UBS News Release, 6 June 2025
Page 3
Cautionary Statement Regarding Forward-Looking Statements
This news release contains statements that constitute
“forward-looking statements,” including but not limited
to management’s outlook for UBS’s
financial performance, statements relating to the
anticipated effect of transactions and strategic initiatives
on UBS’s business and future development and
goals or intentions to achieve climate, sustainability
and other social objectives. While these forward-looking
statements represent UBS’s judgments,
expectations and objectives concerning
the matters described, a number of risks,
uncertainties and other important factors
could cause actual
developments and results to differ materially from UBS’s expectations.
In particular, the global economy may suffer significant adverse effects from
increasing political tensions between world powers,
changes to international trade policies,
including those related to tariffs and trade barriers,
and
ongoing conflicts in the Middle East, as
well as the continuing Russia–Ukraine
war. UBS’s acquisition of the Credit Suisse Group has materially changed its
outlook and strategic direction and introduced new operational
challenges. The integration of the Credit
Suisse entities into the UBS structure is expected
to continue through 2026 and presents significant operational
and execution risk, including the risks that UBS
may be unable to achieve the cost
reductions and business benefits contemplated
by the transaction, that it may incur higher
costs to execute the integration of Credit Suisse
and that the
acquired business may have greater risks or liabilities
than expected. Following the failure of Credit Suisse,
Switzerland is considering significant changes to
its capital, resolution and regulatory regime, which, if proposed
and adopted, may significantly increase our capital requirements
or impose other costs on
UBS. These factors create greater uncertainty about forward-looking
statements. Other factors that may affect UBS’s
performance and ability to achieve its
plans, outlook and other objectives also include,
but are not limited to: (i) the degree to which UBS is
successful in the execution of its strategic plans,
including its cost reduction and efficiency initiatives and its
ability to manage its levels of risk-weighted
assets (RWA) and leverage ratio denominator (LRD),
liquidity coverage ratio and other financial resources, including
changes in RWA assets and liabilities arising from higher
market volatility and the size of
the combined Group; (ii) the degree to which UBS is
successful in implementing changes to its businesses
to meet changing market, regulatory and other
conditions; (iii) inflation and interest rate volatility in
major markets; (iv) developments in the macroeconomic
climate and in the markets in which UBS
operates or to which it is exposed, including
movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and
commercial
real estate markets, general economic conditions,
and changes to national trade policies on
the financial position or creditworthiness of UBS’s
clients and
counterparties, as well as on client sentiment
and levels of activity; (v) changes in the
availability of capital and funding, including
any adverse changes in
UBS’s credit spreads and credit ratings of UBS,
as well as availability and cost of funding to
meet requirements for debt eligible for total loss-absorbing
capacity (TLAC); (vi) changes in central bank policies
or the implementation of financial legislation
and regulation in Switzerland, the US, the UK, the
EU
and other financial centers that have imposed,
or resulted in, or may do so in the future, more stringent or
entity-specific capital, TLAC, leverage ratio,
net
stable funding ratio, liquidity and funding
requirements, heightened operational resilience requirements, incremental tax
requirements, additional levies,
limitations on permitted activities, constraints
on remuneration, constraints on transfers of capital
and liquidity and sharing of operational
costs across the
Group or other measures, and the effect these will or would
have on UBS’s business activities; (vii) UBS’s
ability to successfully implement resolvability and
related regulatory requirements and the potential need to make further
changes to the legal structure or booking
model of UBS in response to legal and
regulatory requirements and any additional requirements due to its acquisition
of the Credit Suisse Group, or other developments;
(viii) UBS’s ability to
maintain and improve its systems and controls for complying
with sanctions in a timely manner and for the
detection and prevention of money laundering
to meet evolving regulatory requirements and expectations,
in particular in the current geopolitical turmoil;
(ix) the uncertainty arising from domestic
stresses in certain major economies; (x) changes in UBS’s
competitive position, including whether
differences in regulatory capital and other requirements
among the major financial centers adversely
affect UBS’s ability to compete in certain lines
of business; (xi) changes in the standards of conduct
applicable
to its businesses that may result from new regulations or
new enforcement of existing standards, including
measures to impose new and enhanced duties
when interacting with customers and in the
execution and handling of customer
transactions; (xii) the liability to which UBS
may be exposed, or possible
constraints or sanctions that regulatory authorities
might impose on UBS, due to litigation, contractual
claims and regulatory investigations, including the
potential for disqualification from certain businesses,
potentially large fines or monetary penalties,
or the loss of licenses or privileges as a result of
regulatory or other governmental sanctions,
as well as the effect that litigation, regulatory and
similar matters have on the operational risk
component of
its RWA; (xiii) UBS’s ability to retain and attract the employees necessary
to generate revenues and to manage, support
and control its businesses, which
may be affected by competitive factors; (xiv) changes
in accounting or tax standards or policies, and
determinations or interpretations affecting the
recognition of gain or loss, the valuation of goodwill,
the recognition of deferred tax assets and other
matters; (xv) UBS’s ability to implement new
technologies and business
methods, including digital services, artificial intelligence
and other technologies, and ability to successfully
compete with both
existing and new financial service providers, some
of which may not be regulated to the same extent;
(xvi) limitations on the effectiveness of UBS’s internal
processes for risk management, risk control, measurement and
modeling, and of financial models generally;
(xvii) the occurrence of operational failures,
such as fraud, misconduct, unauthorized trading,
financial crime, cyberattacks, data leakage
and systems failures, the risk of which is increased with
persistently high levels of cyberattack threats;
(xviii) restrictions on the ability of UBS Group AG, UBS
AG and regulated subsidiaries of UBS AG to
make
payments or distributions, including due to restrictions
on the ability of its subsidiaries to
make loans or distributions, directly or indirectly, or, in the case of
financial difficulties, due to the exercise by FINMA or
the regulators of UBS’s operations in other countries
of their broad statutory powers in relation to
protective measures, restructuring and liquidation proceedings;
(xix) the degree to which changes in regulation, capital
or legal structure, financial results
or other factors may affect UBS’s ability to maintain its
stated capital return objective; (xx) uncertainty
over the scope of actions that may be required
by
UBS, governments and others for UBS
to achieve goals relating to climate, environmental
and social matters, as well as the evolving nature of
underlying
science and industry and the possibility of conflict
between different governmental standards and regulatory
regimes; (xxi) the ability of UBS to access
capital markets; (xxii) the ability of UBS to
successfully recover from a disaster or other business continuity
problem due to a hurricane, flood, earthquake,
terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications
failure or other natural or man-made event; and
(xxiii) the effect that these or other factors or unanticipated
events, including media reports and speculations,
may have on its reputation and the
additional consequences that this may have on its
business and performance. The sequence
in which the factors above are presented is not indicative
of
their likelihood of occurrence or the potential
magnitude of their consequences. UBS’s
business and financial performance could be
affected by other
factors identified in its past and future filings and reports,
including those filed with the US Securities
and Exchange Commission (the SEC).
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