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UBS Group reported a fourth-quarter 2024 net profit of $770 million, rebounding from a loss of $279 million a year earlier, driven by strong performances in Global Wealth Management, Asset Management, and Investment Banking. Total revenues rose 7% year over year to $11.6 billion, while operating expenses decreased by 10%. For 2024, the company plans to propose a dividend of 90 cents per share, pending approval at the Annual General Meeting on April 10, 2025.
UBS executives anticipate a rise in broker attrition in the U.S. due to recent compensation changes, which may hinder net new assets in the short term. The firm is restructuring its compensation plan to align with industry standards, aiming to enhance profitability and better serve high net worth clients. Despite a 110% increase in wealth profit for the fourth quarter, UBS's U.S. business continues to face challenges with rising costs and lower margins compared to competitors.
UBS Group AG's shares fell 6.7% following disappointing earnings, reporting $0.23 EPS, missing estimates of $0.31. Despite a "Moderate Buy" consensus rating from analysts, recent upgrades and downgrades reflect mixed sentiments, with institutional investors adjusting their stakes. The company operates across five divisions, providing a range of financial services globally.
UBS has cut over 10,000 jobs since acquiring Credit Suisse, reducing its workforce from a peak of 119,100 to 108,648 by the end of last year. The bank aims to complete the integration by the end of next year, with total savings from the acquisition projected at $14 billion. UBS has already achieved $7.5 billion in savings, primarily by phasing out Credit Suisse's legacy IT systems.
RBC Capital Markets has described UBS Group AG's results as "positive in many respects." The holding company operates through four divisions: wealth management (50.9% of income), investment bank (20.8%), client and commercial bank (20.2%), and asset management (6.3%), with other sources contributing 1.8%. By the end of 2023, UBS managed USD 792 billion in deposits and USD 639.8 billion in loans.
RBC Capital Markets views UBS Group AG's results as "positive on several fronts." The company operates through four core businesses: wealth management (50.9% of revenues), investment banking (20.8%), retail and corporate banking (20.2%), and asset management (6.3%). By the end of 2023, UBS is set to manage USD 792 billion in deposits and USD 639.8 billion in loans.
UBS and BNP Paribas reported strong trading revenues in the fourth quarter, benefiting from market volatility linked to Donald Trump's return to the White House. However, UBS faces concerns over potential increases in capital requirements, as it is already subject to stricter regulations following its acquisition of Credit Suisse, which has raised its size significantly relative to Switzerland's economy.
UBS Group AG's stock has a "Moderate Buy" rating, but top analysts recommend five other stocks as better investments. Recent institutional activity includes Beach Investment Counsel trimming its stake by 11.1%, while Ritholtz Wealth Management and others increased theirs. UBS reported a quarterly EPS of $0.23, missing estimates, with analysts predicting a total of $1.39 EPS for the year.
UBS Group AG filed a Form 6-K with the U.S. Securities and Exchange Commission on February 4, 2025, reporting for the period ending December 31. The registrants, UBS AG and its principal offices in Zurich and Basel, indicated they will file annual reports under Form 20-F.
UBS Wealth Management USA has appointed Ryann Kilgore as Market Executive for the Greater New England Wealth Management Market. With nearly 20 years of experience, she will be based in Hartford, Connecticut, overseeing financial advisors and market leadership across New York State, Coastal New England, Northern New England, and Western Pennsylvania. Her key responsibilities include expanding business activities, recruiting new advisors, and coaching team members to enhance performance.
UBS Group AG
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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