Here are 1-3 brief analogies for UBS:

• Morgan Stanley for global wealth management and investment banking.
• A Swiss Goldman Sachs for global wealth management.

• Wealth Management: Provides comprehensive financial advice, planning, and investment solutions to high-net-worth and ultra-high-net-worth individuals and families globally.
• Asset Management: Manages investment portfolios and offers a wide range of investment strategies and products for institutional and wholesale clients.
• Investment Bank: Offers advisory services for mergers and acquisitions, capital raising, and provides sales, trading, and research capabilities across various financial markets.
• Personal & Corporate Banking: Delivers a full range of retail, corporate, and institutional banking services primarily within Switzerland, including accounts, mortgages, loans, and payment solutions.

For UBS (symbol: UBS), a global diversified financial services company, it serves a broad spectrum of clients including individuals, institutions, and corporations. However, a significant and distinguishing strength of UBS lies in its Global Wealth Management division, which primarily caters to affluent individuals and families worldwide. Therefore, we will categorize its major individual customer segments:

• High Net Worth (HNW) and Ultra-High Net Worth (UHNW) Individuals and Families: These are clients with substantial assets who seek sophisticated and comprehensive financial solutions. This includes personalized investment management, wealth planning, estate planning, philanthropy advisory, and bespoke banking services. This segment is the core focus of UBS's Global Wealth Management division.
• Affluent Individuals: This category encompasses clients with significant assets who require professional financial advice, investment solutions, and specialized banking products. While not at the ultra-high net worth level, they benefit from tailored services that go beyond basic retail banking.
• Retail Clients (primarily in Switzerland): These are everyday individual customers within Switzerland who utilize essential banking services such as checking and savings accounts, mortgages, consumer loans, and payment services. These clients are served through the Personal Banking arm of UBS's Personal & Corporate Banking division, which has a strong domestic presence in Switzerland.

• Microsoft Corporation (Symbol: MSFT)
• IBM (Symbol: IBM)
• Amazon.com, Inc. (Symbol: AMZN)
• London Stock Exchange Group plc (Symbol: LSEG)

Sergio P. Ermotti, Group CEO

Sergio P. Ermotti began his career at Cornèr Banca at age 15, subsequently working at Citibank and Merrill Lynch, where he rose to co-Head of Global Equity Markets. He joined UniCredit in 2005, serving as Group Deputy CEO and Head of Corporate & Investment Banking and Private Banking from 2007 to 2010. He previously held the position of Group CEO of UBS from 2011 to 2020. After stepping down, he was Chairman of Swiss Re from 2021 to 2023. He returned to UBS as Group CEO in April 2023, specifically to steer the bank through the historic acquisition of Credit Suisse.

Todd Tuckner, Group Chief Financial Officer

Todd Tuckner was appointed to the Group Executive Board of UBS Group AG in 2023 and became Group Chief Financial Officer upon the legal closing of the acquisition of Credit Suisse in 2023. Before assuming this role, he held various leadership positions in finance across UBS in both the United States and Switzerland. His previous responsibilities included serving as CFO and Head of Business Performance and Risk Management for Global Wealth Management.

Damian Vogel, Group Chief Risk Officer

Damian Vogel joined UBS in 2010 and has served in several senior roles within Group Risk Control, including Chief Risk Officer for Personal & Corporate Banking and Region Switzerland, and Chief Risk Officer for Global Wealth Management. Prior to his tenure at UBS, he spent over a decade at Credit Suisse, where he held various leadership positions in credit risk management. He was appointed Group Chief Risk Officer, effective July 1, 2024.

Beatriz Martín Jiménez, Head Non-Core and Legacy and President EMEA, Group Executive Board Lead for Sustainability and Impact

Beatriz Martín Jiménez joined UBS in 2012 and has held key business and finance roles within the firm, including Investment Bank Chief of Staff and COO, Group Treasurer, and Group Head Transformation. She is tasked with overseeing group operations and integration teams, notably for the Credit Suisse integration. She is set to assume the role of Chief Operating Officer for UBS starting January 1, 2026.

Iqbal Khan, Co-President Global Wealth Management

Iqbal Khan serves as Co-President Global Wealth Management at UBS. He is recognized as a potential internal candidate for the succession of Sergio Ermotti as CEO.

The rise of fintech companies offering automated, low-cost digital wealth management services (robo-advisors) and efficient digital banking platforms poses a clear emerging threat to UBS's core Global Wealth Management and Personal & Corporate Banking divisions. These platforms leverage technology to provide investment advice, portfolio management, and banking services with significantly lower fees, greater accessibility, and a superior digital user experience compared to traditional models. This trend is attracting younger, tech-savvy clients and mass affluent individuals, eroding market share and putting pressure on the fee structures of established financial institutions like UBS.

UBS's main products and services include Wealth Management, Asset Management, Investment Banking, and Personal & Corporate Banking.

Addressable Market Sizes:

Wealth Management

• Global: The global wealth management market was valued at approximately $1.8 trillion in 2023 and is projected to reach $2.92 trillion by 2029, growing at a Compound Annual Growth Rate (CAGR) of approximately 8% from 2024 to 2029. Another report estimated the market at $1.25 trillion in 2020, with a projection to more than double to $3.4 trillion by 2030 at a 10.7% CAGR. The market is also expected to grow from $1.8 trillion in 2023 to $2.5 trillion in 2028 at a rate of 7.03%, and to $3.5 trillion in 2033 at a CAGR of 6.94%.
• Global Wealth Management Platform Market: This specific segment was valued at $2.95 billion in 2023 and is projected to reach $8.50 billion by 2032, exhibiting a CAGR of 12.5% during the forecast period.
• Switzerland (Cross-Border Private Wealth Management): Switzerland remains a global leader in cross-border private wealth management, with Swiss banks managing CHF 2,205 billion (approximately USD 2.54 trillion as of December 2023) in assets originating from abroad in 2023.

Asset Management

• Global: The global asset management industry's assets under management (AuM) reached a record-breaking $128 trillion in 2024. Other estimates for the global asset management market size include:
  • USD 5.84 billion in 2024, expected to reach USD 15.53 billion by 2032 at a CAGR of 13.0%.
  • USD 458.02 billion in 2023, expected to reach USD 3,677.39 billion by 2030 at a CAGR of 36.4%.
  • USD 685.09 billion in 2024, predicted to reach around USD 12,741.10 billion by 2034 at a CAGR of 33.95%.
  • USD 3.98 billion in 2024, expected to reach USD 5.62 billion by 2032 at a CAGR of 4.40%.
  • USD 371.62 billion in 2023, expected to grow to USD 7124.41 billion by 2033 at a CAGR of 34.36%.
• North America: This region dominated the asset management market, holding more than 39.14% of the revenue share in 2024. The U.S. asset management market alone was estimated at USD 189.07 billion in 2024 and is projected to reach approximately USD 3,697.19 billion by 2034, with a CAGR of 34.62%.
• Asia-Pacific: This region is anticipated to experience the highest CAGR in the asset and wealth management market from 2025 to 2032.

Investment Banking

• Global: The global investment banking market was valued at $78.9 billion in 2022 and is projected to reach $213.6 billion by 2032, demonstrating a CAGR of 10.8%. Other estimates include:
  • USD 103.23 billion in 2024, projected to grow to USD 183.28 billion by 2032 at a CAGR of 7.55%.
  • Projected to reach $150.49 billion in 2025, expanding to $202.06 billion by 2029 with a CAGR of 7.6%.
  • Projected to grow to 472.5 USD billion by 2035, reflecting an 8.90% CAGR from 2025 to 2035.
• Global Investment Banking and Trading Services: This combined market was valued at USD 397.11 billion in 2024 and is predicted to increase to approximately USD 765.98 billion by 2034, with a CAGR of 6.79%.
• North America: Dominated the global investment banking and trading services market with the largest share in 2024. The United States is expected to contribute over 45% of global investment banking revenues in 2025.
• Asia-Pacific: Anticipated as the third-largest market with USD 23.99 billion in 2025 and expected to grow at an 8.2% CAGR over 2025–2030. This region is also expected to grow at the highest CAGR from 2025 to 2034.

Personal & Corporate Banking

• Switzerland: The aggregate balance sheet of all banks in Switzerland amounted to CHF 3,177.0 billion (approximately €3,423 billion or USD 3,663 billion as of December 2023) in 2023. The total outstanding domestic credit volume in 2023 moderately rose to CHF 1,362 billion (€1,468 billion), with domestic mortgage lending accounting for CHF 1,179 billion (€1,270 billion). UBS has committed to providing approximately CHF 350 billion of credit in the Swiss market.

1. Successful Integration and Synergies from Credit Suisse Acquisition: UBS expects to finalize the integration of Credit Suisse by 2026, aiming to enhance its competitive position and realize significant cost savings. The migration of Credit Suisse client accounts onto UBS's platform is already generating positive revenue momentum in Personal Banking through deeper client engagement and the adoption of discretionary solutions. This integration is crucial for driving future profitability and allowing for reinvestment into growth initiatives.
2. Growth in Global Wealth Management (GWM) and Asset Management: UBS is experiencing strong client momentum and robust net new money inflows in both Global Wealth Management and Asset Management. Invested assets across the group have reached nearly $7 trillion, with Asset Management surpassing $2 trillion for the first time. The company is focused on enhancing client offerings and capabilities in regions such as the Americas and expanding its presence in fast-growing markets across Asia-Pacific, where it already holds a leading position.
3. Strategic Investments and Market Share Gains in the Investment Bank: The Investment Bank is a key area of strategic importance for UBS, with the company actively building and leveraging its capabilities. Strong trading activity, increased client engagement, and a strengthened franchise have contributed to robust revenue performance in Global Markets and Global Banking. UBS aims to continue increasing its market share in strategically important areas of its Investment Bank.
4. Technology and AI-driven Enhancements: UBS is investing in technology and innovation to boost productivity and improve client service. The firm has rolled out its in-house AI assistant, "Red," and Microsoft's Copilot across its organization, making these tools available to over 85,000 employees. These advancements are part of UBS's broader strategy to integrate AI into its operations to deliver impactful, client-focused outcomes and are considered key enablers for future growth.
5. Organic Growth and Targeted Expansion in Key Geographies: Beyond the Credit Suisse integration, UBS is pursuing organic growth by increasing client engagement and expanding its service offerings in core markets. The bank is working to improve profitability in the Americas and has taken a significant step in its US expansion by submitting a national bank charter application. Furthermore, UBS anticipates clients to re-engage in lending activities, which is expected to help offset some net interest income headwinds.

Share Repurchases

• UBS completed a share repurchase program in May 2025, repurchasing just under $2 billion. This program was launched in April 2024.
• A previous share repurchase program, which commenced in 2022, concluded on March 28, 2024, with $5.2 billion (CHF 5.01 billion) of stock repurchased. Of this amount, CHF 1.18 billion was repurchased in 2023 prior to the Credit Suisse acquisition announcement.
• A new share repurchase program for up to $2 billion began on July 1, 2025, and is expected to run until June 30, 2027. UBS intends to repurchase up to $2 billion in shares during the second half of 2025.

Share Issuance

• UBS Group AG's shares outstanding increased by 1.67% in 2024 from 2023, reaching 3.351 billion.
• Shares outstanding declined by 2.99% in 2023 from 2022 and by 6.33% in 2022 from 2021.

Outbound Investments

• In March 2023, UBS acquired rival Credit Suisse for $3.25 billion in an emergency rescue deal, significantly increasing UBS's assets under management to over $5 trillion.
• In early 2022, UBS acquired the robo-adviser Wealthfront for $1.4 billion.

Capital Expenditures

• UBS's capital expenditures averaged $1.806 billion from fiscal years ending December 2020 to 2024.
• Individual capital expenditure amounts were $1.854 billion in 2020, $1.841 billion in 2021, $1.643 billion in 2022, $1.685 billion in 2023, and $2.008 billion in 2024.
• For 2024, UBS has been investing in its technology and banking capabilities to enhance its offerings, as well as making investments to deepen relationships with ultra-high net worth clients and expand its loan and deposit offerings.