There was a lot to unpack in UBS Group AG (NYSE:UBS)’s full-year results published on Tuesday, chiefly the Swiss bank’s absorption of former Swiss competitor Credit Suisse. As earlier reported by Proactive, this Swiss state-backed takeover resulted in a $29 billion accounting gain, which comprised some 96% of UBS’s before-tax profit. A stunning coup for UBS, even if integration costs resulted in a fourth-quarter loss of $279 million. But this near-hit bottom-line hit pales in comparison to the cost-cutting ...

UBS Group AG (NYSE:UBS) has reported its fourth-quarter and full-year results for 2023, confirming financial targets and announcing plans for a 27% year-on-year increase in its dividend to $0.70 per share. The bank also intends to reinstate share repurchases in the second half of 2024. Reported pre-tax losses in the fourth quarter came to -$751 million due to operating expenses related to the integration of Credit Suisse. Revenues were also impacted by UBS’s $500 million investment in SIX Group. For the ful ...

UBS Wealth Management USA宣布The Hart Group加入公司 - The Hart Group管理着约13亿美元的客户资产，专注于运动员和娱乐明星领域[1] - The Hart Group加入由William Cholawa管理的UBS Greater New England Market，并将位于纽约州奥尔巴尼办公室[3] - The Hart Group团队带来数十年的经验，致力于为高净值客户提供全面的财务规划方法[4]

U.S. small-cap stocks have had a rocky start to 2024 following a stellar fourth quarter. But a growing number of Wall Street analysts believe these stocks, which make up just 6% of the U.S. equity market by valuation, are poised to gain as the Federal Reserve prepares to start cutting interest rates later this year. On Tuesday, a team of market strategists at UBS Group became the latest to recommend that clients consider adding exposure to small caps on the expectation that the torrid rally seen by the Russ ...

UBS收购瑞士信贷 - UBS去年收购了瑞士信贷，以缓解市场对瑞士信贷濒临破产的担忧[2] UBS股价表现 - UBS的股价近期上涨至每股近30美元，但大多数分析师仍将其评级为持有[2] 欧洲银行比较 - 欧洲银行的Price to Book比率在金融危机前后发生了重大变化，UBS的表现相对较好[6] UBS业务表现 - UBS在欧洲银行中表现出色，但仍落后于美国银行，尤其是摩根士丹利和摩根大通[12] - UBS的资产和财富管理业务（AWM）是其最重要的业务之一，为公司带来稳定可靠的收入[21] - UBS的个人和企业银行业务（P&C）在瑞士零售市场表现稳定，关键指标是瑞士的利率[26] - UBS的资产管理业务（AM）是公司最小的业务部门，主要通过管理费获取收入[32] - 投资银行业务（IB）是UBS的一个挑战，尤其是在与瑞士信贷的整合过程中[35] UBS财务展望 - UBS的估值需要考虑税收和非核心业务的运营利润，这两个部分难以预测[40] - UBS在2023年第三季度的财务报告中指出，预计2025年的净收入将达到96亿美元，这将使得ROE达到11.2%[41] - UBS管理层预计2026年的RoCET1将达到约15%，这与我预测的11.2%的ROE有所不同，RoCET1考虑了一些风险因素[43] - 通过增加净收入的速度超过增加账面价值或减少账面价值，UBS可以提高ROE，而“资金成本效率”和“资产负债表优化”可能意味着减少账面价值[46]

UBS股价表现 - UBS股价在之前一篇文章发布后上涨了37.67%，目前股价为$53.40，市值达到$152.8亿[1] UBS财务状况 - UBS在财务数据方面表现不佳，尤其是在营收、净利润和现金方面存在挑战[3] - UBS因为从瑞士信贷银行处置业务，导致营收和净利润下降，同时承担了该银行几乎所有的债务[4] - UBS的净利润受到一次性收益的影响，排除这部分收益后，净利润大幅下降[6] - UBS的净利润率虽然令人印象深刻，但排除一次性收益后，净利润率显著下降[7] - UBS的资产负债表看起来强劲，但实际上只能覆盖约70%的总债务，远远落后于美国的三大银行[12] - UBS的总债务增长迅速，主要是由于收购瑞士信贷银行，而现金增长较为温和[13] - UBS的自由现金流出现显著正向变化，主要是由于净营运资产的变化，这在近期是罕见的[16] UBS未来展望 - UBS目前的表现比看起来要差，排除2023财年的非常收益后，未来可能面临困境[23] - 根据分析师的估计和自己的估计，UBS的公允价值为$27，相较于当前股价$29，存在39.7%的下行风险[42] - UBS的战略决策可能会对未来带来灾难性影响，特别是在Credit Suisse的缩减和债务承担方面[43] - UBS的净利润是通过前述模型得出的净利润率推导而来，这些净利润率是合理的，因为它们落在UBS从2017年到2023年的平均净利润率范围内[46] - UBS的净利润边际在2017年至2023年间保持在合理范围内[49] - UBS的战略是保留与其业务风格相符的运营，因此维持类似的利润边际[49] - UBS的估值模型显示未来股价有望上涨，年回报率高达48.9%[52] UBS风险与挑战 - UBS对于与瑞士国家银行的合作表示信心，但仍存在瑞士是否会提供支持的疑虑[54] - UBS面临的主要风险之一是与瑞士信贷的国内银行部门相关，可能会影响其财务义务[55] - UBS计划裁员并削减信贷负债，这一战略举措带来了重大挑战[56] - UBS的估值模型显示了不同的情景下的股价预测，投资者需要谨慎评估风险和机会[57]

UBS Wealth Management USA - UBS Wealth Management USA宣布Highbridge Wealth Management团队入选2024年Forbes最佳州内财富管理团队名单[1] - Highbridge Wealth Management团队由Mark Kever、Mark Hagan、Shawn Nicholas、Megan Portacci和Byron Brooks等金融顾问领导[1] - Highbridge Wealth Management团队在UBS已经引导多代家庭、高管和企业家应对复杂的财富挑战[3] Forbes/SHOOK最佳州内财富管理团队名单 - Forbes/SHOOK最佳州内财富管理团队名单包括超过4100个团队，总资产达5.1万亿美元[4] UBS - UBS是全球领先的财富管理机构，也是瑞士领先的综合银行，管理着5.5万亿美元的投资资产[5]

LOS ANGELES--(BUSINESS WIRE)--UBS Wealth Management USA announced today that Endurance Artist Management, an advisor team in the firm’s Los Angeles, California office has been named to the Forbes Best- In-State Wealth Management Teams list for 2024. This is the second consecutive year the team has been named to the list. “I’m incredibly proud to see this talented team recognized once again, and I want to congratulate each of them on this terrific achievement,” said Lauren Gorsche, UBS Los Angeles Market Exe ...

NORTHBROOK, Ill.--(BUSINESS WIRE)--UBS Private Wealth Management announced today that an eight- person financial advisor team, Hammond Fay Bush & Associates, has joined the firm in Northbrook, Illinois. The team, led by Financial Advisors Jack Hammond, Susan Bush and Brian Fay, manages approximately $1.6 billion in client assets for ultra-high net worth individuals and families. “We’re excited to welcome Jack, Susan, Brian and their team to UBS,” said Michael Gatewood, Chicago Market Executive at UBS Privat ...

UBS首席执行官Sergio Ermotti对人工智能发展的警告 - Ermotti警告不要对人工智能发展的速度做过于乐观的预测[1] - 他认为人工智能带来的变革可能比最乐观的预测所暗示的要慢[2] UBS首席执行官对银行业的看法 - Ermotti认为银行作为过去30-40年来技术的主要采用者，将处于人工智能变革的前沿[4]