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UBS Group (UBSG) investor relations material
UBS Group Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Key messages and regulatory context
Proposed Swiss capital measures are criticized as excessive, disproportionate, and misaligned with international standards, combining the strictest elements from global peers and deviating from Basel norms.
The changes would require UBS to hold up to USD 42 billion (CHF 24 billion) in additional CET1 capital, eliminating $11 billion of CET1 at group level and reducing the CET1 ratio by about 2 percentage points, making requirements up to 50% higher than in the EU, UK, and USA.
Switzerland already has one of the strictest capital regimes globally, with minimum requirements well above international peers.
The proposals are seen as lacking solid analytical basis or cost-benefit analysis and risk undermining competitiveness and imposing significant costs on the Swiss economy.
UBS supports targeted, proportionate, and internationally aligned regulation, endorsing improvements if they do not unduly restrict operational flexibility.
Critique of specific ordinance proposals
Full deduction of capitalized software and deferred tax assets from CET1 capital is viewed as unnecessary, unprecedented internationally, and would destroy about $11 billion of capital at group level.
Stricter prudential valuation adjustments (PVAs) are seen as unjustified and more conservative than most foreign jurisdictions, inconsistently aligned with EBA standards.
The approach to AT1 capital instruments, including automatic suspension of coupon payments after four quarters of losses, is criticized as pro-cyclical, stigmatizing, and deviating from global norms.
The approach to foreign subsidiaries would require excessive capital, far exceeding international standards and potentially provoking regulatory fragmentation.
Measures do not differentiate between going concern capital and loss-absorbing capacity, disregarding $20 billion in AT1 and $100 billion in loss-absorbing debt.
Lessons from Credit Suisse and regulatory effectiveness
Credit Suisse's failure was due to unsustainable strategy, poor culture, and weak risk management, not capital inadequacy.
Expert reports confirm Credit Suisse was resolvable, though at higher cost and risk than the UBS-led solution.
UBS's rescue of Credit Suisse demonstrates the effectiveness of the Swiss capital framework if strictly applied.
Regulatory concessions allowed prolonged inaction at Credit Suisse.
The proposals are not justified by lessons from the Credit Suisse crisis.
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Frequently asked questions
One of the oldest and most established banks in the world
UBS Group is a global financial services company based in Switzerland, with a focus on providing wealth management, investment banking, and asset management services to clients around the world. The company was founded in 1862 and has since become one of the largest and most respected banks in the world.
The business model
UBS Group's business model is based on providing a comprehensive range of financial services to its clients, including private banking, investment banking, and asset management. The company focuses on building long-term relationships with its clients, providing personalized advice and solutions that meet their specific needs and goals.
How UBS Group makes money
UBS Group generates revenue primarily through fees charged for its financial services, as well as through commissions on transactions and trading activities. The company's revenue is also generated through its global network of branches and offices, which allows it to serve clients in major financial centers around the world.
Interesting facts about UBS Group
UBS Group is one of the oldest and most established banks in the world, with a rich history that spans over 150 years. The company was one of the pioneers of online banking, launching its first online banking platform in 1997. In addition, UBS Group has been at the forefront of the transition to sustainable investing, offering its clients a range of sustainable investment products and solutions. Three competitors of UBS Group in the financial services industry include JPMorgan Chase, Bank of America, and Credit Suisse.
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