UBS Group AG

UBS Group AG managed to exceed the revenue and earnings expectations of Wall Street. The second quarter’s earnings, including pre-and post-tax, was $29 billion on a reported basis. These results were driven by the net impact of acquisition-related factors, primarily negative goodwill of $28.9 billion, as well as integration- and acquisition-related expenditures. The total pretax profit after these adjustments was $1.1 billion, of which $2 billion came from the UBS subgroup and a loss of $0.8 billion from the Credit Suisse subgroup. They are also moving forward with their objectives for cost savings, derisking, and resolving legacy issues for both organizations. UBS Wealth Management produced the best second quarter net new money performance. The company had another significant quarter in Personal and Corporate Banking, with revenues climbing by 24%, with gains across all revenue streams underlining the company’s sustained momentum. Furthermore, UBS Group’s financing division kept up its great performance, reporting its best second quarter and best first half ever. Besides these significant results, they also strategically allied with Numarics to digitalize and enhance financial and administrative offerings for SMEs within Switzerland.