UBS Aims To Achieve Gross Exit-Rate Cost Saving Greater Than $10B By End-2026
Portfolio Pulse from Benzinga Newsdesk
UBS plans to achieve gross cost reductions of over $10 billion by the end of 2026. This will be achieved through the integration of UBS AG and Credit Suisse AG, planned for 2024, and other measures. The bank aims to have an exit rate cost income ratio of less than 70% by the end of 2026, and a return on CET1 capital of around 15%. UBS Group's 3Q23 underlying PBT is expected to be around breakeven, with positive PBT in 2H23.
August 31, 2023 | 7:22 am
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NEUTRAL IMPACT
UBS's cost reduction plan and merger with Credit Suisse AG could potentially improve its financial performance in the long run. However, the short-term impact may be neutral as the benefits are expected to materialize over several years.
The news directly pertains to UBS's financial strategy and future plans. While the cost reduction and merger could potentially improve UBS's financial performance, these benefits are expected to materialize over several years, hence the short-term impact on the stock price may be neutral.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100