UBS says ‘delivering’ on cost savings plan

The company said, “We further progressed our plans at pace during the quarter, focusing on successful delivery of client account migrations in Switzerland, the integration’s most significant and complex objective. With over 0.7m of client accounts successfully transferred by end-October, we have migrated over two-thirds of client accounts in scope, and are well on track to complete the Swiss booking center migrations by the end of the first quarter of 2026. Additionally, having finished moving Asset Management client portfolios onto the UBS (UBS) platform this month, we have substantially completed the business’s integration. While fund and custody migration is due to continue until 1Q26, the business division is well placed to leverage its enhanced scale, broader product offering and improved efficiency to drive sustained value creation. Disciplined execution of our cost-reduction plans delivered an additional $0.9B in Group-wide gross cost saves in the quarter, including by further downsizing Non-core and Legacy’s expense base and realizing cost synergies in the core businesses. We have already achieved our end-2025 objective of delivering cumulative gross cost savings of $10B, a quarter earlier than anticipated. We continue to reduce complexity and costs by decommissioning technology infrastructure and applications. To date we have retired 1,365 of applications in scope. We have also increased the number of switched off servers to 66,000, worked through 43PB of data, and exited two additional data centers in 3Q25 to bring us to a total of seven exits. Our active wind down of the NCL portfolio contributed to a $1.9B sequential reduction in risk-weighted assets to $30.7B at the end of September. With 94% of its initial books closed, NCL is already close to its objective of shuttering over 95% of them, which was originally planned for end-2026.”