UBS CEO Sergio Ernotti has stated that the bank is ahead of schedule in its cost-cutting plans. The merger with Credit Suisse has been successfully completed, receiving clearance from regulators worldwide. This clearance was crucial for the bank's cost-reduction strategy.

However, Ernotti cautioned that the benefits of these reductions, particularly in customer data integration, may not be realized until late 2025 or 2026 due to the continued operation of two separate systems and infrastructures.

UBS is also experiencing growth in market share in foreign exchange, equities, and investment banking, particularly in the United States. Ernotti mentioned a positive environment in the second quarter but expects a more challenging landscape for mergers and acquisitions in the third quarter.