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UBS aims to achieve $7.5 billion in cost savings by year-end, raising its target multiple times this year. However, actual cost reductions have only reached $3.2 billion, leading to investor skepticism about the merger's benefits and resulting in a 4.5% drop in share price. The bank's cost base has increased across most business units, complicating the narrative of improved profitability post-merger.
UBS reported a remarkable 33% increase in Q3 equities revenue, reaching US$1.4 billion, driven by heightened market activity and volatility, positioning it as the leading European competitor to US banks. Overall market revenues rose 31% to US$1.9 billion, with significant gains in the Americas. In contrast, BNP Paribas and Barclays saw more modest growth in their equities segments, highlighting UBS's strong performance in the competitive landscape.
UBS aims to cut costs by $7.5 billion by year-end, raising its target multiple times this year. However, actual cost reductions have only reached $3.2 billion, leading to investor skepticism about the merger's benefits with Credit Suisse, as costs in most business units have increased. The bank's shares fell 4.5% after initial gains, reflecting concerns over profitability and efficiency post-merger.
UBS reported strong quarterly profits driven by its wealth and investment banking divisions, with significant progress in integrating Credit Suisse. CEO Sergio Ermotti noted that while the bank is ahead of schedule in restructuring, it is only halfway to its profitability goals post-merger. Analysts reacted positively, pushing UBS shares to a multi-year high.
UBS CEO Sergio Ermotti stated that the bank must enhance its U.S. profitability before considering acquisitions, deeming discussions on growth through purchases as "premature." The firm aims to improve its performance with a smaller advisor workforce, currently under 6,000, while targeting mid-teen profit margins by 2026. Despite a decrease in headcount, UBS reported a significant increase in net new assets and invested assets for its Americas wealth unit.
UBS reported strong quarterly profits driven by Global Wealth Management and Investment Banking, with significant progress in integrating Credit Suisse. CEO Sergio Ermotti noted that while the bank is ahead of schedule in restructuring, achieving pre-merger profitability remains a long-term goal. The share price reached a multi-year high following the positive results.
UBS reported strong quarterly profits driven by its Global Wealth Management and Investment Banking divisions, with significant progress in integrating Credit Suisse. CEO Sergio Ermotti noted that while cost savings are projected at $7.5 billion, the bank is only halfway to its profitability goals post-merger. Analysts reacted positively, pushing UBS shares to a multi-year high.
Todd Tuckner
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UBS struggles to achieve cost savings amid rising expenses and investor concerns
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