Our pre-eminent wealth management business is the world’s leading wealth manager for high net worth and ultra high net worth clients. Our goal is to extend our leadership position.

We are the biggest and strongest universal bank in Switzerland, and our retail and corporate business is critical to the Group in terms of both revenue and profitability. Our leading position in Switzerland helps sustain our global brand and our leading wealth management businesses.

Our investment bank is a key element of our client-centric strategy. It will focus on serving the needs of its core clients across wealth management, institutional, corporates, sovereigns and sponsors and investing in its leading advisory, capital markets, and client flow and solutions businesses. Our goal is to make our investment bank more focused, less complex and capital intensive, and last but not least, consistently profitable.

Our global asset management business will continue to deliver investment services to its third party institutional and wholesale clients, and the clients of UBS’s wealth management businesses through its well-diversified investment capabilities. The combined assets of our wealth management and asset management businesses rank UBS amongst the top investment management firms in the world, and we will look to reinforce this position going forward.

We are the world’s leading wealth manager for high net worth and ultra high net worth clients. More than 40% of the global assets of our wealth management client assets come from ultra high net worth clients, many of whom are successful entrepreneurs, who think and act like institutions.

The complementary needs of our clients enable us to maximize value. In order to best serve our core wealth management clients, our global asset management business and our investment bank must each be strong and successful in meeting the needs of their corporate, sovereign, institutional and financial sponsor clients.

Our strong capital, liquidity and funding positions form the foundation of our strategy and give us a competitive advantage over our global peers.

With a target of 13% tier one common equity under Basel III, we aim to deliver an overall return on equity of 12-17% starting from 2013.