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UBS Group AG and UBS AG, News Release, 16 April
2024
Page 1
16 April 2024
News Release
UBS publishes updated time series with restated segment financial
information reflecting previously announced changes with no impact on
Group results
Zurich, 16 April 2024 – UBS today has published
restated historical segment-level financial data reflecting
the
changes to the Group’s segment financial reporting announced
on 6 February 2024. These changes
improve
the consistency of reporting across the Group and provide details around funding
and cost allocation
methodologies. The changes include:
-
Client segment shifts: The transfer of the
Credit Suisse Swiss Bank high net worth client
segment
representing USD 72 billion in invested assets and annualized
underlying revenues of around USD 600
million from Personal & Corporate Banking to Global
Wealth Management, along with other smaller
transfers of businesses previously constituting Credit Suisse’s
Swiss Bank. The realignment supports a
more cohesive client experience and unlocks efficiencies
of added scale. We expect the transferred high
net worth segment to contribute more than USD 200
million annually to Global Wealth Management
PBT by 2026.
-
Group Treasury
allocations: A transfer of effectively all Group Treasury costs to the business divisions
that were historically retained centrally. We will only retain in Group Items costs that are not controlled
by the business divisions, including Group hedging
and own debt as well as DTA funding costs. Further
changes relate to the alignment of internal funds
transfer pricing methodologies to
UBS’s standard.
These changes result in lower net interest income (NII)
in the business divisions, with an offset in Group
Items. For the first quarter, we expect to report a low single-digit quarter-on-quarter increase in
combined NII for Global Wealth Management and
Personal & Corporate Banking. Going forward,
we
expect PBT reported in Group Items, excluding the P&L
from Group hedging and own debt, to average
around minus USD 100 million per quarter.
-
Non-core and Legacy cost allocations: A reallocation of
around USD 300 million annually in select costs
from Non-core and Legacy into the core business divisions where they are more appropriately
aligned
and to avoid stranded costs at the end of
the integration process.
These changes have no impact on the
Group’s financial performance and will be reflected in the
first quarter
results published on 7 May 2024.
The time series of financial information for
UBS and its business divisions can be found
at
https://www.ubs.com/global/en/investor-relations/financial-information/timeseries.html
including restated
financial information for 2023 to aid comparability
along with an accompanying presentation. The numbers
contained in these updated time series are unaudited.
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