A Swiss banking giant, UBS Group AG is one of the world's largest wealth managers, handling investments and financial services for private clients, companies, and institutions worldwide. It was born in 1998 from the merger of the Union Bank of Switzerland and the Swiss Bank Corporation, and it later absorbed its longtime rival Credit Suisse in 2023. Fun fact: "UBS" once stood for Union Bank of Switzerland, but today it's a standalone brand that officially stands for nothing at all.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
UBS net income rose 36% to $2.4B in Q2 2025 as Global Wealth Management revenue climbed to $26.0B for the year.
UBS returned to earnings growth in the first half of 2025. for the second quarter rose 36.2% to $2.4 billion, with up 38.5% to $0.72, as Global Wealth Management reached $26.0 billion for the full year. The integration of Credit Suisse is now a multi-year operational reality rather than an accounting event.
Key takeaways
Global Wealth Management generated $26.0 billion in total for FY 2025, up from $24.5 billion in FY 2024, making it the largest contributor to the group.
The Investment Bank reported $12.3 billion in total for FY 2025, with the Americas as its largest region.
Personal & Corporate Banking , concentrated almost entirely in Switzerland, contributed $9.2 billion in FY 2025.
Second-quarter of $2.4 billion was the highest quarterly result since the Q2 2023 period that included the one-off Credit Suisse acquisition gain.
The company continues to operate a Non-core and Legacy division to wind down Credit Suisse assets, making the pace of that reduction a central driver of future capital release.
What changed
The prior year's watch item on the Non-core and Legacy wind-down pace remains unresolved in the figures provided; no specific asset reduction or associated loss figures are disclosed for FY 2025.
The cost/income ratio for the combined group, flagged as a key metric to gauge integration synergies, is not reported in the FY 2025 annual figures.
Net new fee-generating assets in Global Wealth Management, a signal of client retention through the integration, is not disclosed in the FY 2025 data.
What to watch
Pace of asset reduction and any associated losses in the Non-core and Legacy division, as the wind-down directly affects capital release and future earnings.
Cost/income ratio for the combined group, to determine whether cost synergies from the Credit Suisse integration are materializing.
Net new fee-generating assets in Global Wealth Management, as a signal of client retention and confidence through the integration.
Section summaries
Risk Factors
UBS faces material risks from geopolitical tension, regulatory changes, Credit Suisse integration, and litigation.
⌄
Geopolitical instability and macroeconomic uncertainty could materially reduce client activity and asset valuations across wealth and asset management.
Regulatory and legal developments, including evolving capital, liquidity, and resolution requirements, may significantly increase costs and constrain business flexibility.
Integration of Credit Suisse presents ongoing operational, cultural, and legal risks that could disrupt the business or prevent realization of expected benefits.
Litigation, regulatory enforcement, and governmental investigations expose UBS to substantial monetary penalties, reputational harm, and business restrictions.
The Common Equity Tier 1 capital ratio and shareholder return capacity, flagged in 2024, are not reported in the FY 2025 annual filing.
Common Equity Tier 1 capital ratio and the level of share buybacks or dividends, to assess capital headroom for shareholder returns.
Operational risks from technology failures, cyberattacks, or data breaches could lead to financial loss, regulatory action, and loss of client trust.
UBS operates through four business divisions and reports revenue across the Americas, Asia Pacific, EMEA, and Switzerland.
⌄
UBS's four business divisions are Global Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Bank, plus Non-core and Legacy and Group Items.
Global Wealth Management generated the highest total in FY 2025 at USD 26.0 billion, up from USD 24.5 billion in FY 2024.
Personal & Corporate Banking is almost entirely concentrated in Switzerland, contributing USD 9.2 billion in FY 2025.
The Investment Bank division reported USD 12.3 billion in total for FY 2025, with the Americas as its largest region.
UBS Switzerland AG maintains a UN-related Iranian government account under specific conditions, generating gross revenues of approximately USD 75,383 in 2025.
Geographic for 2023 is not disclosed on a comparable basis due to the cost and methodology differences following the Credit Suisse acquisition.