Sergio P. Ermotti, UBS Group CEOSergio P. Ermotti, UBS Group CEO
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(Zurich, Switzerland) — Swiss banking behemoth UBS said Tuesday it had a defining year in 2023 with the acquisition of Credit Suisse.

SMI stock UBS stabilized the franchise, made progress in integration, and gained $77 billionSergio-Ermotti-UBS-CEO in net new assets. It will now focus on restructuring and optimizing the combined businesses for sustainable long-term growth.

“2023 was a defining year in UBS’s history with the acquisition of Credit Suisse. Thanks to the exceptional efforts of all of our colleagues, we stabilized the franchise and have made tremendous progress in the integration. In addition, clients entrusted us with USD 77 billion of net new assets since the acquisition and relied on our advice in a challenging geopolitical and macroeconomic environment. As we move to the next phase of our journey, we will focus on restructuring and optimizing the combined businesses. While our progress over the next three years will not be measured in a straight line, our strategy is clear. With enhanced scale and capabilities across our leading client franchises and improved resource discipline, we will drive sustainable long-term growth and higher returns. By the end of 2026 and beyond, this will allow us to deliver significant value for all our stakeholders and remain a reliable economic partner, employer and taxpayer in the communities where we operate.”

Sergio P. Ermotti, UBS Group CEO

By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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