UBS says integration on track, delivering on cost savings plan

The company said, “We progressed our integration plans at pace during the quarter. We have now completed the migration of Credit Suisse client accounts booked outside of Switzerland to the UBS (UBS) platform and executed the first main wave of migrations in Switzerland, having now transferred approximately one-third of targeted client accounts. We remain on track to complete the Swiss booking center migrations by the end of the first quarter of 2026. Additionally, we have made substantial progress on the simplification of our legal entity structure in the US and Europe in the quarter…Through disciplined execution of our cost-reduction work we delivered an additional USD 0.7bn in gross cost saves in the quarter by further downsizing Non-core and Legacy’s expense base and realizing cost synergies in the core businesses. To date we have decommissioned around 700 applications, or 56% of NCL’s initial stack. We have already achieved 70% of our plan and are well on track to deliver around $13B in Group-wide annualized exit rate gross cost savings by end-2026. As in previous quarters, we continued to exit positions in NCL leading to a $1.5bn RWA reduction in 2Q25 and bringing RWA to $32.7B at the end of June. With 83% of its initial books closed, NCL remains on track to achieve its ambition to close over 95% of them by end-2026 and reduce RWA below $22B.”