Overhaul of US Taxes Hits Earnings at UBS

UBS to merge US and international wealth arms

The consensus from a Reuters poll was for a figure of 1.257 billion Swiss francs, below the 2016 number of 3.3 billion Swiss francs and below the 2015 figure of 6.2 billion Swiss francs. According sources, UBS Group has contacted investors and analysts in recent weeks to investigate whether they should take a more formal update of their strategy, the latest revision of which was in 2014. The reason is that for almost the ten years in which he invested in the bank, the fund was at a loss. Also the finance institution plans merger of its two largest asset management businesses.

UBS announced today that it will merge its American and worldwide wealth businesses into a new division called Global Wealth Management, with effect from 1 February. The merger follows the appointment of former Commerzbank CEO Martin Blessing to lead the worldwide wealth unit after Juerg Zeltner, a 30-year veteran of the bank, announced his departure in December.

Swiss banking giant UBS Group AG (UBS) reported Monday that its fourth-quarter net loss attributable to shareholders was 2.22 billion Swiss francs, compared to prior year's profit of 636 million francs. Banks including Citigroup, Deutsche Bank and Credit Suisse also all disclosed one-time charges. The bank now has more certainty on regulatory requirements and legacy legal issues after European regulators in December decided on global capital standards. As an alternative, it is committed to raise the dividend by mid to high single digit percent a year.

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In terms of financial targets for 2018-2020, UBS is targeting 10%-15% adjusted PBT growth per annum over the cycle for its newly created Global Wealth Management business, and around 10% for Asset Management.

We are in a position now to continue the implementation of the bank's capital return police, the ordinary dividend was increased and a buyback program for shares was announced.

Singapore's sovereign-wealth fund GIC Pte ceased being the biggest shareholder in UBS in May after cutting its ownership by nearly half, saying it was "disappointed" that it lost money during the near-decade it was invested in the Swiss bank.

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