UBS news

April 2014

March 2014

February 2014

January 2014

  1. UBS to report fourth-quarter 2013 results on 4 February 2014

    UBS invites you to the presentation of its fourth-quarter 2013 results on Tuesday 4 February. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Martin Osinga, Global Head of Investor Relations (ad interim) and Hubertus Kuelps, Group Head of Communications & Branding.

  2. How tech and trade will transform the world economy: Financial Services next industry in the spotlight


    UBS unveils flagship publication for this week’s World Economic Forum in Davos entitled Macro problems, micro solutions: How trade, technology and finance can help keep the recovery going

December 2013

  1. UBS announces successful completion of public tender offer

    UBS has repurchased certain outstanding tier 2 and senior bonds for approximately CHF 1.9

  2. UBS to buy back outstanding bonds in public tender offer

    UBS offers to buy back certain outstanding tier 2 and senior bonds for cash up to approximately CHF 2.15 billion.

November 2013

  1. UBS commits to double client donations for Typhoon Haiyan relief efforts in the Philippines up to a total of CHF 3 million

    In response to the devastation in the central Philippines caused by Typhoon Haiyan, UBS today announced that it is committing to match donations from clients for Typhoon Haiyan relief efforts up to a total of CHF 3 million. This is in addition to its long-standing matched giving program for UBS employees.

October 2013

  1. UBS's third-quarter 2013 result

  2. UBS to report third-quarter 2013 results on 29 October 2013

    UBS invites you to the presentation of its third-quarter 2013 results on Tuesday 29 October. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Caroline Stewart, Global Head of Investor Relations and Hubertus Kuelps, Group Head of Communications & Branding.

August 2013

  1. UBS consumption indicator: virtually no change in consumer sentiment

    The UBS consumption indicator remained virtually unchanged in July. An increase in new car registrations was balanced by gloomier consumer sentiment and a weaker retail sales.

July 2013

  1. UBS to report second-quarter 2013 results on 30 July 2013

    UBS invites you to the presentation of its first-quarter 2013 results on Tuesday 30 July. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Caroline Stewart, Global Head of Investor Relations and Hubertus Kuelps, Group Head of Communications & Branding.

  2. Preliminary results for 2Q 2013; UBS reaches agreement in principle to settle industry litigation with FHFA for RMBS offerings

    UBS announces preliminary results for second quarter 2013 reflecting significant progress in the execution of its strategy. UBS reaches agreement in principle to settle litigation with FHFA for RMBS offerings between 2004 and 2007

June 2013

May 2013

April 2013

  1. UBS's first-quarter 2013 result

March 2013

February 2013

January 2013

December 2012

October 2012

  1. UBS announces strategic acceleration from a position of strength

    Zurich/Basel, 30 October 2012 – Today, UBS announced a significant acceleration in the implementation of its strategy to transform the firm and create the UBS of the future. Building on the progress it has made in the last 12 months, UBS will achieve this transformation by further sharpening its focus in the Investment Bank. By concentrating on its traditional strengths in advisory, research, equities, FX and precious metals and by exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments, UBS will reduce costs significantly while driving further efficiencies across the Group more rapidly. By 2015, UBS is likely to have a headcount of around 54,000. As a result of these actions UBS will be unique in the banking industry – it will be less capital and balance-sheet intensive, highly cash flow generative, more focused on serving its clients and capable of maximizing value for its employees and shareholders.

September 2012

July 2012

May 2012

March 2012

February 2012

December 2011

November 2011

October 2011

September 2011

  1. Leadership change at UBS

  2. Media Release

    Zurich/Basel, 15 September 2011 - UBS has discovered a loss due to unauthorized trading by a trader in its Investment Bank. The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of USD 2 billion. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.

August 2011

July 2011

  1. UBS to report second quarter 2011 results on 26 July 2011

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 26 July to avoid technical problems on the day.

April 2011

  1. UBS first-quarter profit before tax CHF 2.2 billion; Group net new money CHF 22.3 billion; Tier 1 capital ratio 17.9%


    For the first quarter of 2011 we report higher profits than in the fourth quarter of 2010. Net new money for the Group was positive, with positive net flows recorded across all of our asset-gathering businesses confirming the return of client trust and confidence. Our Basel II tier 1 capital ratio remains among the highest in the industry.

  2. UBS to report first quarter 2011 results on 26 April 2011

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 26 April to avoid technical problems on the day.

March 2011

  1. Agenda for the Annual General Meeting of UBS AG on 28 April 2011


    Zurich/Basel, 25 March 2011 - UBS AG today published the agenda for the Annual General Meeting (AGM) on 28 April 2011. The agenda items are as follows:

  2. UBS publishes Annual Report 2010


    Zurich/Basel, 15 March 2011 - UBS's Annual Report for 2010 provides comprehensive information on the firm, its strategy, business, governance and financial performance. It contains both audited and unaudited information.

    • UBS's net profit attributable to shareholders for 2010 was CHF 7.5 billion
    • 2010's diluted earnings per share were CHF 1.96

February 2011

  1. UBS fourth quarter net profit attributable to shareholders of CHF 1.3 billion. Full year net profit of CHF 7.2 billion

    • For 2010, net profit attributable to UBS shareholders was CHF 7.2 billion compared with a loss of CHF 2.7 billion in 2009. 2010 diluted earnings per share of CHF 1.87 compared with negative CHF 0.75 in 2009, and return on equity of 15.9 % for 2010 compared with negative 7.8% at the end of last year
    • During 2010 our BIS tier 1 capital ratio increased to 17.7% from 15.4% and our BIS core tier 1 capital ratio increased to 15.3% from 11.9% at the end of 2009. We will continue to retain earnings to meet capital requirements and will not pay a dividend for 2010
    • Cost discipline maintained; we achieved our fixed cost target of less than CHF 20 billion for 2010

  2. Sally Bott not to stand for re-election at UBS Annual General Meeting on 28 April 2011


    Zurich/Basel, 7 February 2011 - UBS today announces that Sally Bott, member of the UBS Board of Directors, will not stand for re-election at the UBS Annual General Meeting on 28 April 2011. UBS will announce in due course if it will nominate an additional candidate for election to the Board of Directors.

    Sally Bott informed the Board of Directors that she will pursue other endeavours and therefore will not stand for re-election.

    Sally Bott was elected to the Board of Directors at the October 2008 Extraordinary General Meeting. She chairs the Human Resources and Compensation Committee and is also a member of the Corporate Responsibility Committee and the Governance and Nominating Committee.

    Kaspar Villiger, Chairman of the Board of Directors of UBS, said: "I greatly regret that Sally Bott is leaving our Board. Her in-depth knowledge in the field of human resources was an invaluable asset for the Board during the past two and a half years. I thank Sally for her outstanding contributions and great commitment and wish her every success and fulfilment in the future."

  3. UBS to report fourth quarter 2010 results on 8 February 2011

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 8 February to avoid technical problems on the day.

December 2010

November 2010

October 2010

  1. UBS third quarter net profit attributable to shareholders of CHF 1,664 million; diluted earnings per share of CHF 0.43

    Revenues affected by unusually low levels of client activity; management responded by reducing costs                                                                                                                                             Results include a CHF 825 million net tax credit and an own credit charge of CHF 387 million; profit before tax of CHF 818 million

  2. UBS to report third quarter 2010 results on 26 October 2010

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 26 October to avoid technical problems on the day.

September 2010

  1. UBS announces Alex Wilmot-Sitwell and Chi-Won Yoon as Co-Chairmen and Co-CEOs, Asia Pacific

    UBS today announced the appointment of Alex Wilmot-Sitwell as Co-Chairman and Co-CEO of Asia Pacific. Alex will lead the region together with Chi-Won Yoon, current Chairman and CEO, Asia Pacific. Alex will be based in Hong Kong and will take over his new role on 1st November 2010. Carsten Kengeter, currently Co-CEO UBS Investment Bank, will become sole head of the Investment Bank.

  2. UBS study: «Prices and Earnings»

    Oslo, Zurich and Geneva again the world's most expensive cities.

    According to a UBS study, Oslo, Zurich and Geneva are the world's most expensive cities once again this year, followed by Tokyo, Copenhagen and New York. The lowest prices for a broad basket of goods and services can be found in Mumbai, Manila and Bucharest.

July 2010

  1. UBS second quarter pre-tax profit of CHF 2,614 million

    Following Swiss parliamentary approval of the US-Swiss Government Agreement, UBS expects to achieve a comprehensive resolution of all outstanding matters with the US government related to the US cross-border business by October 2010.

  2. UBS to report second quarter 2010 results on 27 July 2010

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 27 July to avoid technical problems on the day.

June 2010

May 2010

  1. UBS reports a first quarter pre-tax profit of CHF 2,810 million

    Zurich/Basel, 4 May 2010 - Commenting on UBS's first quarter 2010 results, Group CEO Oswald J. Grübel said: "We are well positioned to meet our medium-term goals. We implemented the measures announced in 2009 and delivered a good profit while managing our costs and using our balance sheet and risks in a disciplined way."

April 2010

  1. UBS to report first quarter 2010 results on 4 May 2010

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 4 May to avoid technical problems on the day.

March 2010

  1. UBS forecasts Q1 result for FICC unit

    Zurich/Basel, 30 March 2010 - A media report late yesterday indicated that UBS's Fixed Income, Currencies and Commodities unit (FICC) would generate revenue of about US$2.3 billion in first quarter 2010. Under SIX ad hoc publicity rules, UBS is required to comment on this report. The reported figure is slightly higher than FICC's current first quarter forecast revenues. Because the quarter has not ended and results to date are subject to possible fair value adjustments, including those relating to own credit, this forecast may not be reliable. UBS will issue its first quarter 2010 financial results on 4 May 2010.

  2. AGM discharge agenda item: UBS BoD member Bruno Gehrig comments

    The most important points

February 2010

  1. UBS reports a fourth quarter profit of CHF 1,205 million

    Zurich/Basel, 9 February 2010 - Commenting on UBS's fourth quarter 2009 results, Group CEO Oswald J. Grübel said: "We entered 2009 at the height of the crisis. By the end of 2009 UBS has returned to profitability, delivering on its priorities. We have taken decisive action to transform UBS, and it is now a focused, efficient and resilient firm. We expect that our return to profitability will increase clients' confidence in UBS and restore our reputation."

  2. UBS to report fourth quarter 2009 results on 9 February 2010

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 9 February to avoid technical problems on the day.

December 2009

  1. UBS AG nominates Wolfgang Mayrhuber for election to its Board of Directors

    UBS AG has nominated Wolfgang Mayrhuber for election to its Board of Directors. Wolfgang Mayrhuber is the Chairman of the Executive Board and CEO of Deutsche Lufthansa AG. As such, he is responsible for the aviation group, which comprises the Passenger Airline Group, Logistics, MRO, Catering and IT Services segments and has 115,000 employees worldwide.

    Kaspar Villiger, Chairman of the Board of UBS, said: "Wolfgang Mayrhuber has gained substantial leadership experience in his almost 40-year career in a global corporation. He is a highly regarded figure well beyond the airline industry and brings with him strategic as well as operational expertise from his various activities on supervisory boards. I am very pleased that he has agreed to stand for election to our Board."

    UBS's annual general meeting takes place on 14 April 2010 in Basel. With the election of Mayrhuber, eleven of the maximum of twelve seats in the Board of Directors would be filled. UBS AG will announce the nomination to fill the final vacancy in due course.

    In September, UBS announced that Sergio Marchionne and Peter Voser had declared their intention not to stand for reelection to the Board. Both want to concentrate on their current demanding management positions.

November 2009

  1. UBS reports a third quarter loss of CHF 564 million, impacted by accounting charges of CHF 2,150 million

    Commenting on UBS's third quarter results, Group CEO Oswald J. Grübel said: "In the last two quarters, we have been addressing the bank's most critical problems. Business is steadily returning to normal: We see this in a clear improvement in our financial performance. Management actions are delivering visible results, and we are continuing to emphasize risk reduction and capital strength. Moreover, the settlement of the litigation with US tax authorities and the decision of the Swiss government to exit its investment in UBS are having a profound impact on our efforts to rebuild confidence in our company and on staff morale. Having stabilized the bank's financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010. However, this progress will depend on market and other factors."

October 2009

  1. UBS to report third quarter 2009 results on 3 November 2009

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 3 November to avoid technical problems on the day.

  2. UBS Appoints Robert J. McCann as Chief Executive Officer, Wealth Management Americas & Member of UBS Group Executive Board

    UBS AG announced today the appointment of Robert J. McCann as Chief Executive Officer of UBS Wealth Management Americas and Member of the Group Executive Board of UBS AG.

    Mr. McCann, 51, will immediately assume responsibility for the firm's domestic wealth management businesses in the United States and Canada, including all international business booked in the US. He will lead nearly 8,000 Financial Advisors in more than 320 branches across the US, Puerto Rico and Canada, managing CHF 695 billion in invested assets.

    UBS Group CEO Oswald Gruebel said: "I want to welcome Bob McCann to UBS. He comes to us having led one of the largest wealth management advisory teams in the world. Bob has an outstanding reputation as an inspiring and thoughtful leader and will apply his long and deep client relationship and business experience to gain market share, increase profitability and grow our Wealth Management Americas business. I am confident that his proven ability to meet client needs, manage businesses and develop financial advisors will drive UBS Wealth Management Americas to a higher level of performance and return for all stakeholders.

    "In the Americas alone, the wealth management market opportunity represents high net worth assets in excess of USD 20 trillion. Under Bob's leadership, I believe that the business will now consolidate its position as the firm of choice for those clients seeking a fully integrated offering of diverse products and tailored advisory services."

    Mr. McCann said: "Coming to UBS is a once-in-a-lifetime opportunity to join a leading global wealth manager. It is a firm that I always considered to be a tough competitor and I will add my energy and ideas to the turnaround underway. The domestic Americas business represents an enormous wealth management opportunity for UBS. I see tremendous long-term potential growth for clients, employees and shareholders."

    Over a 26-year career at Merrill Lynch, Mr. McCann held a variety of executive leadership positions throughout the firm. Prior to his departure in January 2009, Mr. McCann was President of Global Wealth Management. Previous roles he held during his tenure at the firm included Vice Chairman of the firm's Wealth Management Group, which included Global Private Client and Merrill Lynch Investment Managers. He was also Head of Global Securities Research, Chief Operating Officer of Global Markets and Investment Banking, Head of Global Institutional Sales and Head of Global Equity Trading and Markets.

    Mr. McCann received a B.A. in Economics from Bethany College and an M.B.A. from Texas Christian University.

September 2009

  1. Sergio Marchionne and Peter Voser will not stand for re-election to the Board of Directors of UBS AG

    UBS has announced that Sergio Marchionne, senior independent director of the Board of Directors, and Peter Voser have decided not to stand for re-election to the Board of UBS AG at the annual general meeting (AGM) which will take place on 14 April 2010. Sergio Marchionne and Peter Voser would both like in future to focus on their current demanding management positions and have therefore decided not to seek any further mandates at UBS.

    Sergio Marchionne is chief executive officer (CEO) of Fiat S.p.A., Turin, and Fiat Group Automobiles as well as CEO of Chrysler Group LLC and chairman of CNH Case New Holland, a Fiat Group company. He was elected to the BoD at the AGM 2007 and appointed independent vice chairman and senior independent director in 2008. He is a member of the governance and nominating committee and of the strategy committee.

    Peter Voser, CEO and executive BoD member of Royal Dutch Shell plc in London, was elected to the BoD at the AGM 2005. He is a member of the governance and nominating committee and of the strategy committee.

    Kaspar Villiger, Chairman of the Board of UBS, said of these decisions: "I would like to thank the outgoing board members Sergio Marchionne and Peter Voser for their strong contributions to the management of our firm. With their comprehensive economic and entrepreneurial competence they supported UBS in difficult times and provided significant input to the stabilization and the successful initiation of the turnaround of our company."

    UBS will provide information at a later stage regarding candidates to succeed the outgoing board members.

August 2009

  1. Announcement by Swiss Confederation regarding conversion of UBS mandatory convertible notes and placement of shares

    The Swiss Confederation (the "Confederation") has announced its intention to exercise its right to convert all CHF 6 billion of its holding of UBS Mandatory Convertible Notes due 2011 ("MCNs") and to place with institutional investors the newly issued UBS shares received upon conversion.

    Upon conversion of the MCNs, UBS will issue 332,225,913 new shares with a nominal value of CHF 0.10 each from existing conditional capital. As a result, the share capital of UBS will increase from currently CHF 322,583,859.90 to CHF 355,806,451.20. Conversion and the capital increase are expected to take place on 25 August 2009.

    Further, in connection with the conversion of the MCNs, the Confederation will waive its right to receive future coupons on the converted MCNs for a cash amount of approximately CHF 1.8 billion, (the "Coupon Consideration"), representing the present value of the future coupon payments. The Coupon Consideration is expected to be paid on 25 August 2009. UBS considers the Federal Council's decision an acknowledgement of the measures the bank has taken so far to restore its health. Chairman Kaspar Villiger said: "The Board of Directors and the executive management of UBS would like to thank the Swiss Confederation, the Swiss National Bank and FINMA for their prudent and resolute course of action from October 2008 to this day."

  2. Formal signing of settlement agreement relating to the John Doe summons

    Agreement does not call for any payment

  3. UBS study: «Prices and Earnings» 2009

    Oslo, Copenhagen, Zurich and Geneva named the most expensive cities; wages highest in Switzerland, Denmark and the US

  4. Agreement to resolve the John Doe summons

    Today, the US government informed the US District Court of the Southern District of Florida that all parties have reached an agreement to resolve the John Doe summons matter and that they have initialed the final documentation. The hearing scheduled for 17 August will be removed from the court's calendar, and immediately after the formal signing has occurred, the parties will file the agreed upon stipulation of dismissal with the court.

  5. UBS reports a second quarter loss of CHF 1.4 billion; quarter-end BIS tier 1 ratio of 13.2%

    UBS reports a second quarter loss of CHF 1,402 million.

July 2009

  1. Update on John Doe Summons Litigation

    The US Government has informed the Court in the John Doe Summons matter that the parties have reached an agreement in principle on the major issues and expect to resolve the remaining issues in the coming week. A status conference among the parties has been scheduled for August 7, 2009. At the request of the US and Swiss Governments, we have agreed not to comment further at this time.

  2. UBS to report second quarter 2009 results on 4 August 2009

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 4 August to avoid technical problems on the day.

  3. UBS Saudi Arabia receives commencement letter from the Capital Market Authority of the Kingdom of Saudi Arabia

    UBS AG today announces that UBS Saudi Arabia has received approval from the Capital Market Authority (CMA) to commence securities business activities in the Kingdom of Saudi Arabia. This enables the firm to expand its presence in the Middle East and marks a further step towards the firm's goal of becoming one of the region's leading financial services providers.
    UBS Saudi Arabia is based in Riyadh and will provide the firm's comprehensive range of services to government, corporate and individual clients covering wealth management, investment banking, fixed income sales and execution, and institutional asset management.

    In establishing UBS Saudi Arabia, UBS has partnered with local interests including Mohammed Al Dhoheyan, previously CEO of the Development and Management House for Investments, and MerchantBridge, an equity house investing in the Middle East.

    John Fraser, Chairman and CEO of UBS Global Asset Management, UBS AG Group Executive Board member and Chairman of UBS Saudi Arabia said: "We are delighted with the approval to commence business in Saudi Arabia and look forward to providing top quality financial and securities business services to our clients in the Kingdom."

    "With over 40 years' experience in the region, our decision to establish UBS Saudi Arabia in the Kingdom is further affirmation of UBS's long-standing commitment to the Middle East and marks yet another important milestone in this very critical and substantial market."

    Mohamed Sammakia, CEO of UBS Saudi Arabia also commented: "Saudi Arabia is the dominant market in the Gulf region and, as such, we are very determined to make this business a success. In particular we are very proud of the excellent team already on the ground that will support our local clients and capitalise on the myriad of opportunities within the Kingdom".

    Mohamed Al Dhoheyan, Vice Chairman of UBS Saudi Arabia also commented: "UBS has a deep-rooted relationship with the Kingdom dating back to the early 1950s. We have a great opportunity to capitalize on our strengths by now being on the ground."

  4. The US government and UBS, supported by the Swiss government, agree to 15-day suspension of John Doe summons litigation

    UBS welcomes the announcement that the US and Swiss governments have agreed to negotiations for the purpose of resolving the John Doe summons litigation.

    This agreement has resulted in a joint motion by the US government and UBS, with the support of the Swiss government, for a stay of the litigation in Miami for a duration of 15 days in order to achieve a settlement. The parties and the Swiss government will present this motion for the court's approval on Monday morning.

June 2009

  1. CHF 3.8 billion placement of new shares from authorized capital

    Notice to Investors in the United States
    This press release does not constitute an offer of securities for sale in the United States of America. Securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States of America absent registration or an exemption from registration thereunder.

    Notice to Investors in the European Economic Area
    No action has been or will be taken in any member state of the European Economic Area which has implemented the EC Directive 2003/71/EC of the European Parliament and of the Council dated November 4, 2003 (the "Prospectus Directive") (each a "Relevant Member State") that would permit a public offering of the securities described herein, or the distribution of a prospectus or any other offering material relating to such securities in any Relevant Member State. In particular, no prospectus within the meaning of the Prospectus Directive and/or the laws implementing the Prospectus Directive in the Relevant Member State has been or will be filed with or approved by the competent authorities of any Relevant Member State in connection with such securities for publication within such Relevant Member State or notification to the competent authorities in another Relevant Member State. Accordingly, if any offer or sale of the securities described herein or any distribution of offering material constituted a public offer in any Relevant Member State it may violate the provisions of laws implementing the Prospectus Directive in such Member State unless certain exceptions set forth in the Prospectus Directive have been fulfilled and these exceptions have been implemented in the Relevant Member State. For the purposes of this provision, the expression an "offer of securities to the public" in relation to the securities described herein in any Relevant Member State means a communication to persons in any form and by any means presenting sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe the securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive.

    Notices to Investors in the United Kingdom
    In the United Kingdom, this press release is directed only at (a) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom any person who is not a relevant person should not act or rely on this press release or any of its contents. Any investment or investment activity to which this press release relates is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.

  2. UBS provides an update on its current trading performance

    Based upon preliminary results for April and May and estimated results for June, UBS expects to incur a net loss for its second quarter 2009. The majority of the expected loss is attributable to own credit and the restructuring charges that have already been announced. The operating result for the quarter is expected to represent an improvement compared with the first quarter of 2009, largely attributable to better market conditions affecting the Investment Bank and a reduction in losses and write downs on legacy risk positions.

  3. UBS appoints Chi-Won Yoon as Chairman & CEO, Asia Pacific

    UBS today announced the appointment of Chi-Won Yoon as Chairman & CEO of Asia Pacific and as member of UBS's Group Executive Board, with immediate effect. Yoon succeeds Rory Tapner who, after 25 years, is leaving UBS.

May 2009

  1. UBS restates 2008 annual report

  2. UBS reports a first quarter loss of CHF 2.0 billion; quarter-end BIS tier 1 ratio of 10.5%

    UBS reports a first quarter loss of CHF 1,975 million.

April 2009

  1. UBS to report first quarter 2009 results on 5 May 2009

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 5 May to avoid technical problems on the day.

  2. UBS names Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank

    UBS today announced the appointment of Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank effective immediately.

    Alex Wilmot-Sitwell joined the firm in 1996 and is a member of the Group Executive Board. He has been joint global head of the Investment Banking Department since November 2005 and Chairman and CEO of UBS Group Europe, Middle East & Africa (EMEA) since January 2008.

    Carsten Kengeter joined UBS in September 2008 and is the joint global head of Fixed Income, Currencies and Commodities (FICC) within UBS Investment Bank. In his new role he will also be a member of the Group Executive Board.

    Oswald J. Grübel, Group CEO of UBS, commented on the appointments: "I would like to congratulate Alex and Carsten on their new roles. Under their joint leadership we will continue to build on the strong core businesses of our Investment Bank and remediate our legacy risks. Our Investment Bank is indispensable to our global firm and to our integrated business model."

    Jerker Johansson has resigned from his role as CEO of the Investment Bank with immediate effect. He joined UBS in March 2008 and was a member of UBS's Group Executive Board.

    "I would like to thank Jerker for his great efforts and his valuable contribution to the repositioning of our Investment Bank," Grübel said.

  3. UBS sells its Brazilian operation "UBS Pactual" for approximately USD 2.5 billion (CHF 2.8 billion)

    Today, UBS announces that it has agreed to sell its Brazilian financial services business, UBS Pactual, for approximately USD 2.5 billion to BTG Investments, headed by André Esteves.

  4. Annual General Meeting of UBS AG

    At the Annual General Meeting (AGM) on 15 April 2009, UBS AG shareholders approved the annual report and the Group financial statements for 2008, agreed to offset the loss for the year against reserves and re-affirmed Ernst & Young, Basel, as auditor, and BDO Visura, Zurich, as special auditor. In addition, shareholders approved the principles and fundamentals of the new compensation model for 2009 in an advisory vote with 87.65% of votes cast.

  5. UBS names Ulrich Körner as Group COO and CEO of Corporate Center

    As UBS announced today, the Board of Directors appointed Ulrich Körner Group Chief Operating Officer (Group COO) and CEO of Corporate Center. In this newly created role, he will be a member of the Group Executive Board and the Group Executive Committee of the bank.

    Ulrich Körner (1962), a German-Swiss dual citizen, has been with Credit Suisse since 1998 and has served as a member of the executive management of the Credit Suisse Group for the last five years. He held various management positions, including CFO and COO of Credit Suisse. Most recently, he was responsible for the entire Swiss client business as CEO of the Switzerland region. Ulrich Körner received a PhD from the University of St. Gallen in business administration and served several years thereafter as an auditor and management consultant, primarily for financial services firms. He is married and the father of three children.

    In addition to his success in the management of client businesses, Ulrich Körner has considerable experience in restructuring and integrating corporate structures and processes as well as an acknowledged track record as a turnaround manager. In his new function he will be responsible for the service units centralized in Corporate Center as well as for the cross-divisional departments and projects of UBS. In addition, he will support the Group CEO and the CEOs of UBS's business divisions with the development and implementation of strategy.

    Walter Stuerzinger, currently Chief Operating Officer of Corporate Center, will leave the Group Executive Board. He has committed himself to supporting the Group COO with the development of Group-wide measures to enhance profitability and cost efficiency.

    Oswald J. Grübel, Group CEO, said: "Ulrich Körner brings, in addition to comprehensive managerial and banking know-how and client business knowledge, extensive expertise in the relevant processes, systems and technologies. In addition he possesses a critical mindset and sharp intellect. I am convinced that he will be a valuable addition to our management team."

    Central service unit within Corporate Center
    UBS will streamline processes and decision-making by bundling all group-wide service and infrastructure units within its Corporate Center. This comprises Procurement and Real Estate and Facility Management as well as personnel management. The IT units of the business divisions will likewise be consolidated at the group level with the already centralized IT infrastructure unit. This step creates the potential for sustainable efficiency increases and cost savings. Under the leadership of the new Group COO, the corresponding management and organizational structure will be immediately revised and implemented in an ongoing manner.

    Integrated management of control functions
    At the same time UBS is strengthening the management of its finance and risk control as well as its legal and compliance functions at the group level. Effective immediately, the corresponding units in the business divisions will report to the Group Chief Financial Officer, the Group Chief Risk Officer and the Group General Counsel respectively. Certain standardized processes and tasks that are currently performed by the business divisions will be consolidated group-wide. By centralizing management and responsibilities and consolidating processes and systems, the control functions of UBS will become stronger and more effective.

March 2009

  1. UBS to buy back outstanding bonds in a public tender offer

    UBS today announces that it is making a tender offer relating to four lower tier 2 bonds with maturity dates between November 2015 and September 2019 and a notional value of around CHF 7 billion. The maximum size of the tender is approximately EUR 1 billion.

    The four subordinated notes targeted in this transaction currently trade at a significant discount to their original issuance price. If the transaction proceeds as expected, it would have a small beneficial effect on UBS's Tier 1 regulatory capital ratio.

    The tender period will end on March 25.

  2. Agenda for the annual general meeting of UBS AG on 15 April 2009

    UBS AG today sent the agenda for the annual general meeting (AGM) of UBS AG on 15 April 2009 to its shareholders. The agenda items are as follows:

February 2009

  1. UBS appoints Oswald J. Grübel as Group Chief Executive Officer

    The Board of Directors of UBS has appointed Oswald J. Grübel as its new Group Chief Executive Officer with immediate effect. Mr. Grübel succeeds Marcel Rohner who has resigned.

    Oswald Grübel's broad experience in the banking sector, and in leading a financial services company through transformation, will be invaluable to UBS in this challenging environment. With his previous employer Credit Suisse, Mr. Grübel was the architect of a successful turnaround and restored confidence in the company in turbulent times. During his career of almost forty years at Credit Suisse, he held various management positions both on Group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse.

    Peter Kurer, Chairman of UBS: With his indisputable leadership qualities, combined with his extensive expertise, Oswald Grübel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients. He will also be adept in balancing our focus on prudent risk taking and client confidence, and our goal to position UBS for future success."

    Oswald J. Grübel, Group Chief Executive Officer of UBS: I am convinced that the Swiss financial centre requires the presence of more than one big global bank. The opportunity to lead UBS with its unique client franchise in wealth management, investment banking and asset management in these extraordinary times presents a fascinating, yet formidable challenge to me. Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track."

    Peter Kurer: "In early January 2009, Marcel Rohner informed the Board of Directors of his intention to retire as Group CEO after the conclusion of the then ongoing Investment Bank repositioning and Wealth Management restructuring phase. During his career at UBS, and especially since his appointment as Group CEO, Marcel Rohner has shown a tremendous commitment to our clients, shareholders and employees. We are extremely grateful for his contributions."

  2. Reaction of UBS regarding today's communiqué from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg

    UBS took notice of today's communiqué from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. UBS does not believe the CSSF is correct.

    The Luxalpha fund was created at the explicit request of wealthy clients who requested a tailor-made fund to enable them to continue investing their assets with Madoff. These clients were represented by sophisticated financial institutions being fully aware of the nature of the investments. These investors, their advisors and the CSSF were informed about the fact that the sole purpose of Luxalpha was to enable the funds to be invested with Madoff. The fund documentation made it very clear that UBS (Luxembourg) SA was not expected to be responsible for the safekeeping of the assets. The fund documentation contained an explicit waiver to that effect. UBS does not have responsibility to these shareholders for the unfortunate results of the Madoff scandal.

    The communiqué from the CSSF has no impact on UBS's Wealth Management clients in Luxembourg or on UBS's Luxembourg funds.

  3. UBS Intends to Challenge Enforcement of IRS "John Doe" Summons

    UBS AG (UBS) announced today that the U.S. Internal Revenue Service (IRS), as was expected, has commenced a civil action in the U.S. District Court for the Southern District of Florida seeking judicial enforcement of a civil "John Doe" summons that was served upon UBS in July 2008.

  4. UBS settles US Cross-Border Case with the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC)

    Today, UBS announced that it has entered into a Deferred Prosecution Agreement (DPA) with the US Department of Justice (DOJ) and a Consent Order with the Securities and Exchange Commission (SEC).

    As part of these settlement agreements:

  5. Preparing UBS for the new market environment

    The Board of Directors and Group Executive Board of UBS have accelerated the process of focusing the bank on its client businesses to ensure long-term sustainable profitability.

    Peter Kurer, Chairman, said: "With our announcements we are emphasizing the importance of our core business in Switzerland, which will be much better represented in our leadership and governance going forward. In addition, we are showing our willingness to further invest in our industry-leading global Wealth Management business. The Board of Directors and the Group Executive Board are also renewing their full commitment to our Investment Bank. Over the last few months its business model has been completely refocused with a view to be managed in line with the requirements of the new banking landscape. Our Global Asset Management division is also well positioned to respond to market developments."

    Over the past 18 months UBS has aggressively managed the challenges of the financial crisis. UBS raised capital from private investors and from the Swiss government, reduced its cost basis, continuously reduced its balance sheet and substantially reduced its positions in troubled securities, including through the transaction with the Swiss National Bank (SNB). Furthermore, UBS has strengthened its governance, improved risk controls, streamlined its management structure and introduced an innovative, forward-looking compensation model.

    Marcel Rohner, Group CEO, said: "The conditions for the financial industry have changed and will remain different for the foreseeable future. We have adjusted our businesses such that they are best positioned to be profitable and to grow sustainable earnings in a new environment."

    Changes in Global Wealth Management and Swiss banking

    With immediate effect, UBS will establish two new business divisions: Wealth Management & Swiss Bank, comprising all non-American wealth management businesses as well as the Swiss private and corporate client business, and Wealth Management Americas.

    "The formation of the two new divisions will help to re-build our reputation and recognition. Management will focus on their specific strategic challenges which, among others, are changes in client behavior, new market dynamics and a tight regulatory environment," Marcel Rohner commented. "We will broaden the wealth management representation at the Group Executive Board level and, particularly, elevate the profile of the highly profitable and dependable Swiss business," Rohner added.

  6. UBS reports a fourth quarter loss of CHF 8.1 billion and announces structural changes

    UBS reports a fourth quarter loss of CHF 8.1 billion; excluding certain substantial items, adjusted net operating results (pre-tax) were negative CHF 2.8 billion. Year-end tier 1 capital ratio of 11.5%.

  7. UBS to report fourth quarter 2008 results on 10 February 2009

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 10 February to avoid technical problems on the day.

January 2009

  1. UBS Investment Bank Enters into Agreement with AIG to Acquire the Commodity Index Business of AIG Financial Products Corp

    The Equities business of UBS Investment Bank announced today that it has entered into a binding agreement to purchase the commodity index business of AIG Financial Products Corp, including AIG's rights to the DJ-AIG Commodity Index. This commodity index business is comprised of a product platform of commodity index swaps and funded notes based on the benchmark Dow Jones-AIG Commodity Index (DJ-AIGCI).

    The purchase price for the transaction is $15 million, payable upon closing, and additional payments of up to $135 million over the following 18 months based upon future earnings of the purchased business. The closing is subject to a number of regulatory and other conditions. No assurances can be given that any such conditions will be satisfied.

    The transaction is expected to close by May 2009.

December 2008

November 2008

  1. UBS AG Extraordinary General Meeting

    98.53% of voting UBS shareholders approved today the creation of conditional share capital for the issuance of mandatory convertible notes in the amount of CHF 6 billion to the Swiss Confederation.

    2,395 shareholders attended the Extraordinary General Meeting in Lucerne, representing 993,568,667 votes.

  2. New UBS compensation model

  3. Statement On Indictment Of UBS Executive

    UBS confirmed today that Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking and a member of the Group Executive Board, has been indicted by a Federal grand jury sitting in the Southern District of Florida in connection with the ongoing investigation of UBS's US cross-border business by the United States Department of Justice. Raoul Weil was previously head of UBS Wealth Management International from 2002 to 2007.

    Mr. Weil has determined that, in the interest of the firm and its clients, and in order to defend himself, he will relinquish his duties at this time pending the resolution of this matter. On an interim basis, Marten Hoekstra, currently Deputy CEO of Global Wealth Management & Business Banking and Head of Wealth Management US, will assume Mr. Weil's duties.

    As announced on July 17, 2008, UBS will cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units. UBS is fully committed to continuing its efforts to cooperate with the investigation of its US cross-border business and to working in a responsible manner with all relevant authorities towards a satisfactory resolution of this matter.

  4. UBS names Philip Lofts Group Chief Risk Officer

    UBS today announced that Philip Lofts has been named Group Chief Risk Officer and a member of the Group Executive Board, effective immediately. Lofts replaces Joseph Scoby, who has decided to return to his former role as Global Head of Alternative and Quantitative Investments (A&Q) within UBS Global Asset Management.

    Lofts most recently served as Deputy Group Chief Risk Officer and Group Risk Chief Operating Officer. A 20 year veteran of UBS, he was previously Group Chief Credit Officer and has held a variety of risk control positions in Europe, the US and Asia-Pacific.

    Marcel Rohner, Group Chief Executive Officer said, "Philip's long history in risk control and deep knowledge of UBS make him extremely qualified to lead UBS's risk organization and continue to enhance our risk management, control and reporting frameworks and processes."

    Scoby, who will step down from the Group Executive Board with immediate effect, has served as Group Chief Risk Officer since October 2007.

    Rohner continued, "We are very grateful to Joe for his instrumental role in reducing our risk positions and increasing the transparency of our portfolio over the last 12 months. He has successfully led our risk control function through a period of exceptional market difficulty and created a new risk organization that will serve us well in the future."

October 2008

  1. UBS to report third quarter 2008 results on 4 November 2008

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 4 November to avoid technical problems on the day.

  2. UBS further materially de-risks balance sheet through transaction with Swiss National Bank

    UBS to raise CHF 6 billion of new capital through mandatory convertible notes, fully placed with Swiss Confederation

    The Swiss National Bank (SNB) and UBS have reached an agreement to transfer up to USD 60 billion of currently illiquid securities and other assets from UBS's balance sheet to a separate fund entity.

    With this transaction, UBS caps future potential losses from these assets, secures their long-term funding, reduces its risk-weighted assets, and materially de-risks and reduces its balance sheet.

    This transaction allows the SNB and shareholders of UBS to participate in the recovery potential of the entity's assets once the loan is fully repaid.

    The solution significantly reduces the uncertainty for UBS shareholders and clients and contributes to the stability of the financial system by ensuring an orderly sale of these assets.

    The fund will be capitalized with up to USD 6 billion of equity capital provided by UBS and a non-recourse loan in the maximum amount of USD 54 billion provided to the fund by the SNB. The entity will be controlled by the SNB. UBS will sell its equity interests to SNB for USD 1 and will have an option to repurchase the equity once the loan is fully repaid for a purchase price of USD 1 billion plus half of the equity value exceeding USD 1 billion.

    To fund its equity contribution, and at the same time maintain its strong capital position, UBS can raise CHF 6 billion of new capital in the form of mandatory convertible notes (MCN). The MCN has been fully placed with the Swiss Confederation.

  3. UBS announces repositioning of its Investment Bank

    Business model builds on core strengths and client franchises in the Securities and Advisory businesses, while downsizing or exiting certain businesses; recalibration to the market environment.

    UBS today announces the repositioning of its Investment Bank following a detailed review of the strategy by the Chairman and CEO of the Investment Bank, Jerker Johansson, members of the Group Executive Committee and the UBS Board of Directors.

    The Investment Bank will reprioritize its business portfolio to preserve its core strengths and client franchises across Equities, IBD and FICC, while downsizing or exiting certain business activities. This will lead to greater efficiencies and a further reduction in the Investment Bank's headcount and balance sheet.

    "The ongoing crisis in the financial markets and dramatically changed industry dynamics require us to recalibrate our business. While the revenue outlook is uncertain, these measures will allow us to focus on our strengths, reduce the cost base to a more sustainable level and position our core businesses for growth once fundamentals improve," said Jerker Johansson, Chairman and CEO of UBS Investment Bank.

    Strategic priorities

    As part of the repositioning, UBS Investment Bank will take the following steps:

  4. UBS holds EGM: key messages from Chairman

    At the Extraordinary General Meeting in Basel today, UBS Chairman Peter Kurer will give a speech highlighting the following key messages:

September 2008

  1. Update: UBS Global AM US Money Market Funds

    In light of recent events surrounding Lehman Brothers and the financial services sector, the following is intended to address concerns some clients may have about UBS Global Asset Management's Taxable US Money Market Funds (collectively referred to herein as the "Funds").1

  2. UBS says costs of closing out LEH exposures below $300m

    UBS is aware of a recent research report circulating in markets regarding its exposure to the Chapter 11 filing by Lehman Brothers. UBS confirms that its direct and counterparty exposures to Lehman Brothers, net of hedges, are now substantially closed out. UBS does not expect the total cost of closing out its exposures to Lehman Brothers to exceed $300m.

  3. UBS Names Carsten Kengeter Global Head of Fixed Income, Currencies and Commodities

    UBS today announced the appointment of Carsten Kengeter as Global Head of the Fixed Income, Currencies and Commodities (FICC) business within its Investment Bank. Kengeter will join UBS from Goldman Sachs and will relocate from Hong Kong to London in his new role. He will report to Jerker Johansson, Chairman and CEO of UBS Investment Bank, and will join the Investment Bank Executive Committee and the UBS Group Managing Board.

    Kengeter, 41, will be responsible for all fixed income products including credit fixed income, rates, structured products, emerging markets, securitized products as well as client coverage and research. He will also have responsibility for UBS Investment Bank's market-leading foreign exchange business and the global commodities group. When he joins the firm in the early part of 2009, Kengeter will assume the leadership of FICC from Johansson, who will continue to manage the business on an interim basis until then.

    "Carsten is a high-caliber leader who brings broad geographic and product expertise to the firm as well as a depth of experience and skill set which greatly complements our FICC management team," said Johansson. "We will continue to build on our bench of senior talent as we move towards our goal of strengthening our fixed income business and getting all our FICC businesses back on the road to profitability and competitiveness."

    Kengeter has most recently been a Partner and Co-Head of Goldman Sachs' Securities Division for Asia ex-Japan, with responsibility for all FICC products. He joined Goldman Sachs in 1997 and has held several senior positions within the Securities Division including Head of FICC for the German region and Co-Head of European FICC Distribution. Previously, Kengeter worked at Barclays de Zoete Wedd as a credit derivatives trader and structurer.

    "We have already taken significant steps to streamline the business and this hire underscores our commitment to focusing on core client-centric product offerings," added Johansson. "I am confident that under this new leadership FICC will be best positioned to thrive in an evolving market and we will continue to offer our clients the best service and solutions."

    Kengeter served on the board of Goldman Sachs International Bank as well as a broad number of the firm's Asian boards and committees. He holds a Diplom-Betriebswirt from FH Reutlingen, a B.A. (hons) in Business Administration from Middlesex University as well as a MSc in Finance and Accounting from the London School of Economics.

    Media Contacts:

    London: Dominik Von Arx, +44 207 56 82439
    New York: Rohini Pragasam, +1 212 882 5690

August 2008

  1. UBS appoints new Chief Communication Officer

    UBS appoints Michael Willi Chief Communication Officer. In his new role Michael Willi will report to the Group CEO and bear global responsibility for UBS corporate and brand communications. He will head up the areas of Communications Management, Media Relations, Internal Communications and Brand Management. Financial communications will now be part of the Group Chief Financial Officer function. Michael Willi succeeds Tom Hill, who will take over responsibility for Group Strategic Advisory and Financial Communications, reporting to the Group CFO.

    Michael Willi is an economist who began working at Swiss Bank Corporation in 1992. Since then he has served in various executive functions within UBS corporate communications. Most recently he headed the worldwide Corporate Communications Management Organization out of New York, USA.

  2. UBS announces repositioning of the Bank to allow maximum strategic flexibility in its future development

    UBS will separate its business divisions into three autonomous units and vest them with increased operational authority and accountability.

  3. UBS announces Board of Directors nominations and appointments to the Group Executive Board

    Sally Bott, Rainer-Marc Frey, Bruno Gehrig and William G. Parrett proposed as candidates for election to the Board of Directors of UBS AG at the EGM of 2 October 2008.

  4. UBS announces comprehensive settlement, in principle, for all clients holding auction rate securities at the estimated cost of USD 900 million

    UBS announced today a settlement, in principle, with the New York Attorney General (NYAG), the Massachusetts Securities Division, the Securities and Exchange Commission (SEC) and other state regulatory agencies represented by North American Securities Administrators Association (NASAA) to restore liquidity to all remaining clients' holdings of auction rate securities (ARS).

    Under the agreement in principle, UBS has committed to purchase a total of USD 8.3 billion of ARS, at par, from most private clients during a two-year time period beginning January 1, 2009. Private clients and charities holding less than USD 1 million in household assets at UBS will be able to avail themselves of this relief beginning Oct. 31, 2008. From mid-September, UBS will provide loans at no cost to the client for the par value of their ARS holdings.

    In addition, UBS has also committed to provide liquidity solutions to institutional investors and will agree from June 2010 to purchase all or any of the remaining USD 10.3.billion, at par, from its institutional clients. Today's news is in addition to the firm's recently announced intention to repurchase USD 3.5 billion of tax-exempt Auction Preferred Stock.

    "Today's solution provides further relief, beginning in September, to investors who have been understandably frustrated by the industry-wide failure of the ARS market. Our leading position in supporting the market and providing liquidity is clear, and now, we are the first firm to give all clients -- private, corporate and institutional the opportunity to be made whole," said Marten Hoekstra, Head of UBS Wealth Management Americas.

    "Since the breakdown in the market, UBS clients have been offered multiple liquidity options. They have been able to borrow 100 percent against the value of their holdings. The solutions announced today provide our clients with the widest range of choices in the industry, including a two-year window during which clients can either continue to earn interest or redeem their ARS at any time," Hoekstra added.

    The firm has also agreed to pay a fine of USD 150 million - USD 75 million to the state of New York and USD 75 million to other state regulatory agencies. UBS neither admits nor denies allegations of wrongdoing.

    The full cost of the proposed settlement, taking into account the projected redemption patterns of clients, the difference between the purchase prices and the current market value of client ARS holdings, and the regulatory fine related to the settlements, is estimated to be in the range of USD 900 million on a pre-tax basis, to be booked in the second quarter results. This includes reimbursements to all clients for losses incurred from sales of ARS holdings between Feb. 13 and Aug. 8, 2008.

    A provision for the costs of this settlement will be included in the firm's second quarter financial results, which will be announced on Aug.12, 2008.

    Results, including this settlement, for UBS AG for the second quarter will be consistent with guidance given by the firm on July 4, 2008.

  5. UBS to report second quarter 2008 results on 12 August

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 12 August to avoid technical problems on the day.

July 2008

  1. UBS significantly expands Middle East operations to accelerate growth.

    UBS today unveils a number of key measures aimed at significantly boosting the firm's already rapid growth in the Middle East. This package of initiatives further demonstrates UBS's long-term commitment to the Middle East and will help achieve its goal of becoming one of the region's leading financial services providers.

    UBS to set up operations in the Kingdom of Saudi Arabia.
    UBS is delighted to announce that it has been granted conditional authorisation by the Capital Markets Authority (CMA) to set up operations in the Kingdom of Saudi Arabia.

    John Fraser, Chairman and CEO of UBS Global Asset Management and Group Executive Board member will also become Chairman of UBS Saudi Arabia, and Mohammed Al Dhoheyan, currently CEO of the Development and Management House for Investments (an existing CMA regulated firm), will assume the role of Vice Chairman.

    Commenting on this announcement John Fraser said: "With over 40 years' experience in the region our decision to set up operations in the Kingdom of Saudi Arabia is further evidence of UBS's long-term commitment to the Middle East and marks yet another important milestone for the firm in this very exciting and significant market."

    "The CMA approval gives us the opportunity to extend our world leading position in wealth management in the region, but also brings us closer to our asset management and investment banking clients in the Kingdom of Saudi Arabia", Mr Fraser continued.

    Following the final approval of the CMA and other relevant authorities, UBS Saudi Arabia plans to open by year end. In line with its integrated business model, UBS Saudi Arabia will focus on UBS's global core securities businesses offering international and domestic clients comprehensive Wealth Management, Asset Management and Investment Banking services.

    UBS selects CEO for UBS Saudi Arabia.
    UBS is also pleased to announce that it is proposed that Mohamed Sammakia will become CEO of UBS Saudi Arabia subject to receiving the usual regulatory approvals.

    Currently a Managing Director in UBS's Fixed Income division and President of the Middle East Region based in London, Mohamed's longstanding career within the Middle East and North Africa spans more than 30 years. Mohamed has a proven track record and been instrumental in numerous high profile UBS deals in the region.

    In his new role, Mohamed will be responsible for setting up UBS's new operations in the Kingdom of Saudi Arabia as well as focusing on the continued expansion of UBS's successful platform throughout the region. As part of this, he will build on his extensive and long-serving relationships in the region to develop cross-business opportunities to maximise revenue growth and profitability in the Middle East.

    Commenting on the appointment John Fraser said: "I am delighted that Mohamed has agreed to take on this key role. He has an impressive history of working with key decision makers in the Middle East which together with his 30 year long career within the financial sector makes him ideally suited for this pivotal role in the region".

    UBS applies for license to operate in Qatar.
    UBS has made an application to the Qatar Financial Centre Regulatory Authority for a licence to open and operate a branch in the Qatar Financial Centre. This will not only further the firm's strategy of increasing its footprint in the Middle East but will also provides UBS with access to the many opportunities within Qatar, which has both the highest GDP per capita in the world and one of the highest rates of economic growth.

    UBS expands Investment Banking Division (IBD) & Equity Research coverage in the region.
    As part of its long term expansion in the Middle East UBS also announces today that it plans to:
    • Expand its regional IBD team - having recently appointed Christopher Niehaus as Joint Head of Investment Banking MENA - by more than double by end of 2008;
    • Establish regional coverage of Middle East stocks out of the UAE by end 2008 - UBS recently initiated economic coverage of the UAE via the European Economics Research Team in London.

    In another recent development in the region, UBS Global Asset Management joined forces with Abu Dhabi Investment Company in February 2008 to form a 50/50 joint venture to develop, promote, and manage infrastructure funds focused on the MENA region. The joint venture's first fund "ADIC-UBS Infrastructure Fund I" will be a USD 500 million fund which is expected to launch during 2008.

    In addition, UBS Wealth Management was voted Number 1 for "Best Private Banking" services in the Middle East while UBS Investment Bank was awarded "Best Equity House" in the Middle East in Euromoney's 2008 rankings.

  2. UBS announces estimated results for second quarter

    UBS announces that its results for the second quarter ended June 30, 2008, which will be released as planned on August 12, are likely to be at or slightly below break-even.

  3. UBS establishes new Corporate Governance and calls an Extraordinary General Meeting to elect four new members to the Board of Directors

    • New Corporate Governance guidelines to come in to force immediately

    • Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach to resign in October 2008

    • Extraordinary General Meeting (EGM) scheduled for 2 October 2008

    • Nominations of the new Board members to be announced in good time before the EGM

    • Sergio Marchionne to become Senior Independent Director and to continue as non-executive Vice Chairman


June 2008

  1. UBS to enter Dutch wealth management market together with VermogensGroep

    UBS announces today that it has signed an agreement with VermogensGroep, an independent Dutch Wealth Manager, to acquire VermogensGroep. This joining of forces will create one of the premier Wealth Management firms in the Netherlands. Closing of the transaction remains subject to regulatory approval.

  2. UBS AG successfully completes its rights offering

    As part of the ordinary increase of its share capital, UBS AG has issued 760,295,181 new shares with a par value of CHF0.10 each. The subscription price of the new shares was set at CHF 21.00. Subscription rights for 755,466,901 new shares were exercised, representing 99.4% of all new shares offered. 4,828,280 new shares, for which subscription rights were not validly exercised, will be sold by UBS Investment Bank in open market transactions on 13 June 2008..

    Trading in the new shares is expected to commence today on SWX Europe, the New York Stock Exchange and the Tokyo Stock Exchange. Payment and settlement of the new shares is expected to take place on 17 June 2008.

May 2008

  1. UBS AG announces final terms of the announced rights issue

    UBS's Board of Directors approved yesterday an increase in the share capital of UBS AG through the issue of 760,295,181 fully paid-in registered shares with a par value of CHF 0.10 each. Upon completion of the transaction, 2,932,567,127 fully paid-in registered shares with a par value of CHF 0.10 each will be outstanding.

    The Board of Directors has set the subscription price for the new shares at CHF 21.00 per new share, which is expected to translate into gross proceeds of approximately CHF 15.97 billion. The subscription price of CHF 21.00 compares to a closing price of the UBS shares on SWX Europe on 21 May 2008 of CHF 30.64.

    The rights issue has been fully underwritten by a syndicate of banks led by JPMorgan, Morgan Stanley, BNP Paribas and Goldman Sachs.

    Shareholders will be allotted one subscription right for each existing share held at the close of business on 26 May 2008. The exercise of 20 subscription rights entitles the exercising holder to subscribe for 7 new shares against payment of the subscription price.

    Subscription rights will be traded from 27 May 2008 through 9 June 2008 on SWX Europe and the New York Stock Exchange (NYSE). The exercise period for subscription rights held in the SIS SegaIntersettle ("SIS") system will run from 27 May 2008 to 12:00 noon Swiss time on 12 June 2008. The exercise period for subscription rights held in The Depository Trust Company ("DTC") system will run from 27 May 2008 to 5:00 p.m. New York time on 10 June 2008. The Joint Bookrunners, on behalf of the syndicate of banks, may place any new shares which have not been subscribed for through an offering in selected jurisdictions or in open market transactions on or about 12 June 2008.

    It is planned to have the new shares listed on the SWX Swiss Exchange, NYSE and the Tokyo Stock Exchange (TSE). Application has been made for trading in the new shares to commence on SWX Europe, the NYSE and the TSE on 13 June 2008.

    The new shares will be fully fungible with existing shares.

  2. UBS Completes the Sale of USD $15 Billion of U.S. Real Estate Related Assets to BlackRock

    UBS announced today that it has closed on the sale of approximately USD $15 billion of primarily Subprime and Alt-A US residential mortgage-backed securities to a newly created distressed asset fund that will be managed by BlackRock, the global investment management firm.

April 2008

  1. UBS to report First Quarter 2008 Results on 6 May

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 14 February to avoid technical problems on the day.

  2. Pre-announcement of first quarter 2008 estimated net loss of approximately CHF 12 billion

    To maintain its position as one of the world's strongest and best capitalized banks, UBS announces a rights issue, fully underwritten by four leading international banks, to raise approximately CHF 15 billion. For the first quarter 2008 UBS expects to report a net loss attributable to UBS shareholders of approximately CHF 12 billion after losses and writedowns of approximately USD 19 billion on US real estate and related structured credit positions. In the first quarter, UBS substantially reduced its real estate related positions through both valuation adjustments and significant disposals. UBS also announces the formation of a new unit to hold certain currently illiquid US real estate assets. UBS is confident that these measures will deal effectively with the firm's real estate exposures and allow the bank to focus on strengthening its core operations. Marcel Ospel, Chairman of UBS, will not seek re-election at the Annual General Meeting on 23 April 2008. Peter Kurer, currently General Counsel of UBS, is proposed for election to the Board of Directors and is to succeed Marcel Ospel as Chairman (see separate media release).

  3. Marcel Ospel will not be standing for re-election to the Board of Directors of UBS.

    Marcel Ospel, Chairman of the Board of UBS, has decided to withdraw his candidacy for re-election to the Board at the Annual General Meeting on 23 April 2008. The Board of Directors has accepted its Chairman's decision with regret. At the same time, the Board proposes that the Annual General Meeting elect Peter Kurer to the Board to succeed Marcel Ospel as Chairman.

    "My willingness to stand for re-election for a further one-year term was based on my desire to lead UBS out of its current difficult situation. We have worked very hard and have been able to address the firm's most pressing problems, thereby laying the foundation for the long-term success of the bank," said Marcel Ospel, Chairman of the Board of the UBS. "I have always stated that I ultimately take responsibility for the bank's situation. With the measures that we have already taken, the proposals we are submitting to the Annual General Meeting and the processes we have put in place to deal with lessons learned, I believe that I have made all necessary contributions. On this basis, I remain very confident in the future prospects of UBS."

    "The events since the summer of 2007 have affected the bank to an unexpected degree and have proved a great challenge for management and for the Board of Directors. Marcel Ospel resolutely led the bank through these difficult times and made a decisive contribution to solving its problems," said Sergio Marchionne, Vice Chairman of UBS. "Over the course of the last ten years Marcel Ospel led UBS to the top of industry rankings. We, inside and outside the Bank, have known him as an outstanding banker. On behalf of the Board I would like to thank him for his tireless efforts in the last few months."

    The Board of Directors proposes to the Annual General Meeting that it elect Peter Kurer, Group General Counsel of UBS, to the Board. It plans to appoint Peter Kurer to succeed Marcel Ospel as Chairman.

    Peter Kurer joined UBS in 2001 as Group General Counsel and has been a member of the Group Executive Board since 2002. The Board of Directors thanks him for his willingness to take over this responsibility.

    This appointment is part of an extensive process, which is already underway, whereby the Board is reviewing the root causes of and lessons learned from its subprime losses. In particular, the Board is thoroughly examining governance, strategy implementation, risk management, monitoring, and control systems, incentive plans and succession planning and is committed to making all necessary adaptations and changes to ensure it establishes best practices in these areas. Peter Kurer will work closely with the Board on these issues, with appropriate interfaces to the Group Executive Board, with a shared, common objective of ensuring that the institution not only implements the appropriate remediation following the current crisis, but also establishes optimal, permanent governance and leadership solutions on which the Bank's future as a leading, global, financial institution can be built.

    "Peter Kurer has a long and distinguished career as a lawyer in private practice and manager of a large legal and compliance function. He also brings a great deal of experience as a member of boards of financial and other firms and has a thorough knowledge of global financial markets and UBS," said Helmut Panke, Chairman of the Nominating Committee of the UBS Board. "The Board believes that this experience will prove most valuable at this juncture"

    "I consider this appointment an honor and great challenge" said Peter Kurer. "I am committed to doing everything I can, in the interests of shareholders, clients, employees and the communities in which we do business, to further help UBS return to success."

March 2008

February 2008

  1. UBS Appoints Jerker Johansson as Chairman and Chief Executive Officer of the Investment Bank

    UBS announces the appointment of Jerker Johansson as Chairman and Chief Executive Officer of its Investment Bank, and his appointment to the Group Executive Board. He will take up his appointment from 17 March 2008 and will be based in London.

    Mr Johansson joins UBS from Morgan Stanley, where he was Vice Chairman, Europe. In his 22 year career at Morgan Stanley, Mr Johansson was previously Head of the Institutional Equity Division and co-head of the combined Equity and Fixed Income sales and trading businesses.

    Marcel Rohner, Group Chief Executive Officer, UBS commented: "We are delighted to announce the appointment of Jerker Johansson as head of the Investment Bank. Jerker brings with him the skills and experience to grow the world's leading client driven investment bank. While this has been a difficult time for the Investment Bank, because of the losses in Fixed Income, we have continued to see strong performances in both our Equities and our Investment Banking divisions. I am confident that under Jerker's leadership we will build on this performance and strengthen our position further in all areas. I very much look forward to working closely with Jerker in the GEB to the benefit of all of UBS's clients."

    Jerker Johansson commented:"UBS is one of the world's leading financial services firms, with powerful and deep positions across its chosen client segments and markets. The current turbulence in financial markets represents a challenge, but also a huge opportunity for well run firms, and I look forward to leading UBS's Investment Bank to a prosperous future."

    At the same time, to strengthen its management structure, UBS announces the following appointments to the Group Executive Board (GEB):

    Robert Wolf, Chairman and CEO, UBS Group Americas and President and Chief Operating Officer, Investment Bank, will join the GEB in his current role.

    Alexander Wilmot-Sitwell, Joint Global Head, Investment Banking Department, UBS Investment Bank, will also become Chairman and CEO, UBS Group EMEA, and will join the GEB.

    Marten Hoekstra, Deputy CEO, Global Wealth Management & Business Banking and Head of Wealth Management, Americas, will join the GEB in his current role.

    Commenting on these appointments, Marcel Rohner, Group Chief Executive Officer, UBS, commented: "These appointments significantly strengthen the management structure of the firm. The new composition of the Group Executive Board reflects the breadth of the businesses and the markets we operate in, ensuring continuous, excellent execution against our strategic vision. I am delighted to welcome Jerker, Robert, Alex and Marten to their new roles."

    Zurich/Basel, 13 February 2008
    UBS

  2. UBS to report Fourth Quarter 2007 Results on 14 February

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 14 February to avoid technical problems on the day.

January 2008

  1. UBS pre-announces full-year and fourth quarter 2007 results

    On 10 December 2007, UBS indicated it may record a net loss for full-year 2007.

    UBS now expects to report a net loss attributable to shareholders of approximately CHF 4.4 billion for full-year 2007.

    For fourth quarter 2007, the net loss attributable to UBS shareholders will be approximately CHF 12.5 billion. These results reflect weak trading revenues in the Fixed Income, Currencies and Commodities (FICC) business in the Investment Bank. FICC numbers will include around USD 12 billion (CHF 13.7 billion) in losses on positions related to the US sub-prime mortgage market and approximately USD 2 billion (CHF 2.3 billion) on other positions related to the US residential mortgage market.

    UBS will provide further details on its financial performance on 14 February 2008, when it publishes its final full-year and fourth quarter 2007 results.

    On 10 December 2007, UBS also announced a capital improvement program. Two elements of this - replacement of the cash dividend with a stock dividend and a decision to rededicate treasury shares for disposal - immediately contributed to BIS Tier 1 capital. During fourth quarter 2007, UBS reduced its balance sheet and risk weighted assets. This process included the sale of some positions at a loss. The combination of the fourth quarter result, the stock dividend, the re-issue of treasury shares and the reduction in risk weighted assets mean that UBS will report a BIS Tier 1 ratio of 8.8% as of 31 December 2007. This number does not take into account proceeds from the Mandatory Convertible Notes, which, if approved at the Extraordinary General Meeting on 27 February 2008, will further strengthen UBS's Tier 1 capital.

December 2007

October 2007

  1. UBS to report Third Quarter 2007 Results on 30 October

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 30 October to avoid technical problems on the day.

  2. UBS re-confirms Group third quarter pre-tax loss in line with CHF 600 - 800 million range given on 1 October 2007

    A media report over the weekend has suggested that UBS may face additional writedowns in trading positions related to the US sub-prime residential mortgage-backed securities market.

    Although UBS will release quarterly results tomorrow, it would like to re-confirm that it will report an overall group loss that is within the range of CHF 600-800 million given in the announcement on 1 October 2007.

  3. UBS to acquire Caisse Centrale de Réescompte Group

    Caisse Centrale de Réescompte (CCR) Group is an asset and wealth manager in France with EUR 17 billion of invested assets as of June 2007 and with approximately 190 employees.

August 2007

  1. Global UBS homepage www.ubs.com redesigned

    Extensive worldwide user testing conducted in Basle, Hong Kong and Chicago, as well as user feedback gathered over the past few years, served as a basis for both design and structure of the new homepage.

    Through the use of "eye-tracking" technology, it was possible to analyse the test user's eye-movements and to establish where users would be looking for specific links first.

    Based on these findings, the key links for all user groups, such as "Individuals", "Corporates & Institutions", "Analysts & Investors", "Media" and "Career Candidates" have been concentrated in the left area of the page.

    The most used element of the homepage, the "Client login" section, continues to occupy the top right of the page but has been revised, now providing more convenient access to UBS's several regional e-banking offerings. Users are now able to get to their specific e-banking login by using a dropdown menu, directly linking to all regional e-banking portals.

    Additionally, more emphasis has been put on "Explore virtual UBS": A permanent link to UBS's 3D video viewing environment has been added to the area under the new central image, together with links to other sections providing more information about the bank and its locations.

    The new image in the center of the homepage is exchanged randomly with every new visit to the page. With the use of imagery from UBS's print campaigns as well as the "You & Us" tagline in its red bar, the new homepage supports an immediate brand recognition by its visitors.

    More than a hundred thousand people visit the UBS website every day. The homepage www.ubs.com is both a vital reference point and service hub for clients and users globally, providing links to information on the firm and its offerings as well as access to online services.

    Any questions or feedback to the new UBS homepage are highly welcome and can be submitted by using the feedback form.

  2. UBS reports second quarter result of CHF 5,622 million

    UBS reports net profit attributable to shareholders of CHF 5,622 million in second quarter 2007. This quarter's results include two items that had a significant impact on performance.The first item is the CHF 1,926 million post-tax gain from the sale of the 20.7% stake in Julius Baer, a result of the disposal of Private Banks & GAM in 2005. As the stake was held as a financial investment available-for-sale in UBS's accounts, the gain from its sale is included in performance from continuing operations. It is, however, no longer part of the continuing business, and UBS believes that isolating its impact provides a clearer picture of performance. The second item is the charge of CHF 229 million after tax related to the closure of Dillon Read Capital Management (DRCM), recorded in Global Asset Management. Excluding these two items, attributable profit in UBS's core operational businesses (financial businesses' attributable profit from continuing operations) would have been CHF 3,455 million, up 14% from the same period a year earlier and 9% higher than the record first quarter 2007 performance.

    "Again, net fee and commission income was at a record high of CHF 8,099 million. This was 26% higher than in the same quarter of 2006, and driven by improvements in practically all fee categories. What is particularly pleasing is that it now represents 52% of operating income," said Clive Standish, Chief Financial Officer.

    The investment banking business saw a very strong rise in M&A and corporate finance fees and higher equity and debt underwriting fees. One measure of the strength of UBS's market position is global market share. According to Dealogic, this improved to 5.8% in first half 2007 from 4.9% a year earlier. UBS grew faster than the 21.3% rate of the overall fee pool and its rank rose to fourth from eighth. Market share gains were achieved in all regions and product lines. Invested asset levels rose to CHF 3.3 trillion, and, as a result, asset-based fees in the asset and wealth management businesses rose.

    Reflecting mixed market developments, the second quarter 2007 result from the trading businesses saw significant swings in both directions. Overall, net income from the trading businesses was CHF 3,106 million, down 9% from second quarter 2006. Equities revenues rose from the same quarter a year earlier, supported by positive market conditions and strength in European and emerging markets.

    The performance in fixed income, however, was not satisfactory. Continued difficulties in the US mortgage securities market led to lower revenues in the rates business and further losses on some of DRCM's former portfolios, which contributed net negative revenues of approximately CHF 230 million in second quarter 2007. These developments were partially offset by robust credit fixed income results, which rose on global credit trading and proprietary strategies.

    Total operating expenses rose 21% to CHF 9,695 million in second quarter 2007 from the same quarter a year earlier. Approximately a fourth of the cost rise was attributable to the closure of DRCM. For the other parts of UBS, accruals for performance-related payments increased in line with revenues. Personnel expenses rose due to higher numbers of personnel, partially related to acquisitions, including Piper Jaffray and McDonald Investments. General and administrative expenses rose, with administration costs up partly due the inclusion of the acquisition of Banco Pactual. Professional fees rose due to the closure costs related to DRCM and higher legal fees. The expansion of UBS's businesses and the related increases in personnel drove travel and entertainment costs and expenses for office space higher. IT and other outsourcing costs rose on the increased business volume. The number of personnel in the financial businesses was 81,557 on 30 June 2007, up 920 compared with the end of first quarter 2007, with staff levels increasing across most business groups.

    "We are working on a number of growth initiatives that are at various stages of implementation. Among them are the expansion of the European wealth management business, investment in the Investment Bank fixed income business and the growth of US wealth management. The underlying strategy of these initiatives remains unchanged. In implementing them, we need to balance revenue opportunities with operational and economic efficiency. Thus, while the direction and cornerstone of our strategy remain unchanged, the tactics involved in executing will continue to be adapted to varying market conditions," said Marcel Rohner, Chief Executive Officer.

  3. UBS to report Second Quarter 2007 Results on 14 August

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 14 August to avoid technical problems on the day.

July 2007

  1. Marcel Rohner appointed Group CEO, effective immediately

    Effective today, the Board of Directors has named UBS Deputy Group CEO Marcel Rohner as UBS Group CEO. Marcel Rohner has been a member of the Group Executive Board since 2002 and was named Deputy Group CEO in January 2006. As Chairman and CEO of Global Wealth Management & Business Banking, he has, over the last few years, managed the business that has made the largest contribution to the firm's revenues and profit. UBS's current Group CEO, Peter Wuffli, will relinquish all of his functions at UBS and leave the bank. The new Chairman and CEO of Global Wealth Management & Business Banking will be Raoul Weil, member of the Group Executive Board and currently head of Wealth Management International.

    Marcel Ospel will continue his strategic leadership at UBS as Chairman for at least another term. A year ago, as part of UBS's systematic management succession planning, Marcel Ospel expressed a wish to initiate a generational change of management at UBS and therefore retire from his function within the foreseeable future. He also proposed that Peter Wuffli be nominated his successor. After careful evaluation, the Board of Directors decided not to accept his proposal. It does not view the succession of the CEO to the position of Chairman as automatic. Instead, the Board identifies independently the composition of the leadership team which, in its opinion, suits the bank the best. In this context, it asked Marcel Ospel to serve for at least another term of three years as Chairman of the Board of Directors.

    The Board of Directors and Peter Wuffli therefore decided to institute generational change only in UBS's operational management. Peter Wuffli will transfer all his functions, effective immediately, to Marcel Rohner, his deputy. The Board of Directors is extremely grateful to Peter Wuffli for his substantial contribution to the growth of UBS, especially to the expansion of its franchise, market position and brand strength.

    Marcel Rohner, until now Deputy Group CEO of UBS and Chairman and CEO of Global Wealth Management & Business Banking, is well prepared for his new role and enjoys the full and undivided confidence of the Board of Directors. Raoul Weil has a proven management record and is in a position to take over leadership of Global Wealth Management & Business Banking in a seamless fashion. He has been head of Wealth Management International since 2002 and joined the Group Executive Board in 2005.

May 2007

  1. UBS Global Asset Management purchases 51% of Daehan Investment Trust Management Company

    DIMCO manages around KRW18.7 trillion (equivalent to approximately USD20.3 billion or CHF24.7 billion) of assets and is one of the market leaders in the Korean asset management industry. It is wholly owned by DI&S, which itself is wholly owned by Hana Financial Group.

    UBS Global Asset Management will pay KRW150 billion (equivalent to approximately USD162.2 million or CHF197.5 million) plus a KRW30 billion (equivalent to approximately USD32.4 million or CHF39.5 million) earn-out for its stake immediately, subject to customary purchase price adjustment and to an earn-out claw back of up to KRW30 billion over the next three to five years.

    The joint venture will combine the international know-how of UBS Global Asset Management with the domestic expertise of DIMCO. To that extent the two parties will work together to apply UBS standards in investment research, portfolio management, risk management, sales and marketing, operations, internal controls and compliance to the operation of the joint venture.

    "The establishment of the joint venture between UBS and DIMCO is another important step towards fulfilling UBS Global Asset Management's ambition to build a strong presence in Korea's asset management industry and broaden the scope of our business in Asia Pacific," said John FRASER, Chairman and Chief Executive Officer of UBS Global Asset Management.

    "UBS Hana Asset Management will be one of the largest asset managers in the Korean market which represents an important source of new business for UBS. In light of Korea's strong underlying economic growth, continuing reform of the pensions market and the increasing sophistication of investors, we believe that the Korean asset management market offers very significant potential for growth and will be an increasingly attractive destination for foreign investment," he added.

    "UBS's expertise in the international arena complements perfectly Daehan Investment Trust Management Company's well established foothold in and knowledge of, the Korean market. I am confident that having UBS as a partner will allow us to ensure that the company operates in accordance with international best practices but also enhances our ability to meet the needs of the growing client base in Korea," said Vice-Chairman Wangha CHO at DI&S.

    "I look forward to working with our new partners. We will combine UBS's specialized knowledge and global perspective, with the local market knowledge and expertise of DIMCO's existing employees. The combination of our respective strengths will create what I am confident will be a united business which will be better able to meet the needs of its clients and interests of its shareholders," added Andreas NEUBER, Head of Strategic Projects Asia Pacific at UBS Global Asset Management and designated Chairman of the Board of Directors at UBS Hana Asset Management.

  2. UBS announces reintegration of Dillon Read Capital Management Portfolios into the Investment Bank. Outside investor funds to be redeemed

    UBS announced today that the proprietary funds currently managed by Dillon Read Capital Management (DRCM) within Global Asset Management will transition to the Investment Bank. DRCM's principal finance, credit arbitrage and commercial real estate businesses will be merged with relevant business lines within the Investment Bank. DRCM's third party funds will be redeemed. UBS intends to work with DRCM investors to identify alternative investment opportunities for them.

    DRCM will continue operations until the transition period is complete which is anticipated to be in Q3 2007.

    Peter Wuffli, Group CEO of UBS said, "UBS remains totally committed to alternative investment offerings for our clients. However, based on an assessment of a number of factors, we concluded that the DRCM initiative did not meet our expectations. Consequently we took this decisive action, which is in the best interests of our clients and shareholders."

    "Operating a proprietary trading platform outside the Investment Bank and managing client money alongside became too complex and expensive. That, among other reasons, is why we have chosen to reintegrate DRCM into the Investment Bank and to redeem the outside investor funds," said John Fraser, Chairman and CEO of Global Asset Management.

April 2007

  1. UBS to report First Quarter 2007 Results on May 3rd

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 3 May to avoid technical problems on the day.

February 2007

  1. UBS reports 2006 result of CHF 12,257 million and fourth quarter result of CHF 3,407 million

    Zurich/Basel, 13 February 2007 - UBS reports net profit attributable to shareholders of CHF 12,257 million in 2006. Continuing operations contributed CHF 11,491 million and discontinued operations CHF 766 million.

    Financial businesses' attributable profit from continuing operations was a record CHF 11,249 million in 2006, up 19% from the same period a year earlier.

    "We are pleased to report that 2006 was another record year for UBS. The performance of our financial businesses improved for the fourth consecutive year. Even more importantly, we took a number of strategic steps to expand and develop our business in line with our growth ambitions," said Peter Wuffli, Chief Executive Officer.

    UBS realized four significant acquisitions in 2006, three of which have already been completed. They will close important competitive gaps and help accelerate growth, particularly with regard to Banco Pactual in Latin America. The results of all businesses improved notably in 2006 from a year earlier. Net new money from clients totaled CHF 151.7 billion, with CHF 113.3 billion contributed by the wealth management businesses, which experienced strong client flows all around the world, and particularly in Asia and Europe. As a result of the strong inflows and rising markets, invested assets nearly reached the CHF 3 trillion mark. Recurring fees, including asset-based revenues and income from private client lending businesses, were up significantly compared with 2005. Brokerage fees rose as well, reflecting the vigorous levels of financial market trading activity from institutional and private clients.

    UBS's Investment Bank further expanded its share of M&A and equity capital markets, with particular success in large cap deals, emerging markets and technology. As a result, corporate finance and underwriting fees rose 25%. The strategic expansion of UBS's business, both by acquisition and through organic development, requires more people, infrastructure and investment, and although income rose 19%, costs were up 18%.

    "We are acutely aware of the importance of concentrating extra resources in areas that generate or support increased revenues, and making sure that we do not allow any part of our business to develop inefficient habits," said Clive Standish, Chief Financial Officer.

    Some of the increase in expenses came from two previously announced provisions; the settlement agreement with Sumitomo Corporation and the sublease of unused office space in New Jersey. Higher personnel costs, however, were the major contributor to increased expenses as, at the end of 2006, UBS employed 78,140 people, 8,571 more than a year earlier. Over 2,000 of the increase was from acquisitions completed during the year. UBS continued to hire client-facing personnel and functional specialists for its businesses all around the world. As a consequence, occupancy costs rose. Expenses for IT outsourcing, telecommunication and travel were up in conjunction with higher activity levels, business volume and revenue. Professional fees rose for strategic initiatives.

  2. UBS to report Fourth Quarter 2006 Results on February 13th

    A test site for the results webcast is now available. It is recommended that you visit this site, register for an e-mail reminder of the presentation and view the test video and slides before 13 February to avoid technical problems on the day.

October 2006

  1. UBS reports third quarter 2006 result of CHF 2,199 million

    UBS reports net profit attributable to its shareholders of CHF 2,199 million in third quarter 2006, down 21% from CHF 2,770 million in the same period a year earlier. Net profit from continuing operations was down 15%.

    UBS's industrial holdings, which now comprise only the private equity portfolio, contributed CHF 81 million to third quarter attributable profit.

    Financial businesses contributed CHF 2,114 million to attributable net profit from continuing operations. This is 30% lower than second quarter 2006 and 16% below the third quarter 2005 result. Operating income fell 13% from second quarter 2006, in the context of weaker markets and in the absence of disposal gains, which benefited results in second quarter.

    "We felt the effects of the May and June market correction in the first part of this quarter as sentiment did not really improve until September -- which is why we were not able to match the very strong performance in the first half," said Clive Standish, Chief Financial Officer.

    Compared to third quarter a year earlier, income was up 1%. Weaker revenues from trading activities, mainly in the equities and rates businesses in the Investment Bank, were offset by improvements in other areas, such as fee and commission income, which comprised 58% of overall operating income in third quarter 2006.

    Asset-based fees increased in both wealth and asset management, reflecting strong net new money inflows and higher market levels. The Investment Bank generated strong revenues in its advisory and debt underwriting businesses. Debt capital markets recovered significantly from a year earlier. The mergers and acquisitions environment was vigorous.

    Notable transactions included advising the world's leading iron ore miner, Companhia Vale do Rio Doce (CVRD), on its acquisition of Canadian-based nickel company Inco. In leveraged finance, where UBS was less strong in the past, it participated in a number of major capital market transactions, including the offering for Anadarko Petroleum in its acquisition of Kerr-McGee Corporation and Western Gas, and Blackstone's acquisition of Travelport.

    Net income from interest margin products rose on higher margin lending volumes in the wealth management businesses and the continued growth of the Swiss mortgage business, as well as from wider spreads on client deposits.

    Net income from trading activities was down 15% from a year ago. Equities trading income declined 25%, as markets in third quarter were relatively quiet in contrast to a year earlier - when they were exceptionally buoyant. Fixed income trading revenues decreased 15%, reflecting a fall in derivatives trading in the US and Europe, partly offset by resilient client-driven revenues in the rates business.

    Total operating expenses were CHF 7,715 million in third quarter 2006, up 8% from a year earlier, due to higher general and administrative and personnel expenses, as UBS continued to expand its business and hire new people in key functions.

    Personnel expenses rose on higher salary costs, with the continued hiring of new employees, partially offset by lower performance-related accruals. General and administrative expenses increased, as UBS recorded a provision of CHF 141 million related to a long-term lease on an office building in New Jersey. Professional fees rose from third quarter 2005. Costs for IT and outsourcing rose, reflecting both the expansion in business volumes compared with a year earlier, and the build-out of infrastructure. Increased levels of staff and business expansion led to higher spending on travel and entertainment, telecommunications and administration. Expenses for marketing and public relations were up as well.

    The number of personnel in the financial businesses was 75,593 on 30 September 2006, up 6,024 from 69,569 on 31 December 2005, with staff levels increasing across all businesses. The international and Swiss wealth management business, continuing its growth strategy, added advisors and staff in most regions. The US wealth management business saw employee levels increase as a result of the integration of Piper Jaffray's branch network. The Swiss commercial and retail banking business saw a significant rise in personnel following the annual intake of apprentices. Staff levels at the Investment Bank rose in all businesses, with the majority of the increase in IT and finance functions and, to a lesser extent, in operations.

August 2006

  1. UBS reports second quarter 2006 result of CHF 3,147 million

    UBS reports net profit attributable to its shareholders ("attributable profit") of CHF 3,147 million in second quarter 2006, up from CHF 2,147 million in the same period a year earlier.

    Financial businesses contributed CHF 3,032 million to attributable net profit, up 51% from a year earlier (from continuing operations). The result was close to the all-time record set in first quarter 2006. In first half 2006, attributable profit from the financial businesses was CHF 6,080 million, up from CHF 4,538 million in the same period a year earlier.

    UBS's industrial holdings, which now comprise only the private equity portfolio, contributed CHF 115 million, or 3.7%, to UBS's second quarter attributable profit.

    "Our performance was strong - and achieved despite the market reversal in the middle of May. Recurring income continued to benefit from the high levels of invested assets. Underwriting fees were at a record. Corporate finance and brokerage fees rose, as did revenues from trading activities," said Clive Standish, Chief Financial Officer.

    Total operating income from the financial businesses rose to CHF 12,057 million in second quarter 2006, up 33% from the same period a year earlier. Asset-based revenues, such as fees from investment funds or portfolio management, continued to benefit from the high levels of invested assets. Underwriting fees were at a record on growth in equity underwriting across the globe. In investment banking, UBS did especially well in Asia, including acting as joint global coordinator and bookrunner in the initial public offering of the Bank of China. Corporate finance fees were up from the same period a year earlier in the brisk merger and acquisition environment. Brokerage fees from institutional and private clients rose, with activity being especially vigorous at the beginning of the quarter. Revenues from trading activities rose in all products. In equities, the rise was led by derivatives and the expansion of prime brokerage. Fixed income saw increases in mortgage-backed securities and derivatives. Foreign exchange trading revenues also rose. Net income from interest margin products rose due to growing margin lending volumes in the wealth management businesses.

    Overall performance was further helped by gains on the disposal of financial investments held in the Investment Bank.

    Total financial businesses operating expenses rose 25% to CHF 8,017 million. The increase is due to higher personnel expenses and general and administrative costs as UBS continued to expand its business in all key markets. Personnel expenses, reflecting continued hiring, rose on higher salary expenses and increased performance-related accruals. General and administrative expenses increased with higher professional fees, increases in IT and other outsourcing, travel and entertainment, occupancy, marketing and public relations expenses. The same period a year earlier saw general and administrative expenses reduced by the release of provisions. Overall performance was further helped by another quarter of credit loss recoveries.

    The number of personnel in the financial businesses was 71,882 on 30 June 2006, up 2,313 from 69,569 on 31 December 2005, with staff levels increasing across most businesses. In the Americas, personnel levels rose by 3% to 27,874 compared with the end of 2005, in Asia Pacific they were up 18% at 6,388 and in Europe they gained 6% to 11,716. In Switzerland, staff numbers fell by 0.5% to 25,904 because of the transfer of UBS facility management activities to Edelweiss in first quarter. Excluding the impact of Edelweiss, Swiss staff numbers rose by 525 or 2%.

May 2006

  1. UBS reports first quarter 2006 result of CHF 3,504 million

    Net profit attributable to UBS shareholders of CHF 3,504 million (including net CHF 290 million gain from sale of Motor-Columbus)

April 2006

  1. UBS and Sumitomo Corporation agree on settlement of outstanding litigation relating to copper-related transactions

    On 7th April, UBS AG reached agreement with Sumitomo Corporation to settle the litigation brought by Sumitomo Corporation in 1999 in relation to certain copper-linked transactions in which the former UBS had participated from 1995 to 1996.

    Under the settlement, with no admission of wrongdoing, UBS has agreed to pay Sumitomo Corporation JPY10 billion (~USD86 million at the current JPY/USD exchange rate of 117). With the agreement, all claims brought by Sumitomo Corporation in the litigation have been settled. The settlement will be wholly reflected in provisions in UBS Investment Bank's first quarter results.

March 2006

  1. UBS commences new share buyback program

    As already announced in the quarterly press release, UBS will commence another share buyback program leading to the cancellation of shares. As in previous years, the repurchase will take place over a "second trading line" on virt-x.

    On this second line, shares will be purchased exclusively by UBS. The second line will be available from 8 March 2006 to 7 March 2007. The repurchased shares must be cancelled following shareholder approval at the 2007 Annual General Meeting (AGM). The program, aimed at institutional investors, allows tax-efficient cancellation of shares.

    UBS's Board of Directors has established a maximum buyback limit of CHF 5 billion or approximately 3.3% of total share capital. This represents a limit and not a target, and UBS will continue to prioritize attractive opportunities for investing in the growth of its businesses. While maintaining its strong capitalization and ratings, UBS is committed to returning to shareholders capital in excess of its business needs. As of 31 December 2005, UBS's BIS Tier 1 Ratio stood at 12.9%.

    This second line program supersedes the share buyback program launched in March 2005. Under that program - which had a limit of CHF 5 billion - 37'100'000 shares were repurchased. The shares were purchased at an average price of CHF 108.53 for a total value of CHF 4.026 billion. Following the approval of the AGM on 19 April 2006, these shares will be cancelled in summer 2006.

    Zurich / Basel, 8 March 2006
    UBS

February 2006

  1. UBS Statement on Settlement of Wage and Hour Litigation

    This settlement resolves claims that UBS incorrectly classified Financial Advisors and Financial Advisor trainees as exempt under federal law and the laws of all the states where UBS employs such employees. It also resolves claims that UBS should not have made certain adjustments to the compensation of Financial Advisors and Financial Advisor trainees.

    As part of the settlement, the firm has agreed to pay as much as $89 million. The vast majority of this amount was provisioned in third quarter 2005.

    UBS settled this case at the national and state level because it did not believe protracted litigation in multiple courts was in the best interests of employees or clients.

    Approximately three-quarters of the settlement amount will be available to employees via a claims process that must be approved by the court. Final details of the payment process are still to be determined by the court and will be managed by a third-party administrator. The remaining quarter of the settlement amount will go to administrative and legal costs.

January 2006

  1. UBS reaches settlement with regulators on trading activity

    The costs of the settlement will be largely reflected as provisions in the firm's fourth-quarter results.

    UBS neither admits nor denies any of the allegations made against the firm.

December 2005

  1. UBS announces board nominations and executive appointments

    The UBS Board of Directors will propose two new members for election and two current members for re-election at the AGM to be held on 19 April 2006 in Basel.

    Gabrielle Kaufmann-Kohler, born in 1952, is a partner with Schellenberg Wittmer, the Swiss-based law firm, and a professor of private international law at the University of Geneva. She is a member of both the Geneva Bar and the New York State Bar and is known worldwide for her expertise in international arbitration.

    Joerg Wolle, born in 1957, is President and CEO of DKSH Holding Ltd. a Swiss-based services group for Asia that focuses on sourcing, marketing, logistics and distribution for small and medium sized companies as well as multinationals worldwide.

    "The nominees will provide us with highly valuable expertise. Gabrielle Kaufmann-Kohler complements the present composition of the board with her extensive experience in international law and dispute settlement. Joerg Wolle has a strong and successful record in the fast growing markets of the Asia Pacific region," commented Marcel Ospel, Chairman of the Board of Directors.

    The Board of Directors will also ask the AGM to re-elect Ernesto Bertarelli and Rolf A. Meyer to the board, as their terms of office will expire in 2006. After having served for 21 years on the Board of Directors of UBS and its predecessor bank Swiss Bank Corporation, Peter A. Boeckli's term will expire at the 2006 AGM. As he has reached the statutory age limit, he will not stand for re-election.

    After the 2006 AGM, the Board of Directors should have 12 members, which is the maximum number permitted by the UBS Articles of Association.

November 2005

  1. UBS reports third quarter 2005 result of CHF 2,770 million

    UBS reports net profit attributable to its shareholders ("attributable profit") of CHF 2,770 million in third quarter 2005. Financial businesses contributed CHF 2,642 million, up 67% from a year earlier, and 50% higher pre-goodwill. In the first nine months of 2005, attributable profit from financial businesses was CHF 7,180 million, up 25% from CHF 5,767 million in the same period of 2004.

    UBS's industrial holdings, including its stake in Motor-Columbus and its private equity portfolio, contributed CHF 128 million, or 4.6%, to UBS's attributable profit.

    "It is unusual for the third quarter to be so strong. But the market offered plenty of opportunities - and we had the business strength to take advantage of them for our clients and on our own behalf," said Clive Standish, Chief Financial Officer.

    Total operating income from financial businesses was CHF 10,711 million in third quarter 2005, up 27% from third quarter a year ago. Revenue increased in practically all businesses and across income categories. Asset-based fees were up as markets rose and new client money flowed into the asset and wealth management businesses. Fees from investment funds and from portfolio management mandates reached new records. Corporate finance fees almost doubled from third quarter 2004, reflecting higher corporate activity levels and the strength of UBS's advisory capabilities, which helped the firm win mandates for a number of significant transactions. Underwriting fees were also up, mainly reflecting growth in the fixed income underwriting business. These effects drove net fee and commission income up to a new record high - it now makes up 54% of overall income. Revenues from interest margin products increased to the highest level since early 2002, reflecting growing lending activities to wealthy private clients worldwide. Trading was particularly strong in the equity markets, mainly driven by the derivatives business. The fixed income, rates and currencies business successfully rebounded from third quarter 2004. Here, the Investment Bank is currently looking for ways to expand its presence into new areas in order to further develop its competitive position. Reflecting a stable economic environment across all markets, UBS realized a net credit loss recovery of CHF 37 million in third quarter 2005, following net recoveries of CHF 69 million in second quarter 2005 and CHF 12 million in third quarter 2004.

    Net new money inflows in the wealth management businesses in third quarter were CHF 31.1 billion, up from CHF 20.2 billion in second quarter, reflecting strong performances in all regions. The international business (excluding the domestic business in the US) recorded inflows of CHF 19.3 billion, driven by further growth in Asia and UBS's five key target European markets. The Swiss business, seeing its third consecutive quarter of positive net new money results, recorded an inflow of CHF 1.9 billion. US clients contributed CHF 9.9 billion in net new money, an extremely strong rebound from CHF 1.8 billion in second quarter. Including the record inflows of CHF 19.9 billion into the asset management business, net new money for the whole of UBS this quarter was an exceptionally strong CHF 51.2 billion. This leaves UBS invested assets, at CHF 2,666 billion on 30 September 2005, 6% above the level at the end of second quarter, and 20% higher than the same date a year earlier.

    Total operating expenses were CHF 7,309 million, compared to CHF 6,293 million reported a year earlier. If goodwill amortization expenses for third quarter 2004 are excluded, operating expenses increased 20%, mainly reflecting higher personnel expenses. Personnel expenses rose 29% to CHF 5,320 million in third quarter 2005 from CHF 4,131 million a year earlier. Accruals for performance-related payments increased in line with revenues. Expenses for salaries, insurance and social contributions rose due to higher numbers of personnel across the firm.

    The number of people employed in the financial businesses was 70,502 on 30 September 2005, up 1,302 from 69,200 on 30 June 2005 and 3,095 higher than 67,407 on 31 December 2004, with increases in staff seen across almost all businesses. In Switzerland, headcount has risen by 847 since the end of last year, in Europe it is up 795, in the Americas 660 and in Asia Pacific 793.

September 2005

  1. UBS signs agreements to sell Motor-Columbus stake

    The transaction comprises the following key elements:

    UBS is selling 281,535 bearer shares in Motor-Columbus - equivalent to its stake of 55.6% - at a price of CHF 4,600 per share.

    A consortium of Atel's Swiss minority shareholders - EBM, EBL, the Canton of Solothurn, IBAarau and newcomers AIL Lugano and WWZ Zug - will purchase 14.7%, EOS Holding 16.4% and EDF 17.3% of Motor-Columbus's equity capital; the remaining 7.2% will be acquired by Atel.

    The transaction must be approved by various national and international authorities.

    The sale of UBS's stake in Motor-Columbus creates an opportunity to build a significant Swiss-European energy company with Swiss majority ownership. UBS expects a pre-tax gain of around CHF 350 million assuming the completion of the transaction in first quarter 2006. The gain will be reported in the "Industrial Holdings" segment of UBS.

  2. Senior Management Appointments

    Mark Branson, currently UBS's Chief Communication Officer, will become CEO of UBS Securities Japan Ltd, succeeding Simon Bunce, recently appointed Global Head of Fixed Income for UBS's Investment Bank. In his new role, reporting to Huw Jenkins, CEO, Investment Bank and Rory Tapner, Chairman and CEO, Asia Pacific, Mark Branson will oversee the development of UBS's Investment Bank in Japan and coordinate UBS Group activities in one of the world's largest and most important financial services markets.

    Tom Hill, currently Global Head of Equity Research, Investment Bank will succeed Mark Branson as Chief Communication Officer, reporting to Peter Wuffli, Group CEO. In his new role, Tom Hill will have firm-wide responsibility for managing UBS's communication with its stakeholders and for the UBS brand. Tom Hill will be based in Zurich.


  3. UBS donates $1 million to American Red Cross relief efforts following Hurricane Katrina

    NEW YORK, September 8, 2005 -- UBS has donated $1 million to the American Red Cross in support of the organization's relief efforts following Hurricane Katrina. UBS will also match employee contributions to eligible charities assisting the Gulf States through its matching gift programs. In addition to helping the wider community, UBS is helping its employees and their families get back on their feet through an internal fund.

    UBS has established a task force to assist its employees and clients with their recovery efforts in the wake of this disaster. Fortunately, all 71 UBS employees in 2 offices in the affected states made it safely through the storm.

    "The people affected by Hurricane Katrina are in the thoughts of all of us at UBS," said Mark Sutton, Chairman and CEO, Americas. "We are committed to helping our staff, clients and the wider community with their recovery efforts following this terrible tragedy."

August 2005

  1. UBS to report Second Quarter 2005 Results on August 9th

    Technical Test
    To view the webcast, please select one of the following choices. Please note that the live webcast will be in English.

May 2005

  1. Results from the Financial Businesses

    At the highest level ever recorded, Wealth Management pre-tax profit in first quarter 2005 was CHF 915 million, up 12% from CHF 818 million in fourth quarter 2004. The result was helped by the fact that goodwill amortization ceased in first quarter 2005. Excluding goodwill, the increase was 10%. The strong result reflected increased asset-based fees from the record invested asset base as well as higher client activity levels. Rising interest income, a reflection of the expansion of margin lending activities, also reinforced revenues. The higher client activity levels helped the gross margin on invested assets to rise to 104 basis points, up 5 basis points from fourth quarter 2004, when the margin was depressed by a number of timing effects.

    Net new money in first quarter 2005 was CHF 15.4 billion, up from CHF 6.5 billion in fourth quarter 2004. This intake was the second-best ever, just behind first quarter 2004. The International Clients area recorded CHF 14.5 billion in net new money, driven by a record high inflow of CHF 5.6 billion into the domestic European business and further strong contributions from Asian clients. The Swiss Clients area showed an inflow of CHF 0.9 billion, a clear improvement from the outflow of CHF 0.7 billion in fourth quarter 2004, which was influenced by seasonal withdrawals.

    The Business Banking Switzerland unit reported pre-tax profit of CHF 531 million in first quarter 2005, CHF 28 million or 6% higher than in fourth quarter 2004. The result shows the continued tight management of the cost base, with improved credit results reflecting the structural improvement of the loan portfolio in recent years. Total operating income was practically unchanged from fourth quarter 2004.
    The loan portfolio, at CHF 139.4 billion on 31 March 2005, was CHF 2.3 billion above the level on 31 December 2004. A strong increase in private client mortgages and slightly increased demand from corporate clients offset the ongoing workout of the recovery portfolio.

April 2005

February 2005

January 2005

  1. UBS and THE PLAYERS Championship Forge Long-term Partnership

    PGA TOUR Commissioner Tim Finchem today announced that UBS, one of the world's leading financial firms, has signed a long-term agreement to become an exclusive partner of THE PLAYERS Championship. Financial terms of the agreement were not disclosed.

    UBS joins PricewaterhouseCoopers as the only two exclusive partners at THE PLAYERS Championship. The 2005 championship will be contested March 21-27 at the Tournament Players Club at Sawgrass in Ponte Vedra Beach, FL.

    "We are delighted that such a prestigious global financial firm has aligned itself with THE PLAYERS Championship," said Finchem. "THE PLAYERS has the strongest field in golf from top to bottom, a superb and demanding golf course, and a history of proven champions. It is widely recognized by our players as one of the most significant championships in golf."

    "The partnerships with UBS and PricewaterhouseCoopers further enhance the stature of THE PLAYERS and will help the tournament to continue to provide significant annual contributions to worthy charities," added Finchem.

    The 2004 PLAYERS Championship and the PGA TOUR made joint contributions totaling $2.25 million to Northeast Florida charities. Since 1977, when THE PLAYERS Championship moved to Ponte Vedra Beach, FL, nearly $20 million has been contributed to charitable organizations in Northeast Florida.

    "UBS is very pleased to be associated with THE PLAYERS Championship. We are looking forward to a long and successful partnership with the PGA TOUR in conjunction with one of its signature competitions," said John Costas, Chairman and CEO of UBS Investment Bank.

    While Mark Sutton, Chairman and CEO, WM-USA added "Not only is this one of the premier events of the TOUR, but the charitable aspects mirror our firm's commitment to the communities in which we serve. It also reinforces our branding of "You & Us" as being all about partnership."

    As a "Proud Partner of THE PLAYERS Championship," UBS will have an exclusive association with one of the PGA TOUR's most prominent championships. The relationship will provide UBS with an integrated marketing platform that includes a premier position within the championship broadcast on ESPN and NBC; unparalleled hospitality venues; and other related tournament benefits.

November 2004

  1. www.ubs.com available again after outage

    The UBS website (www.ubs.com) and the connection to the online services it hosts are available again. The outage from 8am until 5pm (Central European Time) was caused by an infrastructure failure during a technical update over the weekend. There were no security breaches and no client data was affected. UBS apologizes for any inconveniences the interruption may have caused.

  2. UBS reports third quarter net profit of CHF 1,671 million

    UBS reports net profit of CHF 1,671 million in third quarter 2004. This includes the fully consolidated results of Motor-Columbus, an industrial holding of which UBS now owns a majority 55.6% stake*, and which contributed net profit of CHF 17 million. Excluding this participation, UBS's Financial Businesses net profit was CHF 1,654 million in third quarter, down 2% from third quarter 2003 and 16% lower than second quarter 2004.

    Despite the anticipated slowdown in trading opportunities, UBS generated solid revenues in third quarter, thanks to the scale of its invested asset base - which totaled CHF 2.3 trillion on 30 September 2004. Operating income for the Financial Businesses was CHF 8,456 million, down slightly (1%) from the same quarter a year earlier. Revenues rose in the wealth and asset management businesses, reflecting strong inflows of net new money and higher market levels, prompting rising asset-based revenues and, in particular, record portfolio management fees. The private equity portfolio has now provided a positive contribution to Investment Bank results for four consecutive quarters.

    These positive effects were offset by a drop in trading-related revenues, with equities and fixed income trading both experiencing declines of around 20%. "Being a major player in the world's securities markets means that our Investment Bank's revenues will reflect prevailing market opportunities," said Clive Standish, Chief Financial Officer. "All the more important, then, that we balance that volatility with strong fee and commission revenues - which represent more than half of our operating income."

    In third quarter, net new money for UBS as a whole was CHF 20.5 billion. Wealthy individual clients worldwide contributed CHF 16.7 billion - which means that during the first nine months of this year, UBS's wealth management businesses have gathered a total of CHF 46.1 billion in new assets, corresponding to an annualized growth rate of 5%.

    UBS experienced another excellent credit result, posting a net credit recovery of CHF 14 million in third quarter 2004, compared to a recovery of CHF 42 million a year earlier.

    Total operating expenses for the Financial Businesses decreased 1% to CHF 6,265 million as personnel expenses were pushed down 6% by lower accruals for performance-related compensation, especially at the Investment Bank.

    Headcount in UBS's Financial Businesses was 66,894 on 30 September 2004, up 965 from the beginning of the year. Increases were seen in the Investment Bank, which saw staffing growth across business and support functions, as well as in Wealth Management, reflecting continued hiring of client advisors.

    Consolidation of Motor-Columbus
    From this quarter onwards, UBS is fully consolidating the results of Motor-Columbus, a Swiss holding company whose most significant asset is a majority ownership interest in Swiss-based electricity provider Atel. Earlier this year, UBS increased its stake in Motor-Columbus to 55.6% in order to protect the value of its existing investment and, as a majority shareholder, divest it profitably in the future. Motor-Columbus results will be reported in a separate Industrial Holdings unit, helping UBS to preserve full continuity in the presentation of its core financial businesses.

    The Industrial Holdings unit contributed CHF 17 million to UBS's net profit in third quarter (1% of net profit). It represented 16.7% of operating income, and 20.6% of operating expense in the quarter.

    Brand campaign successful
    One of the key elements in UBS's growth strategy is the firm's investment in building a strong brand. Earlier this year, UBS launched the "You & Us" global advertising campaign, showing how UBS delivers global financial resources through personal client relationships based on intimate understanding. A recent analysis of the first results of the campaign found that awareness of UBS is rising in all regions, and particularly in the US. UBS's target clients remember and appreciate the advertising - which represents an important step in the firm's long-term commitment to build a distinct profile in the highly competitive financial services industry.

    Outlook
    In the first nine months of 2004, market conditions for UBS's trading-related businesses have swung considerably - from an exceptionally favorable first quarter to the rather tough environment in third quarter. In that context, UBS's diversified business mix has paid off, helping the firm to capture the revenue opportunities in equity and fixed income markets when they were buoyant, with the wealth and asset management businesses providing a counterbalance when trading conditions normalized. While global economic fundamentals look rather positive, market participants are currently unsure about how long the current growth will last. "Despite the uncertainty that continues to weigh on financial markets and which may again dampen levels of investor activity, it looks as though 2004 will turn out to be one of UBS's best years," said Clive Standish.

  3. UBS reports third quarter net profit of CHF 1,671 million

    UBS reports net profit of CHF 1,671 million in third quarter 2004. This includes the fully consolidated results of Motor-Columbus, an industrial holding of which UBS now owns a majority 55.6% stake , and which contributed net profit of CHF 17 million. Excluding this participation, UBS's Financial Businesses net profit was CHF 1,654 million in third quarter, down 2% from third quarter 2003 and 16% lower than second quarter 2004.

    Despite the anticipated slowdown in trading opportunities, UBS generated solid revenues in third quarter, thanks to the scale of its invested asset base - which totaled CHF 2.3 trillion on 30 September 2004. Operating income for the Financial Businesses was CHF 8,456 million, down slightly (1%) from the same quarter a year earlier. Revenues rose in the wealth and asset management businesses, reflecting strong inflows of net new money and higher market levels, prompting rising asset-based revenues and, in particular, record portfolio management fees. The private equity portfolio has now provided a positive contribution to Investment Bank results for four consecutive quarters.

    These positive effects were offset by a drop in trading-related revenues, with equities and fixed income trading both experiencing declines of around 20%.

    "Being a major player in the world's securities markets means that our Investment Bank's revenues will reflect prevailing market opportunities," said Clive Standish, Chief Financial Officer. "All the more important, then, that we balance that volatility with strong fee and commission revenues - which represent more than half of our operating income."

    In third quarter, net new money for UBS as a whole was CHF 20.5 billion. Wealthy individual clients worldwide contributed CHF 16.7 billion - which means that during the first nine months of this year, UBS's wealth management businesses have gathered a total of CHF 46.1 billion in new assets, corresponding to an annualized growth rate of 5%.

    UBS experienced another excellent credit result, posting a net credit recovery of CHF 14 million in third quarter 2004, compared to a recovery of CHF 42 million a year earlier.

    Total operating expenses for the Financial Businesses decreased 1% to CHF 6,265 million as personnel expenses were pushed down 6% by lower accruals for performance-related compensation, especially at the Investment Bank.

    Headcount in UBS's Financial Businesses was 66,894 on 30 September 2004, up 965 from the beginning of the year. Increases were seen in the Investment Bank, which saw staffing growth across business and support functions, as well as in Wealth Management, reflecting continued hiring of client advisors.


    Consolidation of Motor-Columbus
    From this quarter onwards, UBS is fully consolidating the results of Motor-Columbus, a Swiss holding company whose most significant asset is a majority ownership interest in Swiss-based electricity provider Atel. Earlier this year, UBS increased its stake in Motor-Columbus to 55.6% in order to protect the value of its existing investment and, as a majority shareholder, divest it profitably in the future. Motor-Columbus results will be reported in a separate Industrial Holdings unit, helping UBS to preserve full continuity in the presentation of its core financial businesses.
    The Industrial Holdings unit contributed CHF 17 million to UBS's net profit in third quarter (1% of net profit). It represented 16.7% of operating income, and 20.6% of operating expense in the quarter.


    Brand campaign successful
    One of the key elements in UBS's growth strategy is the firm's investment in building a strong brand. Earlier this year, UBS launched the "You & Us" global advertising campaign, showing how UBS delivers global financial resources through personal client relationships based on intimate understanding. A recent analysis of the first results of the campaign found that awareness of UBS is rising in all regions, and particularly in the US. UBS's target clients remember and appreciate the advertising - which represents an important step in the firm's long-term commitment to build a distinct profile in the highly competitive financial services industry.


    Outlook
    In the first nine months of 2004, market conditions for UBS's trading-related businesses have swung considerably - from an exceptionally favorable first quarter to the rather tough environment in third quarter. In that context, UBS's diversified business mix has paid off, helping the firm to capture the revenue opportunities in equity and fixed income markets when they were buoyant, with the wealth and asset management businesses providing a counterbalance when trading conditions normalized.
    While global economic fundamentals look rather positive, market participants are currently unsure about how long the current growth will last. "Despite the uncertainty that continues to weigh on financial markets and which may again dampen levels of investor activity, it looks as though 2004 will turn out to be one of UBS's best years," said Clive Standish.


    Financial ratios
    Annualized return on equity for the first nine months of 2004 was 24.5%, compared to 16.6% a year earlier. Basic earnings per share were CHF 1.60 in third quarter 2004, compared to CHF 1.53 a year earlier. The cost/income ratio was 74.2%, compared to 75.1% a year earlier.

    Performance against UBS financial targets
    (pre-goodwill and adjusted for significant financial events)
    UBS sets its financial targets and evaluates performance in terms of adjusted results, excluding significant financial events and excluding the amortization of goodwill and other intangible assets.
    UBS's performance against financial targets shows:
    - Annualized return on equity in the first nine months of 2004 was 27.4%, up from 19.2% a year earlier and well above the target range of 15 to 20%. The increase reflects higher net profit combined with a lower average equity resulting from continued buyback programs and increased dividend, outpacing retained earnings.
    - Basic earnings per share were CHF 1.86, up 7% from CHF 1.74 in the same quarter a year earlier, driven by a reduction in average number of shares outstanding through ongoing repurchase of shares.
    - The cost/income ratio for UBS's Financial Businesses was 71.5%, an improvement from 72.2% in the same period last year, and near historical lows. The decline was driven by performance-related compensation falling faster than revenues.

August 2004

  1. UBS to Acquire Charles Schwab's Capital Markets Division

    UBS announced today that it will acquire Charles Schwab SoundView Capital Markets, the Capital Markets Division of Charles Schwab Corp., for $265 million (USD) paid in cash. The transaction is expected to close in the fourth quarter of 2004, subject to regulatory approval. The acquisition will be integrated in the Equities business of UBS's Investment Bank.

  2. UBS reports second quarter net profit of CHF 1,974 million

    UBS reports net profit of CHF 1,974 million in second quarter. This represents the second best quarterly performance since 2000, 19% lower than the record result achieved in first quarter. Compared to a year earlier, second quarter net profit rose 28% -- or 24%, once goodwill and the gain from the prior-year sale of the Correspondent Services Corporation (CSC) clearing subsidiary are excluded. For the first half of 2004, UBS records a net profit of CHF 4,397 million, up 60% from 2003 (up 50% excluding goodwill and the disposal gain).

    After the very favorable business environment seen in first quarter 2004, the second quarter saw a slowdown in pace as equity investors became less active, and rising interest rates and low volatility drove volume out of the fixed income markets.

    "Halfway through 2004, we can see that the markets' astonishing start to the year has settled into a more normal rhythm. In that context, this was a good quarter for UBS, demonstrating the importance of having the world's leading wealth management operation as a central part of our focused strategy," said Peter Wuffli, Chief Executive Officer.

    "This quarter, strong asset-based fees from our wealth management and asset management franchises, alongside the progress of our corporate client franchise, have helped us to balance lower securities revenues," added Clive Standish, Chief Financial Officer.

    Compared to second quarter a year earlier, operating income grew 6%. Fee and commission income was strong (up 12%), accounting for more than 50% of total revenues. The Investment Bank posted excellent results in its corporate advisory businesses as clients took advantage of strategic opportunities and favorable financing terms. Asset-based revenues in the wealth and asset management businesses were particularly good, with record levels of investment fund fees. In addition, the previously troubled private equity business posted another positive quarter.

    Credit businesses benefited from the stable economic environment. UBS recorded a net recovery of CHF 131 million in the quarter, after net recoveries of CHF 3 million and CHF 1 million in first quarter 2004 and second quarter 2003, respectively.

    The total level of invested assets rose 7% to CHF 2.2 trillion, driven by the year-on-year recovery in financial markets, as well as the CHF 85.7 billion inflow of net new money in the last 12 months. Inflows in second quarter totaled CHF 16.9 billion, with CHF 10.4 billion coming into the wealth management businesses.

    Total operating expenses were up 2% in second quarter from a year earlier due to an increase in operational risk costs, among them the USD 100 million (CHF 128 million) penalty levied by the Federal Reserve Board related to the banknote trading business.

    Headcount on 30 June 2004 was 66,043, up 114 from the beginning of the year. Staffing levels have increased in Europe, mainly due to the integration of acquired wealth management businesses in Germany and the UK.

    Outlook
    In 2003, UBS's earnings deviated from their usual seasonality, with results weaker in the first half of the year than in the second. In contrast, the first quarter of this year saw excellent conditions, providing UBS with exceptional revenue opportunities. Such favorable combinations can't last -- opportunities have to be captured as they arise. However, UBS's diversified revenue mix helps the firm to perform strongly across varying market conditions. In second quarter, for instance, strong asset-based fees have helped to balance reduced securities revenues.

    While investor sentiment has recovered from the very low levels of last year, it still remains subdued. Combined with directionless markets and the expectation of rising interest rates, this may continue to dampen levels of market activity.

    "Since many of our businesses, especially our Investment Bank, have activity as an important driver, we should expect a return to a more normal seasonal pattern this year, with second half revenues not matching those in the first half," said Peter Wuffli.

    Financial ratios
    Annualized return on equity for the first six months of 2004 was 26.5%, compared to 15.1% a year earlier. Basic earnings per share were CHF 1.85 in second quarter 2004, against CHF 1.35 in the same quarter a year earlier. The cost/income ratio was 73.7% in second quarter 2004, down from 75.6% a year earlier.

    Performance against UBS financial targets
    (pre-goodwill and adjusted for significant financial events)
    UBS sets its financial targets and evaluates performance in terms of adjusted results, excluding significant financial events* and excluding the amortization of goodwill and other intangible assets.
    UBS's performance against financial targets shows:

  3. UBS reports second quarter net profit of CHF 1,974 million

    After the very favorable business environment seen in first quarter 2004, the second quarter saw a slowdown in pace as equity investors became less active, and rising interest rates and low volatility drove volume out of the fixed income markets.

    "Halfway through 2004, we can see that the markets' astonishing start to the year has settled into a more normal rhythm. In that context, this was a good quarter for UBS, demonstrating the importance of having the world's leading wealth management operation as a central part of our focused strategy," said Peter Wuffli, Chief Executive Officer.

    "This quarter, strong asset-based fees from our wealth management and asset management franchises, alongside the progress of our corporate client franchise, have helped us to balance lower securities revenues," added Clive Standish, Chief Financial Officer.

    Compared to second quarter a year earlier, operating income grew 6%. Fee and commission income was strong (up 12%), accounting for more than 50% of total revenues. The Investment Bank posted excellent results in its corporate advisory businesses as clients took advantage of strategic opportunities and favorable financing terms. Asset-based revenues in the wealth and asset management businesses were particularly good, with record levels of investment fund fees. In addition, the previously troubled private equity business posted another positive quarter.

    Credit businesses benefited from the stable economic environment. UBS recorded a net recovery of CHF 131 million in the quarter, after net recoveries of CHF 3 million and CHF 1 million in first quarter 2004 and second quarter 2003, respectively.

    The total level of invested assets rose 7% to CHF 2.2 trillion, driven by the year-on-year recovery in financial markets, as well as the CHF 85.7 billion inflow of net new money in the last 12 months. Inflows in second quarter totaled CHF 16.9 billion, with CHF 10.4 billion coming into the wealth management businesses.

    Total operating expenses were up 2% in second quarter from a year earlier due to an increase in operational risk costs, among them the USD 100 million (CHF 128 million) penalty levied by the Federal Reserve Board related to the banknote trading business.

    Headcount on 30 June 2004 was 66,043, up 114 from the beginning of the year. Staffing levels have increased in Europe, mainly due to the integration of acquired wealth management businesses in Germany and the UK.

    Outlook
    In 2003, UBS's earnings deviated from their usual seasonality, with results weaker in the first half of the year than in the second. In contrast, the first quarter of this year saw excellent conditions, providing UBS with exceptional revenue opportunities. Such favorable combinations can't last -- opportunities have to be captured as they arise. However, UBS's diversified revenue mix helps the firm to perform strongly across varying market conditions. In second quarter, for instance, strong asset-based fees have helped to balance reduced securities revenues.

    While investor sentiment has recovered from the very low levels of last year, it still remains subdued. Combined with directionless markets and the expectation of rising interest rates, this may continue to dampen levels of market activity.

    "Since many of our businesses, especially our Investment Bank, have activity as an important driver, we should expect a return to a more normal seasonal pattern this year, with second half revenues not matching those in the first half," said Peter Wuffli.

  4. UBS to announce second quarter results 2004 on August 10th

    On Tuesday, 10 August, at 9am (CET), UBS will announce its results for the second quarter 2004 by live webcast. The results will be presented by Peter Wuffli, Chief Executive Officer, Clive Standish, Chief Financial Officer, and Mark Branson, Chief Communication Officer, live from Zurich.

July 2004

  1. UBS Art Collection debuts in Hong Kong

    "Two IFC"

May 2004

  1. "Online Services" for U.S. clients Scores Big Across the Board

    Online Services regained the number 1 ranking in Ease of Use and retained the top spot in Customer Confidence, while maintaining the number 2 Overall position among full service firms in the Second Quarter 2004 report. It was also listed among the top five in two other categories, Onsite Resources (number 2) and Relationship Services (number 5). These latest honors are further evidence of the overall strength of the Firm's technology platform

    "Our goal is to offer our Online Services users the robust content they need, with superior usability and functionality," said Kathleen Sprague, the site manager. "These extremely competitive rankings, together with our clients' high satisfaction rankings, reflect our commitment to providing the best online experience in the industry."

    UBS Online Services connects UBS Clients to a broad range of tools and resources, including updated account information, unlimited real-time quotes and research, free online bill payment and electronic funds transfer services.

    To view the GomezPro Scorecards details, go to:

  2. UBS reports first quarter net profit of CHF 2,423 million

    UBS reports net profit of CHF 2,423 million in first quarter 2004, a 100% rise from the same period a year earlier, and the best quarterly performance on record. Before goodwill amortization, net profit rose 82%.

    "This outstanding performance reflects the excellent conditions in major financial markets. It also shows the payoff from investing in our businesses countercyclically over the past few years -- positioning ourselves for exactly these kinds of opportunities. And it demonstrates that we are growth managers as well as cost and risk managers," said Peter Wuffli, Chief Executive Officer.

    All businesses reported both revenue and pre-tax profit gains in first quarter compared to a year earlier. The Investment Bank recorded a 115% gain in pre-tax profit, with results driven by the best fixed income and second best equities performances since 2000. The Wealth Management and Global Asset Management businesses reported their best results in three years, and the Wealth Management USA business saw its best operating performance since PaineWebber became part of UBS.

    Net new money flows show that UBS's wealth and asset management businesses are growing fast. This quarter saw clients adding a total of CHF 35.1 billion to their investments with UBS. Inflows from institutional asset management clients reached an all-time high of CHF 10.1 billion. Private clients contributed a record CHF 19.0 billion to the wealth management businesses worldwide, compared to CHF 11.1 billion a year earlier and CHF 14.2 billion in fourth quarter 2003. The domestic European wealth management business saw a record inflow of CHF 4.2 billion.

    Operating income was up 33% from first quarter 2003 to its highest quarterly level ever. Revenues rose across all categories. The increase in market levels positively impacted the asset base of the wealth and asset management businesses, prompting fee-based revenue to rise. Fee and brokerage income profited from the seasonally strong first quarter and a much improved market environment that saw significantly increased institutional and private client activity.
    Corporate finance fees grew 75% in an improving M&A environment, with the total global corporate fee pool increasing by 40%.

    Increased market risk limits allowed UBS to take advantage of the favorable trading conditions in first quarter. Set against a 34% increase in average Value at Risk (VaR) compared to a year earlier, total income from trading activities rose 33%. Equities trading income was at its highest level since first quarter 2001, driven by a rapid expansion in market volumes, far higher client activity levels and therefore a significant improvement in trading opportunities. Proprietary trading revenues recovered sharply from the particularly weak first quarter in 2003. Fixed income trading continued to perform strongly, driven by another quarter of favorable interest rates and yield curve configuration, alongside strong client flows.

    UBS experienced another excellent credit result, posting a net credit recovery of CHF 3 million in first quarter 2004 compared to a credit loss expense of CHF 69 million a year earlier.
    Operating expenses, up 17% from first quarter 2003, rose far less than revenues, with the increase mainly reflecting higher accruals for performance-related compensation.


    Global brand campaign launched
    One of the key elements in UBS's growth strategy is the firm's investment in building a strong brand. This was reflected in a new global advertising campaign launched in February. The campaign -- themed "You and us" -- shows how UBS delivers global financial resources through personal client relationships based on intimate understanding. The advertising investment concentrates on key markets where UBS needs to further build familiarity with its brand in order to achieve its growth targets -- particularly the US.


    Senior executive appointment
    Georges Gagnebin, currently Chairman of the Wealth Management & Business Banking Business Group, has decided to pursue a new challenge within UBS. On 1 October 2004, he will step down from the Group Executive Board to focus full-time on his role as Vice Chairman of the holding company housing our independent private banks and the GAM asset management business.
    Georges Gagnebin held several senior management roles with UBS over the last 13 years, and was head of the firm's private banking business from 2000 to the middle of 2002. UBS is grateful for his valuable contribution in building the firm's wealth management business into the leading franchise worldwide.


    Outlook
    For UBS, the year started with an extremely strong first quarter. Conditions in all businesses were simultaneously excellent. As the year progresses, such a positive combination of circumstances is not likely to continue, in particular given the natural seasonality which boosts the first quarter in some businesses.
    "With our businesses firing on all cylinders and the growth indicators all showing positive, we have every reason to feel optimistic about UBS's future," said Clive Standish, Chief Financial Officer.


    Financial ratios
    Annualized return on equity for first quarter 2004 was 29.2%, compared to 13.2% a year earlier. Basic earnings per share were CHF 2.25 in first quarter 2004, compared to CHF 1.05 a year earlier. The cost/income ratio was 70.0%, compared to 78.8% a year earlier.


    Performance against UBS financial targets
    (pre-goodwill and adjusted for significant financial events)
    UBS sets its financial targets and evaluates performance in terms of adjusted results, excluding significant financial events* and excluding the amortization of goodwill and other intangible assets.
    UBS's performance against financial targets shows:

  3. UBS reports first quarter net profit of CHF 2,423 million

    Peter Wuffli, Chief Executive Officer, presented UBS's First Quarter 2004 Results live from Zurich by webcast. An indexed version of the presentation is available on demand.

April 2004

  1. First Quarter Results 2004 to be published on 4 May 2004

    On Tuesday, 4 May, at 9am (CET), Peter Wuffli, Group Chief Executive Officer, will present UBS's First Quarter 2004 Results live from Zurich by webcast. All First Quarter Results material will be published here on 4 May starting at 7am (CET), including

  2. Annual General Meeting of UBS

February 2004

  1. UBS launches global advertising campaign

    NEW YORK - February 25, 2004 - UBS AG launched this week a global advertising campaign using the theme "You & Us". It is the first advertising campaign for UBS since the single UBS brand was announced in the summer of 2003.

    The campaign is structured around the theme "You & Us - Could this be the world's most powerful two person financial firm?" and communicates our client-focused approach while showcasing UBS's corporate, institutional and wealth management services.

    The campaign highlights the confidence that our clients have in the financial decisions they make because UBS takes the time to fully understand their goals, and creates customized financial solutions designed to help them achieve them. These solutions are based on UBS's global resources and capabilities.

    Bernhard Eggli, Head of Brand Communications at UBS commented, "Each advertisement highlights our global strength and resources, alongside the personalized nature of a relationship - where advisors and professionals work as partners with their clients. We now deliver 'one firm' to clients across businesses - focusing above all on their needs and goals. Our new campaign reflects this and puts it at the core of the client experience".

    The campaign includes print and broadcast advertisements, events, exhibitions, sponsorship and internal initiatives and has been created with Publicis, UBS's advertising agency.

    Television ads for UBS began airing this week on cable and network shows and will air on programs such as 60 Minutes, The West Wing, Law & Order, Today, Meet the Press, Fox News, CNN, and major golf and tennis tournaments. The first print advertisement appeared yesterday in the Wall Street Journal, New York Times and Financial Times. A number of international airports will also feature billboard displays. In addition, the campaign will run in the UK, Germany, Italy, France, Spain, Hong Kong, Singapore, Taiwan, Korea, China, Australia (all translated into local language) and mainstream business and financial press.

  2. UBS reports 2003 net profit of CHF 6,385 million and fourth quarter net profit of CHF 1,859 million

    UBS reports 2003 net profit of CHF 6,385 million, up 81% from CHF 3,535 million in 2002. Results in both 2002 and 2003 were influenced by individual items that UBS terms significant financial events1. Excluding these effects, and before goodwill amortization, net profit in 2003 increased by 33% from 2002.

    "2003 turned out to be a surprisingly good year for financial markets, and a terrific year for UBS. Our businesses have made sustainable competitive gains across the globe. Put that together with tight cost control and disciplined capital management and we've delivered rapid EPS growth, combined with a high return on equity, so that now we can reward our shareholders with a record dividend," said Peter Wuffli, Chief Executive Officer.

    All businesses reported a stronger set of results in 2003 than in 2002, continuing to build market share as financial markets recovered. Private clients added net new assets of CHF 50.8 billion to their investments managed by UBS (CHF 36.2 billion in 2002). The Investment Bank also made significant competitive gains, and is firmly positioned in the industry's top bracket, ending the year as the fourth-ranked advisor for corporations globally, up from seventh place in 2002. In Switzerland, UBS kept its strong leadership in the domestic market and reported record annual profits.

    Operating income in 2003 was practically unchanged from the previous year. At the beginning of 2003, asset-based revenues were impacted by low market levels and started to recover only in the second half of the year. This was partially offset by higher revenues from fixed income trading and much lower private equity writedowns.

    At the same time, costs continued to be tightly managed. Operating expenses fell 13% from 2002. Excluding the effect of the PaineWebber brand writedown, operating expenses fell 10%, reflecting cost reductions in all categories.

    Fourth quarter results
    In fourth quarter 2003, UBS reported a net profit of CHF 1,859 million against a loss of CHF 101 million in the same period a year earlier. Excluding the effect of significant financial events in fourth quarter 2002 and before goodwill amortization, net profit increased 94%, making it the best quarterly result for more than three years. All Business Groups reported an increase in profitability compared to a year earlier. The Investment Banking & Securities unit reported an exceptionally robust result with equally strong fixed income and equities revenues and a record underwriting quarter. In addition, asset-based fees continued to benefit from rising markets. More frequent trading by individual investors drove up transaction revenues, while the private equity portfolio showed a positive quarterly result.

    The cost/income ratio was 72.8% in fourth quarter 2003. Excluding goodwill and significant financial events, the cost/income ratio fell to 70.2%, its lowest level since PaineWebber became a part of UBS.

    Credit losses stood at CHF 62 million, compared to a net recovery of CHF 11 million in fourth quarter 2002. Wealth Management & Business Banking experienced net credit losses of CHF 108 million in fourth quarter 2003, influenced by the impact of the sudden default of Erb Group, a privately held Swiss conglomerate. The Investment Bank realized net recoveries of CHF 46 million, reflecting the more positive international political and economic environment.

    Dividend of CHF 2.60 per share and new buyback program
    For the 2003 financial year, the Board of Directors will recommend a dividend of CHF 2.60 per share to the Annual General Meeting (AGM) on 15 April 2004. This is an increase of 30% from the 2002 dividend.

    UBS's ongoing share buyback programs are another important tool in achieving attractive shareholder returns. Under the 2003 buyback program, UBS had bought back a total of
    56,707,000 shares as of 31 December 2003 for a total value of CHF 4.3 billion. This program will run until 5 March 2004 and allows a maximum purchase value of CHF 5 billion in UBS shares. Subject to the approval of the AGM, all shares repurchased under this program will be canceled and cannot be reissued.

    Given the strong capitalization of UBS, the Board of Directors has decided to launch a new buyback program with a maximum buyback limit of CHF 6 billion, which is to start on 8 March 2004 and will run until 7 March 2005.

  3. UBS reports 2003 net profit of CHF 6,385 million and fourth quarter net profit of CHF 1,859 million

    Peter Wuffli, Chief Executive Officer, presented UBS's Fourth Quarter 2003 Results live from Zurich by webcast.

  4. Fourth Quarter Results 2003 to be published on 10 February 2004

    On Tuesday, 10 February, at 9am (CET), Peter Wuffli, Chief Executive Officer, will present UBS's Fourth Quarter 2003 Results live from Zurich by webcast. All Fourth Quarter Results material will be published here on 10 February starting at 7am (CET), including

January 2004

  1. Euromoney names UBS best global private bank

    Euromoney today named UBS the "World's Best Global Private Bank" in its first annual survey of the global private banking industry, which it conducted during the summer and fall of last year.

    UBS won an impressive number of awards in the survey, significantly outperforming all its competitors worldwide, among them "Best Private Bank in Western Europe" award, as well as in the Bahamas, Jersey, Luxembourg, Monaco, Singapore, Taiwan, and the United Arab Emirates. It was also ranked first for an impressive number of wealth management services in various regions and countries, key among them the "Best at Servicing International Clientele" in Western Europe, Hong Kong, Singapore, the UAE, and the U.S. UBS was ranked second in Switzerland.

    The survey is based on peer reference and by information provided by UBS. Through peer nominations, Euromoney indentified the companies that are recognized by competitors and industry players as being exceptional in specific categories of client and product segment.

    Marcel Rohner, CEO of Wealth Management & Business Banking, commented: "These awards clearly display how our global Wealth Management franchise stands out in a fiercely competitive industry and in tough times. Our superb rankings are a testament for the excellence and dedication of our people. This success confirms our strategy of concentrating on our strengths. But our competitors are not sleeping and they feel especially challenged by our success. That means that we have to continue to work to differentiate ourselves from the rest of the industry."

    The magazine said won UBS the award because the firm successfully managed to provide the widest range and highest quality of services worldwide.

    Raoul Weil, Head of Wealth Management International, characterized the awards as a further indication of how UBS's satisfies client needs: "It is not only Euromoney -- over the last 12 months we have been increasingly recognized around the world for the superb way in which we serve our clients. I am proud and delighted about these awards. But, because our success is built on the our clients' success, our task in the future is to exceed our clients' expectations."

    Alain Robert, Head of Wealth Management Switzerland, noted: "The survey makes it clear that we are extremely well positioned in a highly competitive market environment. Clients have perceived the progress we have made and our commitment to anticipate their needs. Our goal is to set new standards in the way clients experience wealth management. "

    Juerg Haller, Head of Products & Services, added: "We are proud to receive this accolade for a great number of services. It confirms how we actively strive to support the success of our advisors. For us, these awards are a further incentive to continue developing our products and services to better serve our customers."

December 2003

  1. UBS launches guide to China shares

    Providing key factual information on the 400 top A-share companies by market capitalization - as at 7th November 2003 - each one-page summary contains a brief business description, contact details, key shareholder information and financial data. The information is based on annual and interim financial reports in recent years. A-shares are issued by Chinese companies, both registered and listed in China.

    The directory also further strengthens UBS's position as the number one firm in China research. In May this year, UBS was the first institution to be granted Qualified Foreign Institutional Investor status by China's regulatory authorities, allowing the firm to provide clients (subject to certain conditions) with direct access to China's domestic equity and debt markets.

  2. New UBS homepage puts clients at the center - offers new Service Finder

    The new homepage structure takes into account user feedback as well as the results of extensive usability lab sessions involving several dozen test users. The most important links are now categorized under two new headings, "Individuals" and "Corporates & Institutions". Placed at the center of the screen, these links were immediately noticed by test users. The entire redesign is aimed at helping visitors find what they are looking for quickly and conveniently.

    Already highly successful, the Service Finder has been completely redeveloped. With the help of a simplified interface, users can access information on services tailored to their own needs and geographical region with 3 to 5 mouseclicks. On the same page, users have direct access to UBS branch information for the relevant country. In addition, clients can navigate the Service Finder without the need for special browser plug-ins now that the redesigned application uses standard technology.

    Access to the sections Media, Analysts & Investors, Career Candidates and "About UBS" are still positioned in the left part of the homepage.

    Several hundred thousand people visit the UBS homepage every month. It is both a vital reference point and service hub for clients and users globally, providing links to information on the firm and its offerings as well as access to online services.

November 2003

  1. UBS reports third quarter net profit of CHF 1,673 million

    UBS reports net profit of CHF 1,673 million for third quarter 2003. Excluding goodwill amortization, net profit was CHF 1,911 million, up 53% from a year earlier and 2% higher than second quarter.

    "It is our most profitable quarter in three years, with performance up in all our businesses compared to last year. We captured revenue opportunities despite volatile markets, particularly in fixed income, while the strong net new money inflow again shows our substantial competitive progress," said Peter Wuffli, Chief Executive Officer.

    In third quarter, clients brought CHF 20 billion in net new assets to UBS. In institutional asset management, UBS recorded an inflow of CHF 6.3 billion, the highest since 2000. The wealth management businesses posted total net inflows of CHF 15.1 billion; in the US, UBS reported a very strong inflow of CHF 5.7 billion, again outperforming most peers in the private client market. The European wealth management business put in another outstanding performance, reporting strong net new money of CHF 2.8 billion and a 57% year on year rise in revenues.

    Operating income was CHF 8,490 million in third quarter 2003, up 6% from the same period a year earlier, benefiting from improved fee and commission income. Corporate finance fees increased, reflecting a pick-up in corporate activity as well as a strengthening of UBS's competitive position. Asset-based and investment fund fees rose on the recovery in equity markets. Revenues in the Fixed Income, Rates and Currencies business remained very strong, despite turbulent bond markets in the summer, highlighting the broad base of this business. Compared to third quarter 2002, private equity writedowns fell significantly.

    Costs remained under tight control and were cut in almost all areas, pushing the overall pre-goodwill cost/income ratio to 72.2%, its lowest level since PaineWebber became part of UBS in 2000. Including goodwill amortization, the cost/income ratio was 75.1%. Total operating expenses fell 6% to CHF 6,353 million, with general and administrative expenses down 17%. Personal expenses fell 1%, because of lower salaries, which reflected a decrease in staff levels.

    Headcount, at 66,153 on 30 September 2003, was 4% lower than at the beginning of the year. Lean structures and careful management of resources will continue to be crucial success factors in the financial services industry, and so UBS expects to further streamline processes across the firm and reduce corresponding staff levels.

    Both the international and Swiss credit portfolios outperformed, with UBS realizing a net recovery of CHF 26 million in third quarter 2003, compared to a net credit loss expense of CHF 95 million a year ago. This positive development was largely due to a consistent level of recoveries and the small number of new impairments.

    Employee stock options - grants in 2003 and strategy for future use
    UBS recently reviewed the use of stock options in its compensation schemes and concluded that the targeted use of options as an element of the overall compensation strategy gives employees an appropriate long-term incentive to pursue sustainable share price appreciation. Consequently, UBS will continue to make use of options, but will grant them more selectively than before. From 2004 onwards, options will be used solely to match voluntary investments in UBS shares or as targeted discretionary incentives to top performers who make key contributions to the firm's success. As a result of these changes, the number and value of employee stock options awarded are likely to decrease from current levels for grants made in 2004 and thereafter.

    As part of its quarterly results discussion from now on, UBS will disclose the pro-forma expense for option awards, net of tax, which would have been incurred if recorded at fair value. In the first nine months of 2003, this expense was CHF 426 million, down from CHF 658 million for the same period a year ago, with the drop mainly attributable to lower prices for the UBS share at grant. Most employee stock options are awarded in the first half of the year, and significant grants are not expected for the remainder of this year. The final value of options awarded in 2003 will be disclosed in UBS's fourth quarter 2003 report.

  2. UBS reports third quarter net profit of CHF 1,673 million

    Today, Peter Wuffli, Chief Executive Officer, presented UBS's Third Quarter 2003 Results live from Zurich by webcast.

  3. Third Quarter Results 2003 to be published on 11 November 2003

    On Tuesday, 11 November, at 9am (CET), Peter Wuffli, Group Chief Executive Officer, will present UBS's Third Quarter 2003 Results live from Zurich by webcast. All Third Quarter Results material will be published here on the 11 November starting at 7am (CET), including

August 2003

  1. Power outage in New York City

    Clients of UBS Investment Bank

    Following the power outage that affected the NYC tri-state area, we expect power to be fully restored to all areas during today. We can confirm that all our non-NYC offices are fully operational. Our NYC offices will be open for business as usual on Monday.

    However, due to the telecoms companies in this area experiencing problems, clients may have problems contacting NYC-based staff, so we would ask you to call our Stamford, Connecticut Switchboard who will be able to transfer you via our private internal network. Our Switchboard number is: +1 203 719 3000

    Clients of Wealth Management US

    Please be assured that all your account information remains safe and updated in the wake of yesterday's blackout. If you can't contact your Financial Advisor or Branch and need to place an order or have a question, please call 1-888-279-3343, Option 4.

  2. UBS reports second quarter net profit of CHF 1,639 million

    UBS reports net profit of CHF 1,639 million for second quarter 2003 and CHF 2,853 million for the first half of the year. This includes an after-tax gain of CHF 2 million from the sale of the US clearing business Correspondent Services Corporation (CSC)* to Fidelity. Adjusted for the gain and before goodwill amortization, second quarter net profit was CHF 1,875 million -- up 15% from a year earlier and 29% higher than first quarter.

    "The gradual recovery of market activity and improved investor sentiment provided us with excellent opportunities -- and across our businesses, we clearly captured them," said Peter Wuffli, President of the Group Executive Board.

    Net new money results remained strong with a total net inflow of CHF 14.4 billion. Global Asset Management reported inflows of CHF 2.4 billion, mainly into high-margin asset classes. The Wealth Management businesses had total net inflows of CHF 10.4 billion. UBS attracted a record CHF 3.3 billion in new client assets from its initiative targeting European domestic markets. In the US market, it achieved net inflows of CHF 3.9 billion, outperforming its peers in the private client market.

    Revenues rose compared to first quarter in all of UBS's businesses. Individual and institutional clients transacted more as uncertainties subsided. The Investment Bank benefited from increased levels of activity in equity markets and was again able to post excellent fixed income results.

    Compared to second quarter a year ago, UBS's total operating income was up 1%, although it was down 1% if the sale of CSC1 is excluded. While markets rose this quarter, they have not recovered to the levels seen a year ago, keeping asset-based fees below those recorded then. On the positive side, income benefited from record underwriting fees, thanks to increasing demand for equity issuance, as well as a further decline in private equity writedowns.

    UBS continued to maintain its strong grip on costs. The cost/income ratio was 74.7%. Before goodwill and excluding the sale of CSC it was 73.4%, its lowest level since late 2000, reflecting particularly impressive efficiency improvements in the Swiss domestic and US wealth management businesses. Operating expenses fell 7% from second quarter 2002, with a 12% drop in general and administrative expenses, thanks to cost-cutting efforts across all businesses.

    Headcount, at 66,973 on 30 June 2003, was 4% lower than a year earlier. While UBS has been able to avoid major job cut programs during the difficult environment of the last two years, it has gradually reduced headcount, benefiting from productivity gains while tailoring capacity to the market situation.

    The international and Swiss credit portfolios remained resilient in second quarter. UBS realized an aggregate recovery of loan loss provisions of CHF 24 million this quarter, compared to a net credit loss expense of CHF 104 million in first quarter and CHF 37 million in second quarter 2002. This positive development was largely due to a high level of recoveries in the Swiss lending business, which also saw a continuing low level of new impairments. Credit loss expense in the Investment Bank, at CHF 41 million, remained almost unchanged from first quarter.

    Single brand successfully introduced
    On 9 June, UBS was adopted as the single brand for all major businesses around the world. The move was successfully executed and supported by a global advertising campaign as well as wide-ranging client and internal communication initiatives. In the US - the market most affected by the new brand strategy - these efforts significantly improved awareness for the UBS brand. Between February and June of this year, the proportion of US private clients who felt familiar with UBS as a firm went from less than half to 85%. Moreover, their opinion of UBS has risen significantly and is now highly favourable.

  3. UBS reports second quarter net profit of CHF 1,639 million

    Peter Wuffli, President of the Group Executive Board, presented UBS's Second Quarter 2003 Results live from Zurich by webcast.

  4. Second Quarter Results 2003 to be published on 13 August 2003

    On Wednesday, 13 August, at 9am (CET), Peter Wuffli, President of the Group Executive Board, will present UBS's Second Quarter 2003 Results live from Zurich by webcast. All Second Quarter Results material will be published here on the 13 August starting at 7am (CET), including

July 2003

  1. UBS wins Euromoney's best bank award

    Euromoney gave its prestigious best bank award in 2003 to UBS because of the firm's sharp focus and because of management's ability to avoid credit losses and proprietary trading problems -- some of the factors among many why UBS's share price has held up better than most peers.

    "It has striven to be a global leader in wealth and asset management and investment banking. These are businesses subject to securities market cycles. Yet, even with global equity indices falling over the previous year, UBS had done well in its chosen markets in market share and financial returns. It has won private-banking client assets, as other banks have lost them. It has risen to the top of the tree in foreign exchange, a market traditionally dominated by commercial banks, and in equities, traditionally dominated by the US securities houses," Euromoney said.

    "Strategic consistency has been a key for us," UBS president Peter Wuffli told Euromoney. "So we didn't go into bancassurance - even though that was a temptation in recent years, given prices - nor into retail banking outside Switzerland. We do not see a workable pan-European retail model. Instead we have maintained our focus and striven to balance cost control and risk control on the one hand and achieving organic growth on the other."

    According to the magazine, UBS has also been "ruthless" on costs and with regards to its balance sheet.

    "We've moved out of non-core loans. We'll use our balance sheet to support specific client relationships," Wuffli told the magazine, adding, "But we've also exited certain relationships."

    Wuffli also told the magazine that UBS's integrated business model is a key distinguishing factor, as it has "an integrated model, with one management group and culture which you need to manage the trade-offs between the bankers who represent the clients and the risk control people who defend the balance sheet".

  2. Peter Wuffli rings NYSE's closing bell

    UBS President Peter Wuffli rang the bell that signals the end of the trading on Wednesday at the New York Stock Exchange (NYSE), an event underscoring the firm's global appeal as well as its commitment to U.S. markets.

    "We think we are seeing the end of the bear market," Wuffli said in an interview with financial news network CNBC after the bell ceremony. "I'm quite optimistic about the remainder of the year," he said, referring to the U.S. and European economies. However, he cautioned, global financial markets are not about to embark on a full-blown bull market. "Sentiment is picking up, however we should expect volatility and even setbacks in the months to come."

June 2003

  1. New brand, new website

    The UBS Location Finder is one of the new features, making it far easier for you to find out information about our more than 1,000 branches around the world.

    You can also now find information about all our businesses and Business Groups on the central www.ubs.com homepage. Some of you will notice that the independent UBS Warburg and UBS PaineWebber homepages have been taken down. To access the information previously available on those sites, access our "UBS Investment Bank" and "Wealth Management in the USA" links.

    We have also comprehensively reworked and standardized the design and content of the UBS website, which now has over 30,000 pages. Among the improvements we have introduced is the increased resolution of the pages, which will optimize PC screen space utilization for a majority of the more than one million people who visit our website every month. The larger font sizes we are now using will also improve readability.

May 2003

  1. UBS reports first quarter net profit of CHF 1,214 million

    UBS reports net profit of CHF 1,214 million, a decline of 11% from the first quarter a year earlier. Before goodwill and excluding the gain from the sale of Hyposwiss in first quarter 2002*, net profit was 7% lower. This decrease is almost entirely attributable to currency moves - mainly the US dollar's 20% weakening against the Swiss franc between the two periods.

    Compared to fourth quarter 2002 and before goodwill, net profit rose 35% after excluding the writedown related to the withdrawal of the PaineWebber brand** and the gain from the sale of Klinik Hirslanden***.

    "UBS has again delivered robust results in a tough environment. We focused on protecting and enhancing returns for our shareholders. We pushed down our cost/income ratio to its lowest level since the middle of 2001, and delivered a higher return on equity than this time last year," said Peter Wuffli, President of the Group Executive Board.

    About half of the change in both income and expense compared to the same quarter a year earlier was driven by currency movements.

    Operating income declined 19% compared to a year earlier. Adjusted for the gain from the sale of Hyposwiss1, income was 18% lower. Apart from the currency effects, the decrease was mainly due to poor equities trading conditions and low equity market levels, affecting asset-based revenues. Encouragingly, private equity writedowns at UBS Capital returned to more moderate levels, decreasing to CHF 123 million in first quarter 2003 from CHF 383 million in the same quarter a year earlier. Fixed income trading revenues were very strong, reflecting a buoyant trading environment that benefited from low interest rates and a steep yield curve.

    Credit businesses again proved resilient, despite another quarter of generally weak economic conditions. Actual net credit loss expense during the quarter amounted to CHF 104 million compared to CHF 85 million in the same quarter in 2002.

    Costs remained under tight control. Operating expenses fell 20% from the same quarter a year earlier, to their lowest level since the merger with PaineWebber. Besides currency effects, the decrease reflects sharp declines in personnel and in general and administrative expenses, down 21% and 18% respectively. Performance-related compensation also fell.

    Headcount declined a further 666 to 68,395 in the three months since 31 December 2002 as processes and structures were streamlined. At the same time, capabilities were selectively expanded in areas with growth potential.

    Net new money in UBS's wealth management businesses (Private Banking and UBS PaineWebber) for the quarter was CHF 11.1 billion - a strong result that shows the continued confidence clients place in UBS's financial advice, its stability and strength. In the European wealth management business, net inflows reached a record of CHF 3.0 billion. Inflows were positive across all private banking markets. In the US, UBS PaineWebber reported net new money of CHF 3.7 billion, comparing favorably to industry experience.

  2. UBS reports first quarter net profit of CHF 1,214 million

    Today, Peter Wuffli, President of the Group Executive Board, presented UBS's First Quarter 2003 Results live from Zurich. The webcast is available on demand from 2pm (CET):

  3. First Quarter Results 2003 to be published on 13 May 2003

    On Tuesday, 13 May, at 9am (CET), Peter Wuffli, President of the Group Executive Board, will present UBS's First Quarter 2003 Results by webcast.

    All First Quarter Results material (media release, shareholders' letter, video clip with key messages from Peter Wuffli, quarterly report, slide presentation) will be published here on the 13 May starting at 7am (CET).

    The webcast will also be available on demand from 2pm on the 13 May.

March 2003

  1. Investors Worry Strained Relations Between U.S. and European Allies Will Impact Economy, According to UBS Index

    The overall Index of Investor Optimism - EU 5 decreased by 10 points to a level of -57 points in March, down from -47 in February, the lowest measure since the Index - EU 5 baseline survey was conducted in October 2001 (Table 1). The decline can be largely attributed to investors' dim outlook for the European economy (Table 2). Sixty-two percent of investors are pessimistic about economic growth over the next twelve months, up from 57 percent in February.

    Importantly, fewer investors, 54 percent in March compared to 60 percent last month, believe Europe is most likely to experience a moderate economic recovery over the next year (Table 3). This is compared with 31 percent who think economic weakness will continue, up from 27 percent in February; 11 percent who predict a worsened economic situation; and 2 percent who foresee a strong recovery.

    European investors continue to view a war in Iraq as the largest threat to the financial markets, with 73 percent of those surveyed saying they expect a war to have an extremely or somewhat negative impact. In contrast, 13 percent of investors believe a war with Iraq will have a positive impact on the markets, and 12 percent foresee neither positive nor negative effects.

  2. UBS congratulates Alinghi on winning the America's Cup.

    UBS Chairman Marcel Ospel has also expressed his enthusiasm over Team Alinghi's spectacular success: "This is a wonderful success for Alinghi. UBS is honoured to be involved in a partnership with such a successful team, made up of members from 17 different countries, and we would like to extend our congratulations to the Alinghi crew. During the Louis Vuitton Cup, and now the America's Cup, the team has shown just how important teamwork, technology and innovation are - values that are reflected within UBS and which are also the keys to success in the global financial services industry."

    For Georges Gagnebin, Chairman of UBS Wealth Management & Business Banking, "the atmosphere during the America's Cup in Auckland was simply electrifying, and the skills and teamwork demonstrated on both boats were a great inspiration." On a business level, Gagnebin views the America's Cup as representing an excellent marketing opportunity: "Via our sponsorship commitment to the Louis Vuitton Cup and Alinghi, we were able not only to carry out advertising for the UBS brand world-wide, but also to welcome business partners and clients at one of the world's largest and most prestigious sporting events."

    As the title defender in the America's Cup, Alinghi now has the right to decide on the timing and location of the next America's Cup.

February 2003

  1. Investor optimism plunges to record low due to war fears, according to UBS Index

    The overall Index of Investor Optimism - EU 5 decreased by 10 points to a level of -47 in February, down from -37 in January, reaching the lowest measure since the Index - EU 5 baseline survey was conducted in October 2001 (Table 1). Investors' growing concerns about the financial markets outlook and the ability to achieve their investment targets over the next 12 months are primarily responsible for the decline in the Index (Table 2). This month, 61 percent of investors report they are pessimistic about the performance of the stock markets over the coming year, compared with 52 percent in January. Indeed, 63 percent of those surveyed say now is not a good time to invest, the highest level measured since the survey began.

    Among EU 5 investors, a potential war in Iraq is viewed as the most important threat to global stock markets, with 60 percent of those polled sharing this view (Table 3). This is followed by the possibility of major terrorist attacks, (16 percent); a prolonged economic downturn, (13 percent); a potential conflict with North Korea, (5 percent); and a significant depreciation of the US dollar, (4 percent).

    Importantly, 28 percent of investors believe a war with Iraq will have an extremely negative impact on global stock markets, and an additional 43 percent foresee a somewhat negative effect. In contrast, 16 percent of those polled anticipate a war with Iraq will have a positive impact on the markets, and 10 percent expect no significant impact. (Table 4).

January 2003

  1. Bleak mood persists among European retail investors, according to UBS Index

    The overall Index of Investor Optimism - EU 5 increased 1 point to -37 in January, up from -38 in December, the lowest measure since the Index - EU 5 baseline survey was conducted in October 2001 (Table 1). While the overall Index held steady this month, there were significant moves in both the economic and personal financial components (Table 2).

    Investors' outlook for their personal financial situation continued to deteriorate this month, with nearly half of those surveyed (49 percent) saying they are pessimistic about their ability to achieve investment targets over the next twelve months, up from 46 percent in December. Moreover, fewer investors, 53 percent, say they are optimistic about achieving their investment targets over the coming five years, down from 56 percent last month and 65 percent a year ago.

    When asked about the prospects for European stock markets over the next decade, 12 percent of investors believe stagnation is very or extremely likely, unchanged from October 2001, when investors were last polled on the subject. One third of investors, 33 percent, say stagnation is somewhat likely (down from 36 percent), and 48 percent believe it is not too likely or not likely at all (47 percent in October).

December 2002

  1. European Investor Optimism Reaches New Low With Concerns Over The European Economy, According to UBS Index

    The overall Index of Investor Optimism - EU 5 decreased by 10 points to a level of -38 points in December, down from -28 in November, the lowest measure since the Index - EU 5 baseline survey was conducted in October 2001 (Table 1). The decline can be largely attributed to investors' dim outlook for European economic growth and employment (Table 2). Fifty-eight percent of investors are pessimistic about economic growth over the next twelve months, up from 54 percent in November. At the same time, the share of investors who are very pessimistic or somewhat pessimistic about the prospects for the employment market climbed to 65 percent from 59 percent last month.

    This month investors were asked how likely they believe it is that the European economy will enter a prolonged period of stagnation, similar to the Japanese experience. Notably, nearly half of investors, 45 percent say this scenario is very likely or somewhat likely, compared with 49 percent who believe it is somewhat or very unlikely.

    In contrast to the gloomy assessment of the European economy, investors' outlook for financial markets continued to stabilise. Those surveyed expect that the stock market will provide an average rate of return of 6.9 percent over the next 12 months, slightly up from 6.5 percent in November. Moreover, 49 percent of investors are optimistic that the year 2003 will be better for global markets than 2002, compared with 27 percent who say they are neither optimistic nor pessimistic, and 23 percent who are pessimistic (Table 3). Overall,18 percent of investors report that 2002 was the worst year ever for their personal portfolio; 38 percent characterise 2002 as a bad year; 36 percent say it was an average year; 6 percent report it was a good year; and just 1 percent say 2002 was the best year for their portfolio.

November 2002

  1. European Investor Optimism Recovers Slightly on the Heels of an Improving Outlook for Financial Markets, According to UBS Index

    The overall Index of Investor Optimism - EU 5 increased by 5 points to a level of -28 points in November, up from -33 in October (Table 1). Investors report increased optimism for both the short-term and long-term outlook of the financial markets (Table 2). The share of investors who are very or somewhat optimistic about the prospects for the stock market over the next twelve months increased from 22 percent in October to 27 percent this month, compared with 51 percent who expressed pessimism in November, down from 59 percent last month. Moreover, those surveyed expect an average rate of return of 7.5 percent on their portfolio over the next twelve months, up from 6.3 percent in October.

    Investors continue to view a potential war with Iraq as the most serious threat to the global financial markets, although the percentage of investors who share this opinion declined to 37 percent from 47 percent in October (Table 3). This is compared with 27 percent who view a major terrorist attack as the biggest threat (up from 19 percent) and 20 percent who cite a prolonged economic downturn as the largest potential problem (up from 18 percent).

    In contrast to the improved financial market assessment, investors report they are increasingly worried about the prospects for economic growth and unemployment in Europe. The share of investors who are pessimistic about the outlook for unemployment rose from 54 percent in October to 59 percent this month, while those who expressed optimism declined from 24 percent to 20 percent. Importantly, fewer investors (61 percent compared with 68 percent last month) believe that a recovery of the European economy is the most likely scenario, while 32 percent believe that continued economic weakness is most likely, up from 25 percent in October. (Table 4).

October 2002

  1. European investor optimism continues to decline in October, according to UBS Index

    The overall Index of Investor Optimism - EU 5 fell by 9 points to a level of -33 points in October, down from -24 in September, the lowest measure since the Index - EU 5 baseline survey was conducted in October 2001.

    Investors' diminishing confidence for achieving their investment targets over the coming twelve months contributed most to the Index's decline. Over half of investors (52 percent) with an opinion believe that stock markets have yet to hit rock bottom, a slight increase from 47 percent in September.

September 2002

  1. Fears of War with Iraq Weigh Heavily on European Investor Optimism, According to UBS Index

    Investor optimism across Europe fell dramatically in September as investors expressed deep concern over the threat of a war against Iraq and continued economic uncertainty, according to the Index of Investor Optimism® - EU 5, a joint effort of UBS and the Gallup Organization.

    The overall Index fell by 23 points to a level of -24 points in September, down from -1 in August, the Index's highest month-on-month loss to date (Table 1). The negative Index value, the lowest measured since the Index - EU 5 baseline survey was conducted in October 2001, reveals for the second month in a row that the number of pessimistic responses exceeded the number of optimistic responses.

    Increased concern by investors over economic growth in the next twelve months contributed the most to the decline in the overall Index (Table 2). Nearly half of investors, 47 percent, were pessimistic about economic prospects, up from 39 percent in August. However, despite increased uncertainty, a majority of individual investors (60 percent) still believe a moderate recovery is the most likely scenario for the European economy compared with 29% who expect continued economic weakness, and 5% who anticipate a worsened economic situation (Table 3).

August 2002

  1. European Investor Optimism Remains Dim in Stormy Times, According to UBS Index -- Most investors expect economic recovery over the next year

    In the face of considerable losses in the global stock markets, investor optimism amongst individual investors across Europe declined modestly in August, according to the Index of Investor Optimism® - EU 5, a joint effort of UBS and the Gallup Organization.

    The overall Index declined marginally to a level of -1 point in August, down from 2 points in July (Table 1). This negative Index value, the lowest measured since the Index - EU 5 baseline survey was conducted in October 2001, reveals that the number of pessimistic responses exceeded optimistic responses for the first time. Interestingly, investors with assets worth €100, 000 or more are significantly more optimistic, with an Index level of 22 points, than investors with assets of €50,000 but less than €100,000 with an index value of -16.1.

    Whilst the overall Index remained broadly unchanged, the slight decline in investor attitudes was due to a 2 point decline in the personal income outlook and a 1 point decline in stock market performance questions (Table 2).

    More than two thirds of those investors with an opinion believe that the European economy will recover over the next year, and a moderate economic recovery is seen as the most likely scenario by 62 percent of investors surveyed (compared with 67 percent in June). In contrast, only 6 percent of investors now expect a strong recovery (compared to 2 percent in June); 28 percent of investors believe economic weakness will continue, unchanged from previous months; and only 4 percent believe economic conditions will worsen.

  2. UBS reports second quarter net profit of CHF 1,331 million

    UBS achieved second quarter 2002 net profit after tax of CHF 1,331 million, down 4% from the second quarter a year earlier and 2% lower than in the first quarter of 2002. Pre-goodwill, profit was CHF 1,633 million, 5% less than the second quarter 2001, but up 4% from first quarter 2002 (adjusted for the disposal of Hyposwiss) -- the third consecutive quarterly increase.

    During the quarter, extensive uncertainty about global economic prospects continued to challenge the financial industry. In particular, investor confidence was undermined by a succession of negative events, leading to considerable corrections in equity markets.

    "Against this difficult background, profitability in our key businesses has proved resilient. We have been able to limit negative credit experience and offset the pressure on revenues with strict cost management," said Peter Wuffli, President of the Group Executive Board.

    Revenues from the private client businesses held up particularly well. Nevertheless, total operating income, at CHF 9,008 million, fell 9% from a year earlier and was 6% lower than in the first quarter of this year, reflecting generally subdued levels of corporate activity and depressed investor sentiment as well as further writedowns on UBS Capital's private equity investments. UBS Capital continued to record disappointing losses through deteriorating valuations and a shortage of viable exit opportunities.

    Cost discipline in all UBS businesses helped keep expenses down. Total operating expenses in second quarter dropped 9% from the same period in 2001 and personnel expenses fell 10% compared to both second quarter 2001 and first quarter 2002.

    UBS's cautious attitude towards risk has helped it avoid exposure from the worst of the financial market's recent defaults. Credit losses declined to CHF 37 million in the second quarter compared to CHF 76 million for the same period in 2001, despite a generally deteriorating credit environment. Levels of impaired loans fell to CHF 12.6 billion, down 9% from the first quarter.

    The current environment highlights the importance of a solid and stable financial structure. UBS's capital base and cash generation remain strong, with a BIS Tier 1 ratio of 11.8% among the highest in the industry. This financial strength allowed continued share repurchases (CHF 2.3 billion in the second quarter), supporting the level of earnings per share.

    Net new money in the private clients businesses was CHF 4.9 billion in second quarter 2002. Private Banking showed a strong net inflow of CHF 3.5 billion despite a CHF 3.8 billion net outflow due to the Italian tax amnesty. As in the first quarter, UBS managed to retain almost half of the flowback to Italy within its domestic private banking operations. In an extremely difficult environment in the US private client market, UBS PaineWebber continued to attract new money with a net inflow of CHF 1.4 billion.

    UBS's two major strategic initiatives continue to enjoy success. The European wealth management initiative, experiencing its highest revenues since its inception, continues to expand its franchise. UBS Warburg further improved its share of the US investment banking market to 3.7% from 3.4% a year ago.

  3. Second Quarter Results 2002 to be published on August 13, 2002

    On Tuesday, August 13, at 9am (CET), Peter Wuffli, President of the Group Executive Board, will present UBS's Second Quarter 2002 Results by webcast.

    All Second Quarter Results material (media release, shareholders' letter, video clip with key messages from Peter Wuffli, quarterly report, slide presentation) will be published here on the 13th August starting at 7am (CET).

    The webcast will also be available on demand from 2pm on the 13 August.

July 2002

  1. European Investor Optimism Dips to New Low in July, According to UBS Index

    Economic uncertainty and the issue of questionable accounting practices dampened optimism among individual investors across Europe in July, according to the Index of Investor Optimism® - EU 5, a joint effort of UBS and the Gallup Organization.

    The overall Index continued to decline to a level of 2 points in July, down from 8 points in June (Table 1) with investor optimism for the first time even lower than the level of optimism in the first survey (4 points) conducted in October 2001. Investor pessimism on the achievability of their investment targets in the coming 12 months contributed the most to the Index decline (-4 points). However, the assessment of the macroeconomic outlook, including growth, unemployment and inflation, remained broadly stable with an overall total change of -6 points compared to -20 points between May and June (Table 2).

    Almost two thirds (65 percent) of investors with an opinion believe a moderate economic recovery would best describe prospects for the European economy over the next year (almost unchanged from 67 percent in June). 28 percent of investors with an opinion expected continued economic weakness which remains unchanged from June but only 4 percent of investors surveyed expected a strong economic recovery and 2 percent expected the the economic situation to worsen.

  2. UBS.com - new navigation and new content

    The navigation panel will also be changed once the new business structure is in place on 1 July 2002. The former "UBS Private Clients", "UBS Corporate Clients" and "UBS Private Banking" entries will now be under "UBS Wealth Management & Business Banking".

    The left navigation bar contains five additional links that take you directly to the newly developed Service Finder. You can use the Service Finder to navigate directly through offers for private individuals and for companies, for the public sector, the financial sector and for financial intermediaries, without having to navigate through the traditional hierarchy of links. Information about credit cards for young people are just as easy to find as financial solutions for large corporations.

June 2002

  1. Political Uncertainty and Continued Economic Woes Dampen Investor Optimism in June, According to UBS Index

    Optimism among individual investors across Europe dropped in June as the 'war on terrorism' and conflict in the Middle East raised concerns about the outlook for European stocks, according to the Index of Investor Optimism® - EU 5, a joint effort of UBS and the Gallup Organization.

    The overall Index fell to 8 points in June, down 20 points from 28 last month. Investor optimism has dropped to its lowest level since the baseline survey was conducted in October 2001. The drop in the overall Index can be attributed to a deteriorating financial market outlook and concerns about prospects for the economy. Indeed, 45 percent of those surveyed now feel pessimistic about the stock market performance in the coming twelve months, compared with 35 percent in May. Moreover, fewer investors, 48 percent this month compared with 54 percent in May, now express optimism about the ability to maintain or increase their income over the coming year.

    The tense geopolitical situation continues to impact investor confidence. Individual investors see the 'war on terrorism' as the most serious threat to European stocks, with 73 percent citing it as a very or moderately serious threat. Additionally, an increasing share of investors, 67 percent in June compared with 63 percent last month, believe the Israeli/Palestine conflict is a serious threat.

May 2002

  1. Investor optimism remains relatively unchanged in May

    Investor optimism across Europe improved marginally in May as more investors express confidence in the European economy, according to the Index of Investor Optimism® - EU 5, a joint effort of UBS and the Gallup Organization.

    The overall Index reached a level of 28 points in May, up 2 points from 26 last month. Investor optimism about economic outlook is improving slightly, as 46 percent of those surveyed now feel optimistic about economic growth in the next twelve months, compared with 43 percent in April. Likewise, fewer investors, 45 percent, now express pessimism about the outlook for unemployment, compared with 50 percent in April.

    Importantly, nearly half of all investors, 47 percent, say the European economy has hit bottom, a sharp increase from 40 percent in April, while 60 percent believe Europe will be in a recovery six months from now.

  2. UBS reports first quarter net profit of CHF 1,363 million

    UBS achieved first quarter 2002 net profit after tax of CHF 1,363 million, 14% less than the same quarter a year earlier but 23% higher than fourth quarter 2001. Pre-goodwill, and adjusted for gains from the sale of Hyposwiss, profit was CHF 1,574 million, 17% less than the same quarter a year earlier but 10% higher than the fourth quarter 2001. Overall profitability grew for the second consecutive quarter, with every business unit (except UBS Capital) recording quarter-on-quarter growth. The highly successful Swiss domestic banking business again posted record pre-tax profits.

    "The market environment remains difficult, but the progress of all our businesses is very encouraging. We continue to see the benefits of our disciplined cost and risk management, our strategic focus and our diverse business mix," said President Peter Wuffli.

    Wealth management results proved resilient despite the uncertain sentiment, and UBS Warburg's core Corporate & Institutional Clients unit performed very well - driven by record fixed income results. A large proportion of the Group's drop in profits compared to first quarter 2001 was recorded by UBS Capital, which continues to post disappointing results as wider economic difficulties depress private equity valuations.

    Operating income in first quarter 2002 was CHF 9,589 million, down 5% compared to first quarter 2001, but up 13% compared to fourth quarter 2001. Wealth management businesses provided stable growth, with revenue increasing quarter-on-quarter, thanks in particular to growth in asset-based fees. These recurring fees rose both in Private Banking and in UBS PaineWebber, to record levels in the latter. Investment fund fees also hit an all-time high.

    General and administrative expenses dropped 9% compared to first quarter 2001 to CHF 1,700 million, their lowest level since the merger with PaineWebber, reflecting deep cuts in marketing, travel and entertainment and technology spending. Personnel expenses rose 1% to CHF 5,317 million on higher performance-related compensation. These costs are managed on a full-year cycle with the fixing of annual performance-related compensation made in the fourth quarter. Headcount discipline continues to make capacity cuts unnecessary and leave scope for strategic investments.

    Credit loss expense was CHF 85 million in first quarter 2002 or 3 basis points of the loan book for the quarter, compared to CHF 115 million in fourth quarter 2001 and CHF 136 million in the same period a year earlier. The Group benefited from the improved quality of the Swiss domestic portfolio while UBS Warburg continues to manage risk cautiously and to make effective use of credit protection.

    Clients invested CHF 11.8 billion in net new money in first quarter 2002, a satisfactory result given the current market environment and the short term impact of the Italian tax amnesty, which reduced net flows in Private Banking in this quarter by CHF 4.5 billion. The strategic build-up of domestic private banking activities in Italy helped UBS retain nearly half of the CHF 8.4 billion in repatriated assets. UBS PaineWebber, the Group's US private client business, continued to gain market share from its US private client peers and generate strong net new money, capturing CHF 7.4 billion in net new money this quarter. UBS's investment funds continued to attract net inflows.

April 2002

  1. Investor optimism dips in April according to UBS Index of Investor Optimism

    The April Index is currently at 26, down six points from 32 last month. In particular, the outlook for economic growth over the coming 12 months dampened, with 36% of private investors expressing pessimism in April, compared with 32% in March. Similarly, 34% of those surveyed voiced a lack of confidence in the outlook for stock market performance in the coming year, compared with 31% last month. However, on broader economic issues such as unemployment, investors were more optimistic, with 28% saying they were somewhat optimistic, compared with 23% in March.

March 2002

  1. Investor optimism rebounds in March over improved market performance

    Despite the more bullish outlook for European stocks, the attitude towards the so-called New Markets, i.e. stocks of telecommunications, internet or biotechnology companies, remains depressed. Only 8% of European investors intend to buy New Market stocks over the coming three months, with 89% indicating they have no plans to invest in this sector. This pessimistic outlook is fueled by valuation concerns over the stocks in this sector, with 40% of those expressing an opinion saying New Market stocks are still overvalued, compared with 29% who think these stocks are undervalued. For the overall European stock market, only 18% of those expressing an opinion think it is overvalued, compared with 51% who believe it is undervalued.

    Confidence about the Euro remains steady but the issue of accounting practices raises concerns among European investors


    Questionable accounting practices, such as those related to the bankruptcies of New Market companies in Europe and Enron in the US, is raising concerns among individual investors, as 68% of those surveyed expect the issue to hurt the investment climate in Europe, compared with 21%, who don't believe it will have a negative impact. However, 44% of investors say the issue of questionable accounting practices is a larger problem in the US than in Europe, compared with 35% who believe the opposite. Another 21% are unsure.

    In general, European investors continue to expect US financial markets and the US dollar to be most attractive over the next 12 months. When asked about international financial markets, 42% are most optimistic about the US, 33% about Europe, 15% about Japan and 4% about emerging markets. There was also a slight decline in the number of investors who expect to increase the percentage of foreign assets in their portfolios, from 20% last month to 16% this month. On the question of currency, 51% of European investors rate the US dollar as most attractive, 23% the euro, 18% the British pound and 6% the Japanese yen.

February 2002

  1. Investor Optimism falls back in February

    Individual investors across Europe were less optimistic in February as continued economic weakness raised concerns about the outlook for European financial markets, according to the UBS Index of Investor Optimism® - EU 5.

    The February Index shows investor optimism at a current level of 20 points, down from 40 points last month. In particular, the outlook for economic growth over the coming twelve months dampened, with 41% of private investors pessimistic in February compared with 33% in January. Likewise, 38% were pessimistic on the outlook for stock market performance in the coming year, compared to 31% last month.

    According to the Index, Europe has fallen behind the US in the ranking of the most attractive financial markets. Currently, 42% now rank US markets as most attractive, compared with 33% in January. This contrasts with 31% of EU 5 investors saying they are most optimistic about the prospects for European markets this month, compared with 42% in January.

  2. UBS reports full-year net profit of CHF 4,973 million, and fourth quarter net profit of CHF 1,106 million

    UBS posted 2001 net profit after tax of CHF 4,973 million, 36% less than the previous year. Pre-goodwill, net profit was CHF 6,296 million, 28% lower than during the considerably stronger markets of 2000 (adjusted for significant financial events1 in 2000). Private equity investment losses and the costs of funding the PaineWebber merger contributed significantly to the drop in profits, while core operating businesses proved resilient. Overall, UBS made significant progress in 2001, succesfully integrating UBS PaineWebber, building up its European wealth management business, and expanding its investment banking presence, particularly in the U.S.
    "Despite the tough market environment, our key businesses have held up well. We are clearly seeing the benefits of our strict cost discipline and strategic focus, and we expect to continue gaining market share in the coming year," said President Peter Wuffli.
    Operating income in 2001 was CHF 37,114 million, up 2% from a year earlier, as the addition of UBS PaineWebber's business compensated for the difficult market conditions. Operating expenses were tightly controlled, with significantly lower performance-related compensation rates. Average variable compensation per head in 2001 was 23% lower than in 2000.
    Total credit loss expenses were CHF 498 million for the year, compared to a net recovery of CHF 130 million in 2000. In Switzerland, recoveries of provisions have declined, in comparison to the exceptional level of 2000. Outside Switzerland, UBS Warburg benefited from its prudent approach to risk as the global credit environment declined .
    Clients contributed CHF 102 billion in net new money in 2001. Private Banking attracted CHF 22.5 billion of inflows, an eight-fold increase over 2000. UBS Switzerland's Private & Corporate Clients unit saw CHF 8.5 billion in inflows. The Private Clients business centered on UBS PaineWebber received CHF 36.0 billion, continuing its excellent record, while UBS Asset Management posted a net new money inflow of CHF 34.9 billion. Total invested assets at the end of the year were CHF 2,457 billion, almost unchanged from a year earlier.

    Fourth quarter results
    Net profit after tax in the fourth quarter was CHF 1,106 million, 22% higher than in third quarter 2001 and 24% lower than in fourth quarter last year. Pre-goodwill, profit was CHF 1,436 million, 17% higher than the third quarter. The improvement against the third quarter was driven by a record contribution from UBS Switzerland's Private & Corporate Clients unit, reduced credit losses, tight control of personnel expenses and a lower tax rate. Compared to the fourth quarter a year earlier and adjusted for significant financial events , pre-goodwill net profit was down 24%, reflecting the effects of weaker markets and another difficult quarter for private equity valuations.
    Operating income fell 9% from the fourth quarter of 2000 (down 3% from third quarter 2001). Once again, the private client businesses provided a stable base, and net fee and commission income rose 4% quarter-on-quarter, now comprising 58% of total revenue. Performance-related compensation for the year has been significantly reduced in the light of market conditions and UBS's financial performance, leading to personnel expenses this quarter falling 9% from the third quarter. Overall, costs are at their lowest level since the PaineWebber merger.
    Credit loss expenses of CHF 115 million in fourth quarter 2001 compare to CHF 171 million in the third quarter and CHF 95 million a year earlier. UBS had no material, unhedged exposure to any of the widely publicized international corporate default cases of the last few months.
    Group net new money inflows for the quarter were CHF 21.7 billion, with inflows in the private client business units of CHF 12.6 billion.

January 2002

  1. Wealth management is the focus of UBS Strategy Seminar on January 16

    The upcoming annual UBS Strategy Seminar, to be held on January 16, will focus on the group's global wealth management plans.

    The event will give investors and media an in-depth explanation of UBS' global approach to wealth management, giving them first-hand information on the strategy and focus of one of the group's core businesses.

    The seminar will feature presentations by Group Executive Board President Peter Wuffli, UBS PaineWebber Chairman and CEO Joe Grano and UBS Private Banking CEO Georges Gagnebin on the strategy, focus, and objectives of UBS Global Wealth Management. A panel discussion with the recently created Wealth Management Board will be another one of the event's highlights.

    Attendance at the event is by invitation only, but the presentations can be viewed live on the internet from 9.00am CET.

December 2001

  1. Trade Button - Stock market orders direct from UBS Quotes

    If clients look up a particular stock in UBS Quotes and then want to buy or sell some of this stock, they are now able to click on the "Buy" or "Sell" link in the stock list or on the stock view. Try it out for yourself.

  2. UBS to launch European version of U.S. Index of Investor Optimism

    Although the index will officially launch on January 28, 2002, results from a pilot survey conducted last October show that individual investors in France, Germany, Italy, Spain and the UK are more optimistic about their personal finances than about the European economic climate.

    On the whole, European investors are divided about whether now is a good time to invest in the financial markets. Respondents who were positive about investing totalled 46 percent, compared to 49 percent who were negative. In the U.S., investors were more optimistic, as 73 percent of them believed that October was a good time to invest in the markets.

    European investors were also optimistic about the introduction of the Euro this coming January, with 54 percent positive about its potential effects on the European economy, compared with 25 percent who expressed pessimism and 20 percent who were neutral.

    The U.S. 'Index of Investor Optimism', which tracks the investor outlook on a monthly basis across personal and economic dimensions, is now in its sixth year.

November 2001

  1. Swiss Federal Banking Commission says UBS acted correctly in Montesinos affair

    The SFBC has just ended its investigation of Vladimiro Lenin Montesinos Torres. In November 2000, roughly USD 114 million of assets at five Swiss banks were frozen on suspicion of money laundering by the public attorney of the Canton of Zurich, then undertaking a criminal investigation.

    At the time, the SFBC started a regulatory investigation of Bank Leumi le-Israel (Schweiz) AG, Fibi Bank Schweiz AG, Banque CAI (Suisse) SA, UBS and Bank Leu AG. The object of the probe was to find out if the five banks met their duty-of-care and reporting requirements as stipulated in federal money laundering law and SFBC money laundering guidelines.

    As a result of the investigation, the SFBC has made a legally valid request for the General Manager of Bank Leumi le-Israel to resign.

    UBS and Bank Leu broke off business connections to Montesinos before the start of the investigation, an SFBC press release says.

    According to the SFBC, UBS and Bank Leu recognised that Montesinos was a Politically Exposed Person (PEP) from publicly available sources of information and ended their business relationship with him -- before the corruption allegations against him became public in the second half of 2000.

    Neither UBS nor Bank Leu had reasonable grounds for suspicion that the fund deposited by Montesinos had any criminal characteristics and therefore they did not make any reporting of the assets at the federal money laundering desk.

    Both banks did, however, decide to break off all business connections with Montesinos, and as a result the assets went to Bank Leumi and Fibi Bank.

    Also, the press release said that none of the banks -- except UBS -- made attempts to personally contact Montesinos. The other four relied solely on information provided by third parties. The SFBC said that such behaviour with regard to important client relationships in private banking is "unsatisfactory".

    Overall, the SFBC said that the mechanisms introduced to fight money laundering appear to be taking effect. The reporting requirement, stipulated in the money laundering law, made a "decisive contribution" in uncovering the Montesinos affair. The banks affected blocked and reported the assets held by Montesinos to the money laundering desk.

    The proactive conduct of Swiss justice and police authorities allowed Peruvian officials to acknowledge the existence of Montesinos' assets and make an application for international legal assistance.

  2. UBS reports third quarter net profit of CHF 903 million

    Zurich/Basel, 13 November 2001 - In third quarter 2001, UBS achieved a net profit after tax of CHF 903 million (down 35% from the second quarter and 56% lower year-on-year). Pre-goodwill, profit was CHF 1,227 million, 29% lower than last quarter and 44% less than the same period a year earlier. Business conditions were challenging as economies and securities markets worldwide deteriorated. In addition, the same period last year benefited from significant credit loss recoveries that are unlikely to be repeated. Conditions for equity trading, which was so successful in 2000, were particularly poor.

    "Against the background of a difficult general environment, our client business remained solid, and our strong market share growth means we're well positioned for improving economic conditions," said Luqman Arnold, President of the Group Executive Board.

    Group net new money inflows for the quarter were CHF 34.9 billion, with positive inflows in all businesses, bringing the total inflow for the year-to-date to CHF 80.3 billion. Inflows in the private clients business units totalled CHF 18.0 billion in the quarter. Total invested assets at the end of the quarter were CHF 2.28 trillion, a decline of 11% over the quarter, due to sharp declines in markets worldwide and the 10% reversal in the USD/CHF exchange rate.

    Costs, which fell 8% from the second quarter, were at their lowest level this year thanks to a clear focus on expense management, and lower performance-related compensation. Reduced information technology spending prompted a 6% quarter-on-quarter decline in general and administrative expenses.

    Revenues for all key operating businesses held up well with a diverse business mix and a core of asset-based fees proving invaluable. Operating income in the third quarter rose 2% from a year earlier to CHF 8,704 million, as the disruption in transaction revenues and poor equity trading conditions were offset by the inclusion of UBS PaineWebber.

    Impact of terrorist attacks in the U.S.
    UBS was profoundly shocked and saddened by the terrorist attacks in the U.S. on 11 September 2001 and by the scale of the personal tragedy involved.

    "Business considerations appear secondary within the context of recent events and we honor the memory of our employees who lost their lives," Luqman Arnold said, adding, "As a firm, UBS was fortunate not to suffer direct damage to property and could therefore offer support and facilities to others in need."

October 2001

  1. Mobile UBS Quotes. Always on market track.

    Try the new mobile UBS Quotes for yourself. Have a look at the interactive demonstration, configure your own device and get connected.

September 2001

  1. Innovation at Orbit/Comdex UBS e-banking services learn to walk and talk

    As the name suggests, "UBS Voice" is a voice-activated information service that does away with the need to key in numbers. By voicing the functions they need, clients can issue broking instructions, as well as access order status, deposit, price and rate information. Account statement, recent account movements, and stock prices can also be called up verbally. Account transfers can also be authorised. UBS Voice can be accessed worldwide on +41 848 848 006. (Currently only available in German.)

  2. Graduate Portal gets a comprehensive face lift

    Graduates looking for a job with UBS now have a central point, the re-launched UBS graduate recruitment portal, to access information from. It links up all of the group's diverse recruitment sites, features an updated online application utility (last year, over 30,000 graduates registered), online competency evaluation, a campus recruitment events calendar with a search function, and a larger number of profiles of successful graduate candidates that includes videos clips.

August 2001

  1. UBS reports results for second quarter 2001: Net profit after tax CHF 1,385 million.

    In the second quarter 2001, UBS achieved a net profit after tax of CHF 1,385 million, 9% lower than first quarter 2001 once adjusted for goodwill amortization, and 12% down on a reported basis. Revenues proved stable, thanks to strong client franchises and a diverse business mix, declining by just 2% from first quarter 2001 to CHF 9,881 million.

    Compared to the strong second quarter last year, net profit after tax was 26% lower once adjusted for significant financial events* and goodwill amortization, or 33% lower on a reported basis. About half of the decline in adjusted net profit was attributable to the performance of UBS Capital, which recorded a loss of CHF 351 million.

    These results come against a backdrop of slowing economic growth in the major economies and uncertainty in securities markets, in contrast to the relatively favourable conditions of second quarter 2000.

    Record levels of underwriting fees, portfolio management fees and investment fund fees helped to bring fee and commission revenue to an all-time high of CHF 5,375 million, representing 54% of the Group's revenues. Costs remain under tight control, with an increase of only 2% from first quarter 2001. Cost discipline ensures that scope remains for selective investment in strategic initiatives.

    "Although these are tough markets, our core businesses remain in good health," said Luqman Arnold, President of the Group Executive Board. "During this quarter we have gained market share in key areas, and attracted significant new client assets to our wealth management businesses."

    Net new money of CHF 24 billion brings the Group total for the year to CHF 45 billion, and total invested assets to CHF 2.56 trillion. Net new money in the private client units rose to CHF 17 billion from CHF 11 billion in the preceding quarter. UBS Asset Management achieved positive net new money in its institutional business (CHF 5 billion) for the first time since 1998, endorsing its successful investment performance.

  2. Standard & Poor's affirms UBS credit ratings.

    Standard & Poor's rating on UBS reflect "solid profitability and strong capitalization, the combination of which still sets a standard for international banks generally", according to the credit rating agency's press release. Today, Standard & Poor's affirmed its double-A-plus long-term and its A-1-plus short-term credit ratings. The outlook remains stable. "The ratings on UBS continue to be based on the group's strong market positions and franchises across a wide range of private banking and international securities activities, which provide a high degree of business and geographic diversification", Standard & Poor's says.

July 2001

  1. Ocean Partnership

    It is the world's most demanding sailing race lasting nine months and covering about 33,000 nautical miles. Beginning in Southampton, England the race is divided into nine legs and eight stop-overs. They will cross the final finish line in Kiel, (Ger) in June of 2002. Grant Dalton (NZL), who just broke the Round the World sailing speed record, will skipper one of the yachts and Lisa McDonald (USA) will skipper an all-girl crew on the other yacht.

    Sailing, one of the latest international sponsorship platforms for UBS, forms the perfect partnership for success, sharing in common such attributes as leadership, excellence and global diversity. Hakan Erixon, Managing Director, Nordic Corporate Finance at UBS Warburg, said: "We are delighted to be part of this prestigious global event. The boats we are sponsoring are crewed by two of the highest quality teams. Our association with sailing, Nautor Challenge and the Volvo Ocean Race is representative of the power of partnership and teamwork which is so important to our business."

    The Volvo Ocean Race, originally called the Whitbread Round the World Race, began in 1971 with some adventure seeking sailors who wanted to create a challenge in water which likened itself to a Mount Everest climb on land.

    Each of the 60-footers will be crewed by a team of 12. Due to the physically demanding nature of the race they will rotate in the positions and will have team specialists for the different tactical requirements for each of the nine legs. On shore will be a quasi "pit-crew" who will be prepped and ready at each of the stops to attend to the teams' needs so that they may continue in their best form. The course, which is new this year, will take the fleet from Cape Town, up to the south-west corner of Australia, then Sydney, around Cape Horn to Rio, Miami, Baltimore, Bay of Biscay then to La Rochelle, through the English Channel and the North Sea to Gothenburg, and ending up in Kiel where the winner will be decided. The race will be broadcast worldwide by ESPN, Eurosport, ITV a/o.

May 2001

  1. Up-to-date economic figures and information about Switzerland and its most important trading partners.

    The latest edition of the handy statistical folder gives more than 1,600 facts and figures on the Swiss economy plus an international overview of key data. It provides figures on the population, employment, the financial situation, indebtedness, tax level, and a broad spectrum of figures on the economy and living standards.

  2. UBS reports results for first quarter 2001: Net profit after tax CHF 1,579 million.

    In the first quarter 2001, UBS achieved a net profit after tax of CHF 1,579 million. This represents a decline of 29% over the buoyant first quarter 2000, or 19% excluding the goodwill impact of the PaineWebber acquisition, and a decrease of 3% on the preceding quarter, once adjusted for significant financial events*.

    "Our businesses performed encouragingly this quarter, with resilient income and well-controlled costs, despite the weakening equity markets and the industry-wide slow down in investment banking, " commented Luqman Arnold, President of the Group Executive Board.

    With strong trading performance, and fees and commissions accounting for more than half the Group's revenue, operating income was resilient, up 8% from first quarter 2000.

    Tight cost control had a significant influence on the results. Costs in both the Private and Corporate Clients and Private Banking units were lower than for any quarter last year. In UBS Warburg's Corporate and Institutional Clients business unit both the compensation/income ratio and the cost/income ratio were at the same level as the first quarter last year. For the whole Group, non-personnel expenses fell quarter-on-quarter, despite a full quarter's costs from UBS PaineWebber.

    Net new money in the private client units (Private Banking and Private Clients) was CHF 11 billion in the quarter, up from CHF 5 billion in fourth quarter 2000. Net new money for the Group was more than CHF 21 billion, the best quarterly result reported since the UBS/SBC merger. All business units posted healthy inflows despite declining markets and weakening investor confidence in the US. Total invested assets decreased by less than 1% during the quarter to CHF 2,438 billion.

    In the private equity portfolio, deteriorating asset quality led to write-downs of investments, which combined with poor conditions for divestments to produce a loss of CHF 282 million in UBS Capital. UBS Capital expects to show a profit over the remainder of the year.

  3. Swiss Challenge.

    Today at 10:30 (CET) the UBS sponsored Swiss Challenge on the 31st America' Cup held a press conference in Geneva to launch its team name and logo. The newly named team Alinghi announced the crew line up with the very best in the world of professional sailing from over 13 nations. In conjunction with this event the team's web site went live at www.alinghi.com where you can find out more about the team's plans and schedule.

    Their newly branded training yacht was unveiled at the Société Nautique de Genève by skipper Russell Coutts who said: " We are delighted to have UBS as our first main sponsor. UBS's financial strengths lie in the combination of partnerships of the very best and that is what we are hoping to achieve with this crew. It will be fantastic for the team and its partners if we succeed in bringing the cup back to Europe"

    After extensive evaluation UBS decided to become team Alinghi's first main partner as a result of the perfect synergy between its brand values and attributes and those of sailing and the Swiss Challenge in particular. The America's Cup is the oldest sailing trophy and the most prestigious sailing competition, with a history going back 150 years.

    The Swiss Challenge for the America Cup was created by Ernesto Bertarelli with the aim of contesting the next edition of this prestigious event under the flag of the "Société Nautique de Genève". " I am delighted to have partners who are as committed to this project as I am" said Mr Bertarelli this morning. His objective is to go all out to take the America's Cup in February 2003, bringing it back to Europe for the first time in its history. In the hope of achieving this goal, an international team has been made up of top specialists. Russell Coutts, the skipper, won the last two editions of the America's Cup.

    Zurich / Basel, 11 May 2001

February 2001

  1. UBS results for full-year 2000: Net profit after tax CHF 7,792 million.

    UBS achieved a record annual result for 2000 with a net profit of CHF 7,792 million, or CHF 8,132 million once adjusted for significant financial events. This strong performance reflects the skills and dedication of UBS staff, the Group's increasingly distinct positioning and the quality of its earnings across varied market conditions. In a difficult year for the equity markets, the UBS share price rose 23% over the twelve months.

    Pre-goodwill amortization and adjusted for divestments, one-off provisions and restructuring costs, return on equity for the year increased from 18.2% in 1999 to 24.3%, well in excess of UBS's target range of 15-20% across the cycle. On the same basis, earnings per share increased 76% from CHF 12.37 to CHF 21.83. The cost/income ratio for the year was 69.2%, down from 73.3% in 1999. Group assets under management increased by CHF 725 billion to CHF 2,469 billion, boosted by the inclusion of PaineWebber, which more than offset the effect of the falling dollar and weaker equity markets in the latter part of the year.


    Fourth quarter results

    Net profit in the fourth quarter was CHF 1,449 million, or CHF 1,634 million once adjusted for significant financial events. This is 54% higher than in fourth quarter 1999 but 21% below the previous quarter's level. Excluding the estimated impact of the merger with PaineWebber, underlying net profit fell 8% quarter on quarter, an excellent result considering the less favorable market conditions and the seasonal slowdown.

    UBS Switzerland's Private & Corporate Clients business produced another strong result in the fourth quarter and Private Banking also continued its good performance relative to 1999 (+22% compared to fourth quarter 1999). UBS Asset Management's relative investment performance staged an impressive comeback as its core price/value style outperformed growth-based strategies. UBS Warburg's Corporate & Institutional Clients business unit more than doubled its pre-tax profit compared with fourth quarter 1999, with Corporate Finance performing particularly strongly.


    UBS Group Financial Highlights

May 2000

  1. UBS reports record result for first quarter 2000:

    UBS achieved a record result in first quarter 2000 with a net profit after tax and minority interests of CHF 2,216 million. This represents an increase of 41% on a reported basis over first quarter 1999, and a 50% increase adjusted for the divestment proceeds during that quarter. The Group's annualized return on equity substantially exceeded the 15-20% target range: before goodwill amortization and adjusted for the first-quarter 1999 divestment, it rose from 22.2% to 33.2%. On the same basis and adjusted for the recent share split, basic earnings per share increased from CHF 3.75 in first quarter 1999 to CHF 6.04, comfortably achieving the target of double-digit growth. The cost-income ratio before goodwill amortization fell sharply to 66.5% from 79.9% in fourth quarter 1999, to a level slightly below the 67.4% recorded in first quarter 1999.

    Assets under management within the Group increased by CHF 23 billion during the quarter, with gains in Private Banking partially offset by a decrease in institutional assets. Net new money in the private banking units of UBS Switzerland and UBS Warburg grew to CHF 6 billion compared to CHF 3 billion in fourth quarter 1999.

    This is an outstanding result for the Group as a whole and reflects strong performance across the major business groups. UBS Warburg achieved a record result with pre-tax earnings of CHF 1,319 million. Private Banking also showed excellent earnings growth with a pre-tax profit of CHF 1,095 million.

    (Introduction of quarterly analysis to UBS financial reporting: These quarterly financial results provide for the first time analysis of the change in key metrics from the previous quarter, as well as comparing to the same quarter last year. Previously figures were always reported cumulatively through the year. To allow meaningful like-for-like comparisons, 1999 figures have been restated to reflect the business regrouping announced in February 2000.)

November 1998

  1. UBS: Group results to 30 September 1998

    Net profit after tax and minorities was influenced by the sale of BSI-Banca della Svizzera Italiana, the provision associated with the global settlement on dormant accounts and World War II issues reached in the United States, losses resulting from UBS's exposure to Long Term Capital Management (LTCM) and revenue reductions on pre-merger equity derivatives positions.