Looking back on the last ten years and looking ahead

When elected to the Board of Directors and upon becoming Chairman in 2012, we outlined our path: ‘UBS was an icon of the Swiss economy. And the bank has to get back there.’

I’m proud that we are well on the way. UBS is again the leading bank in Switzerland. And it has become one of the world’s leading global wealth managers over the past ten years.

Rather than being just a financial services provider, we are seen and respected as a trusted advisor. A leader in sustainable finance. A great place to work for more than 70,000 employees in over 50 countries. And we’ve shown that we can generate attractive returns for our shareholders across different market environments.

The last few years have been like none before. The Russian invasion of Ukraine marks a historic turning point with far-reaching economic and geopolitical consequences. We are witnessing a human tragedy and additional geopolitical uncertainty – the consequences of which cannot be predicted at this point. Furthermore, the pandemic gripped the whole world and presented challenges for every aspect of society: politics, healthcare systems and the economy.

The past two years put every business model – including ours – to the test. And UBS has passed that test.

The firm is healthy and has strong momentum. We’ve proven our resiliency with a balance sheet for all seasons. Our divisions and regions are successfully meeting the many and varied needs of our clients, and the way our business areas complement each other is getting better all the time. Our strategy is focused on sustainable performance.

The firm is healthy and has strong momentum. We’ve proven our resiliency in the ongoing crisis with a balance sheet for all seasons.

That said, the pandemic has changed the economy, and the way we interact with each other. Technology and digitalization are becoming even more important and at UBS, we have made it a priority to turn technology from an enabler into a differentiator for our business.

Looking ahead, climate change is another – if not the – major challenge for our society. It can be tackled successfully only if there is global agreement, not only on the problem but also on the solutions. Sustainability has been a priority for UBS for many years. In 2021, we were once again recognized for our industry leadership in the Environmental dimension of the Dow Jones Sustainability Index. As a founding signatory of the Net Zero Asset Managers Initiative, we also announced our commitment to align USD 235 billion of assets under management to net zero by 2030. This is one of the largest absolute commitments of any member firm.

And looking beyond our own organization, I’m convinced that we have a huge opportunity to build the green capital market of the future – an important step toward solving our and future generations’ challenges.

I’m convinced that we today have a huge opportunity to build the green capital market of the future.

If we can get both the public and private sectors behind this agenda, a green capital market could have a market capitalization of USD 100 trillion globally. But harmonized standards and open markets are needed, so there’s still a lot of work to be done.

I look back in gratitude, not just on 2021, but on the last ten years. The whole team at UBS has done a great job in stabilizing and re-focusing the firm. We’ve gone from addressing legacy and remediation to implementing a successful strategy, focused on a unique and well-diversified business model that’s built on a strong culture.

Yet, the events of the past two years show that we live in uncertain times. The pandemic, the Russian invasion and geopolitical tensions globally, but also other challenges such as digitization, climate change, and the normalization of monetary policy will require UBS to respond nimbly and flexibly.

I’m confident that we have everything it takes to further develop our firm from a position of strength. Today, UBS is one of the best capitalized banks globally, with a strong reputation among clients, employees and investors. And I am confident that we will maintain this position in the future.