBS said
\n it\u00a0exited the costliest debt inherited from Credit Suisse,
\n which was issued at distressed spreads prior to the acquisition
\n of 2023. UBS also resolved several outstanding legacy litigation
\n matters.
\n<\/p>\n
\n Executive compensation
\n UBS kept Ermotti”s total compensation steady at SFr14.9 million
\n ($19 million). His salary is composed of a fixed part of SFr2.8
\n million and a variable part of SFr12.1 million, reports said. In
\n total, the board of directors received total remuneration of
\n SFr145.3 million for 2025, little changed from 2024, media
\n reports said.
\n<\/p>\n
\n Significant shareholdings
\n The report noted that figures filed with UBS and the SIX Swiss
\n Exchange on December 31, 2025, the following entities held more
\n than 3 per cent of the voting rights on the bank: Norges Bank
\n (Norway), which disclosed a 4.90 per cent stake on January 22,
\n 2025; and BlackRock (US), which disclosed a 5.01 per cent holding
\n on November 30, 2023. UBS employees held at least 6.94 per cent
\n of UBS shares outstanding.
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