UBS Group AG
SIX:UBSG
UBS Group AG
In the ornate world of global finance, UBS Group AG stands as a bastion of Swiss banking tradition blended with modern innovation. Tracing its roots back to 1862, UBS has evolved into a colossal financial services provider, synonymous with wealth management. As a bulwark of stability, it has weathered financial storms, transforming itself to meet the ever-changing landscape of global finance. Today, UBS capitalizes on three main pillars: wealth management, investment banking, and asset management. The wealth management arm, its most formidable powerhouse, largely focuses on high and ultra-high net worth individuals, providing bespoke financial solutions designed to preserve and grow client wealth across generations.
While wealth management is its shield, UBS wields the sword of investment banking to craft strategic financial solutions for corporations, governments, and institutions. This division focuses on advisory services, capital raising, and risk management instruments, further cementing UBS’s reputation as a financial architect. Additionally, the asset management division works hand-in-hand with these efforts, handling vast pools of institutional funds and steering them towards sustainable growth. By diversifying its services while maintaining a core strength in client-focused advisory, UBS not only safeguards its earnings but ensures value creation for its stakeholders, navigating the complex currents of global financial markets with an astute and agile approach.
In the ornate world of global finance, UBS Group AG stands as a bastion of Swiss banking tradition blended with modern innovation. Tracing its roots back to 1862, UBS has evolved into a colossal financial services provider, synonymous with wealth management. As a bulwark of stability, it has weathered financial storms, transforming itself to meet the ever-changing landscape of global finance. Today, UBS capitalizes on three main pillars: wealth management, investment banking, and asset management. The wealth management arm, its most formidable powerhouse, largely focuses on high and ultra-high net worth individuals, providing bespoke financial solutions designed to preserve and grow client wealth across generations.
While wealth management is its shield, UBS wields the sword of investment banking to craft strategic financial solutions for corporations, governments, and institutions. This division focuses on advisory services, capital raising, and risk management instruments, further cementing UBS’s reputation as a financial architect. Additionally, the asset management division works hand-in-hand with these efforts, handling vast pools of institutional funds and steering them towards sustainable growth. By diversifying its services while maintaining a core strength in client-focused advisory, UBS not only safeguards its earnings but ensures value creation for its stakeholders, navigating the complex currents of global financial markets with an astute and agile approach.
Strong Quarter: UBS reported Q4 net profit of $1.2 billion and EPS of $0.37, with underlying pretax profit up 62% year-over-year to $2.9 billion.
Revenue Growth: Total revenues rose 10% year-over-year, driven by strong performance in Global Wealth Management and the Investment Bank.
Integration Progress: UBS is nearing completion of the Credit Suisse integration, with key Swiss client migrations on track to finish by end of Q1 2026.
Cost Savings: Achieved $700 million in gross cost saves in Q4 and raised total cost savings ambition to $13.5 billion by end 2026.
Capital Returns: UBS increased its dividend by 22% to $1.10 per share and plans at least $3 billion in share buybacks for 2026.
Guidance & Ambitions: Targets for 2026 include a 15% return on CET1 capital (exit rate), cost-income ratio below 70%, and $125 billion+ in net new assets for Global Wealth Management.
Resilient Balance Sheet: Ended 2025 with $1.6 trillion in assets, CET1 ratio at 14.4%, and liquidity coverage ratio at 183%.
Analyst Q&A: Management addressed U.S. Wealth Management flows, capital upstreaming, cost savings reinvestment, and regulatory capital framework uncertainties.
Management
Sergio P. Ermotti is a prominent Swiss banker who has made a significant impact in the global financial industry, primarily through his leadership role at UBS Group AG. Born on May 11, 1960, in Lugano, Switzerland, Ermotti started his career in banking after completing a finance and an advanced management program at the Oxford University and Brigham Young University. Ermotti's career trajectory saw him rise through the ranks at various financial institutions. He initially worked with Cornèr Bank and then spent over a decade with Merrill Lynch, where he held various senior management positions, gaining vast experience in equity markets and trading. He joined UBS in 2011 as the CEO of UBS Group AG, succeeding Oswald Grübel. Under his leadership, UBS underwent significant restructuring to focus more on wealth management, reducing reliance on its investment bank. This repositioning helped the firm recover from the financial crisis and improved its stability and profitability. Ermotti was known for his decisive decision-making and strategic vision, particularly his emphasis on enhancing the bank's capital position, regulatory compliance, and risk management. His tenure was marked by a shift towards a client-centric approach and sustainability-focused banking practices. After initially stepping down from UBS in 2020, he returned as Chairman of Swiss Re for a brief period. Ermotti was reappointed as Group CEO of UBS Group AG in 2023 to oversee the firm’s integration with Credit Suisse following its acquisition. Ermotti's leadership style is characterized by his pragmatic approach to challenges and a focus on long-term value creation, earning him respect and recognition within the financial community.
Ermotti's career trajectory saw him rise through the ranks at various financial institutions. He initially worked with Cornèr Bank and then spent over a decade with Merrill Lynch, where he held various senior management positions, gaining vast experience in equity markets and trading.
He joined UBS in 2011 as the CEO of UBS Group AG, succeeding Oswald Grübel. Under his leadership, UBS underwent significant restructuring to focus more on wealth management, reducing reliance on its investment bank. This repositioning helped the firm recover from the financial crisis and improved its stability and profitability.
Ermotti was known for his decisive decision-making and strategic vision, particularly his emphasis on enhancing the bank's capital position, regulatory compliance, and risk management. His tenure was marked by a shift towards a client-centric approach and sustainability-focused banking practices.
After initially stepping down from UBS in 2020, he returned as Chairman of Swiss Re for a brief period. Ermotti was reappointed as Group CEO of UBS Group AG in 2023 to oversee the firm’s integration with Credit Suisse following its acquisition.
Ermotti's leadership style is characterized by his pragmatic approach to challenges and a focus on long-term value creation, earning him respect and recognition within the financial community.
Todd Tuckner is a prominent executive at UBS Group AG, a leading global financial services company. He serves as the Group Chief Financial Officer (CFO) and a member of the Group Executive Board. In his role as CFO, Tuckner is responsible for managing the financial operations of the company, which includes financial planning, analysis, and reporting. He plays a crucial role in shaping the financial strategy of UBS, ensuring compliance with financial regulations, and overseeing the company's financial health. Tuckner has a wealth of experience in the financial industry, having held various leadership roles within UBS. Before becoming the Group CFO, he held key positions in the company's finance division, where he contributed significantly to its financial planning and efficiency initiatives. His expertise in financial management and strategic planning has been instrumental in driving UBS's growth and maintaining its position as a leader in the global banking sector. With a strong background in finance and a commitment to excellence, Todd Tuckner continues to be a vital asset to UBS Group AG, leading the company's financial strategies in an ever-evolving industry landscape.
Tuckner has a wealth of experience in the financial industry, having held various leadership roles within UBS. Before becoming the Group CFO, he held key positions in the company's finance division, where he contributed significantly to its financial planning and efficiency initiatives. His expertise in financial management and strategic planning has been instrumental in driving UBS's growth and maintaining its position as a leader in the global banking sector.
With a strong background in finance and a commitment to excellence, Todd Tuckner continues to be a vital asset to UBS Group AG, leading the company's financial strategies in an ever-evolving industry landscape.
Markus Ronner is a distinguished executive at UBS Group AG, serving as the Group Chief Compliance and Governance Officer. In this role, Ronner is responsible for overseeing the group's compliance and governance frameworks, ensuring adherence to regulatory requirements and maintaining high standards of corporate governance. His responsibilities also include shaping the compliance strategy to effectively manage risks and support sustainable business growth. Markus Ronner has been with UBS for many years, bringing extensive experience to his role. He has held various positions within the organization, demonstrating a strong track record in risk management and internal audit. His deep understanding of the financial services industry and regulatory landscape has been integral to his success in his current position. Ronner is known for his commitment to enhancing UBS's reputation by fostering a culture of ethics and integrity. His leadership in compliance and governance plays a critical role in helping the bank navigate complex financial and regulatory environments while upholding the trust of stakeholders.
Markus Ronner has been with UBS for many years, bringing extensive experience to his role. He has held various positions within the organization, demonstrating a strong track record in risk management and internal audit. His deep understanding of the financial services industry and regulatory landscape has been integral to his success in his current position.
Ronner is known for his commitment to enhancing UBS's reputation by fostering a culture of ethics and integrity. His leadership in compliance and governance plays a critical role in helping the bank navigate complex financial and regulatory environments while upholding the trust of stakeholders.
George Athanasopoulos is a notable figure in the financial industry, serving as a key executive at UBS Group AG, a leading global financial services firm. He is the Head of Global Markets within the UBS Investment Bank and has extensive experience in driving the firm's securities, trading, and distribution services across asset classes, along with managing client relationships globally. Athanasopoulos joined UBS in 1999 and has held various leadership roles throughout his tenure, contributing significantly to the strategic growth and success of the investment banking division. His expertise spans foreign exchange, rates, and credit markets, and he has played a crucial role in enhancing UBS's market-making, client facilitation, and risk management capabilities. Under his leadership, UBS has continued to strengthen its position as a top-tier investment bank, leveraging innovation and technology to improve client outcomes and operational efficiency. George holds a solid reputation for his adept understanding of global markets and his ability to navigate complex financial environments effectively. His contributions have been instrumental in reinforcing UBS's commitment to sustainable and ethical banking practices.
Athanasopoulos joined UBS in 1999 and has held various leadership roles throughout his tenure, contributing significantly to the strategic growth and success of the investment banking division. His expertise spans foreign exchange, rates, and credit markets, and he has played a crucial role in enhancing UBS's market-making, client facilitation, and risk management capabilities.
Under his leadership, UBS has continued to strengthen its position as a top-tier investment bank, leveraging innovation and technology to improve client outcomes and operational efficiency. George holds a solid reputation for his adept understanding of global markets and his ability to navigate complex financial environments effectively. His contributions have been instrumental in reinforcing UBS's commitment to sustainable and ethical banking practices.
Dr. Sabine Keller-Busse is a prominent executive at UBS Group AG, serving as the President of UBS Switzerland. Before stepping into this role, she was the Group Chief Operating Officer of UBS where she played a critical role in overseeing the bank's operations and technology functions on a global scale. Keller-Busse joined UBS in 2010, initially working in Human Resources where she quickly established herself as a key leader due to her strategic insights and leadership capabilities. Her career at UBS has been marked by her ability to drive efficiency and implement significant operational improvements, helping to align UBS's operations with its strategic goals. Prior to joining UBS, Keller-Busse gained substantial experience in management and consulting. She held various positions at Credit Suisse and McKinsey & Company, where she developed a strong expertise in organizational transformation and retail banking strategies. Keller-Busse holds a Ph.D. in Business Administration from the University of St. Gallen, which complements her extensive professional experience with a robust academic foundation. Her leadership at UBS is characterized by a focus on innovation, client service excellence, and promoting a strong corporate culture. Known for her dynamic leadership style, she continues to be a pivotal figure in Swiss banking and is recognized for her contributions to the industry.
Keller-Busse joined UBS in 2010, initially working in Human Resources where she quickly established herself as a key leader due to her strategic insights and leadership capabilities. Her career at UBS has been marked by her ability to drive efficiency and implement significant operational improvements, helping to align UBS's operations with its strategic goals.
Prior to joining UBS, Keller-Busse gained substantial experience in management and consulting. She held various positions at Credit Suisse and McKinsey & Company, where she developed a strong expertise in organizational transformation and retail banking strategies.
Keller-Busse holds a Ph.D. in Business Administration from the University of St. Gallen, which complements her extensive professional experience with a robust academic foundation. Her leadership at UBS is characterized by a focus on innovation, client service excellence, and promoting a strong corporate culture. Known for her dynamic leadership style, she continues to be a pivotal figure in Swiss banking and is recognized for her contributions to the industry.
Robert Karofsky is a prominent figure in the finance industry, known for his role at UBS Group AG, one of the world’s largest and most prestigious financial services firms. As of his latest position, he served as the Co-President of UBS Investment Bank. In his capacity, Karofsky was responsible for overseeing the bank's global investment banking operations, ensuring strategic alignment, and driving growth across different financial markets and services. Before his tenure at UBS, Karofsky amassed extensive experience in the finance sector, having held senior leadership roles at several other major financial institutions. His career includes significant stints at Deutsche Bank and Morgan Stanley, where he honed his expertise in equities and investment management. Karofsky is recognized for his leadership skills and strategic thinking, contributing to UBS's competitive positioning in the global market. His educational background includes a degree from Harvard University, which has underpinned his business acumen and understanding of complex financial landscapes. Throughout his career, Robert Karofsky has been involved in various initiatives to enhance UBS's technological infrastructure and client service models, reflecting his commitment to innovation and excellence in investment banking. His work has had a considerable impact on UBS's operational efficiencies and market strategies, making him a key figure in shaping the bank's future trajectory.
Before his tenure at UBS, Karofsky amassed extensive experience in the finance sector, having held senior leadership roles at several other major financial institutions. His career includes significant stints at Deutsche Bank and Morgan Stanley, where he honed his expertise in equities and investment management.
Karofsky is recognized for his leadership skills and strategic thinking, contributing to UBS's competitive positioning in the global market. His educational background includes a degree from Harvard University, which has underpinned his business acumen and understanding of complex financial landscapes.
Throughout his career, Robert Karofsky has been involved in various initiatives to enhance UBS's technological infrastructure and client service models, reflecting his commitment to innovation and excellence in investment banking. His work has had a considerable impact on UBS's operational efficiencies and market strategies, making him a key figure in shaping the bank's future trajectory.
Michael Dargan is a prominent executive known for his role at UBS Group AG, one of the world's leading financial services firms. He serves as the Group Chief Digital and Information Officer at UBS, where he is responsible for overseeing the bank’s technology and digital strategy. His role is pivotal in steering UBS towards technological innovation and enhancing digital capabilities across its global operations. Dargan joined UBS in 2016 and has held several key positions within the organization, highlighting his expertise in driving digital transformation. His leadership is focused on integrating advanced technologies to improve client experiences, optimize operational efficiencies, and reinforce UBS’s competitive edge in the financial services industry. Before joining UBS, Michael Dargan gained valuable experience in the technology and financial sectors. His career includes significant stints at companies such as Merrill Lynch and Oliver Wyman, where he developed a deep understanding of the intersection between technology and financial services. His educational background in engineering and business further complements his role in leading UBS’s digital agenda. Under his leadership, UBS has made strides in adopting cutting-edge technologies like artificial intelligence and cloud computing, ensuring that the bank remains at the forefront of technological advancements in the banking sector. Michael Dargan's contributions are integral to navigating the challenges of digital disruption, making him a key figure in UBS’s ongoing success and innovation efforts.
Dargan joined UBS in 2016 and has held several key positions within the organization, highlighting his expertise in driving digital transformation. His leadership is focused on integrating advanced technologies to improve client experiences, optimize operational efficiencies, and reinforce UBS’s competitive edge in the financial services industry.
Before joining UBS, Michael Dargan gained valuable experience in the technology and financial sectors. His career includes significant stints at companies such as Merrill Lynch and Oliver Wyman, where he developed a deep understanding of the intersection between technology and financial services. His educational background in engineering and business further complements his role in leading UBS’s digital agenda.
Under his leadership, UBS has made strides in adopting cutting-edge technologies like artificial intelligence and cloud computing, ensuring that the bank remains at the forefront of technological advancements in the banking sector. Michael Dargan's contributions are integral to navigating the challenges of digital disruption, making him a key figure in UBS’s ongoing success and innovation efforts.
Marco Valla is a notable executive at UBS Group AG, having served as the Head of Global Banking since October 2022. In this role, he is responsible for overseeing the bank's global investment banking operations, driving strategic initiatives, and strengthening client relationships across various sectors. Prior to joining UBS, Valla held significant positions at other major financial institutions. He worked with Citigroup, where he was co-head of Global Mergers and Acquisitions, a role in which he was integral to several high-profile transactions and strategic developments. His leadership and deep understanding of the banking and finance industry have been instrumental in shaping the businesses he has been a part of. With a strong background in mergers and acquisitions and strategic advisory roles, Valla has cultivated a reputation for his expertise in navigating complex financial landscapes and for his ability to deliver substantial value to clients and the institutions he serves.
Prior to joining UBS, Valla held significant positions at other major financial institutions. He worked with Citigroup, where he was co-head of Global Mergers and Acquisitions, a role in which he was integral to several high-profile transactions and strategic developments. His leadership and deep understanding of the banking and finance industry have been instrumental in shaping the businesses he has been a part of.
With a strong background in mergers and acquisitions and strategic advisory roles, Valla has cultivated a reputation for his expertise in navigating complex financial landscapes and for his ability to deliver substantial value to clients and the institutions he serves.
Iqbal Khan joined UBS Group AG as Co-President of Global Wealth Management in 2019. Prior to his tenure at UBS, Khan worked at Credit Suisse, where he was instrumental in revitalizing its International Wealth Management division, showcasing exceptional leadership and strategic acumen. Born in Pakistan and raised in Switzerland, Khan undertook his formal education in Switzerland, eventually becoming a Certified Public Accountant (CPA). This solid foundation in finance and strategic management has greatly informed his professional journey. Before his roles in banking, he honed his expertise at Ernst & Young, where he served as a Managing Partner in Assurance. At UBS, Khan has been recognized for his forward-thinking strategies and his role in driving growth and efficiency within the wealth management division. His approach often focuses on integrating cutting-edge technology and personalized client services to enhance operational performance and customer satisfaction. Khan's multicultural background and comprehensive expertise in finance and management have been pivotal in his successful career in the global banking industry.
Born in Pakistan and raised in Switzerland, Khan undertook his formal education in Switzerland, eventually becoming a Certified Public Accountant (CPA). This solid foundation in finance and strategic management has greatly informed his professional journey. Before his roles in banking, he honed his expertise at Ernst & Young, where he served as a Managing Partner in Assurance.
At UBS, Khan has been recognized for his forward-thinking strategies and his role in driving growth and efficiency within the wealth management division. His approach often focuses on integrating cutting-edge technology and personalized client services to enhance operational performance and customer satisfaction. Khan's multicultural background and comprehensive expertise in finance and management have been pivotal in his successful career in the global banking industry.
Beatriz Martín Jiménez is a notable executive at UBS Group AG, where she has played a significant leadership role. She has extensive experience in the financial industry, particularly in risk management and operations. Beatriz is recognized for her strategic acumen and leadership skills. At UBS, she has held various significant positions. She served as the Chief Operating Officer for UBS Group AG, where she was responsible for overseeing the bank's operational functions and ensuring efficient and secure operations globally. Her role likely involved managing technology, infrastructure, and processes to support the bank's business objectives. She has also been involved in risk management, showcasing her expertise in navigating complex regulatory environments and developing strategies to mitigate financial risks. Her responsibilities have included working on compliance and ensuring that the bank adheres to international financial standards. Beatriz Martín Jiménez's contributions to UBS Group AG are marked by her commitment to operational excellence and innovation, which have been vital in enhancing the bank's competitiveness and stability in the global financial market. Her leadership is characterized by a focus on collaboration and efficiency, making her an influential figure within the organization.
At UBS, she has held various significant positions. She served as the Chief Operating Officer for UBS Group AG, where she was responsible for overseeing the bank's operational functions and ensuring efficient and secure operations globally. Her role likely involved managing technology, infrastructure, and processes to support the bank's business objectives.
She has also been involved in risk management, showcasing her expertise in navigating complex regulatory environments and developing strategies to mitigate financial risks. Her responsibilities have included working on compliance and ensuring that the bank adheres to international financial standards.
Beatriz Martín Jiménez's contributions to UBS Group AG are marked by her commitment to operational excellence and innovation, which have been vital in enhancing the bank's competitiveness and stability in the global financial market. Her leadership is characterized by a focus on collaboration and efficiency, making her an influential figure within the organization.
