UBS has provided an update on the ongoing transformation of the firm, the strategy and medium-term targets that will characterize UBSs return to sustainable profitability. UBS intends to strengthen its position as a major bank for high net worth private clients in Switzerland. In addition, it plans to emerge as a major investment bank in every growth region and economically profitable in every segment, market and business in which it operates.
Oswald Grubel, CEO of UBS Group, said: "Our strategy represents an evolution in terms of our business portfolio but a revolution in terms of the way we will operate. UBS has great businesses and distinctive strengths that we will build on. We combine the worlds leading wealth management firm and the number one full-service bank in Switzerland with a global investment bank and a global asset manager. We have made tremendous progress in increasing our capital and positioning the Group for renewed growth, but work remains to be done."
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UBS said that the continuing transformation and the execution of the business strategies will enable it to meet specific goals over the medium term (3-5 years). UBS aims to achieve approximately CHF15 billion of annual profit before tax, a cost-to-income ratio of 65-70% and a return-on-equity of 15-20%.
We are building a new UBS, one that performs to the highest standards and behaves with integrity and honesty, one that distinguishes itself not only through the clarity and reliability of the advice and services it provides but in how it manages and executes. I am convinced that changing the way we engage and serve our clients will enable us to achieve the medium-term financial targets to which we are committing ourselves.
The transformation we are undertaking is a fundamental one and it will not happen quickly. I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations, Grubel added.
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