Sergio Ermotti sees the strong quarterly results as proof that UBS is on the right strategic path with its  all-weather balance sheet.» «We delivered an excellent financial result and remain on track to achieve our financial targets for 2026.»

He pointed to the current global uncertainties, which could lead to increased client activity. «In the current environment, we see our primary task as standing alongside our clients,» the CEO emphasised.

The focus remains on growth. UBS is particularly confident about further expansion in the United States, Ermotti added.

Regulatory Plans are Disproportionate

The changes to »too big to fail» regulation presented by the Federal Council last Wednesday were also discussed during the UBS media call.

The plans are «not proportional» and not in line with international standards, the UBS chief reiterated. «Above all, they do not address the fundamental problems.»

After intensified lobbying by UBS ahead of the Federal Council’s proposals — including the almost threatening remark by Chairman Colm Kelleher at the annual general meeting that «important decisions will soon become unavoidable» — the bank’s leadership has adopted a more measured tone since last Wednesday. However, it continues to clearly oppose the planned new capital requirements.

UBS Aims to Engage «Constructively»

Ermotti stressed that the bank intends to participate «constructively» in the upcoming parliamentary process regarding Swiss capital requirements. UBS aims to continue contributing and to support a «fact-based debate.»

«We will contribute to fact-based considerations on Swiss capital market regulation, while continuing to focus on protecting the interests of our shareholders and seeking, where possible, to minimise the impact on clients and employees.»

Global and Regional Focus

«We are committed to our globally diversified business model,» the CEO added, dismissing speculation that UBS might scale back its international activities. Any new regulation will not change the bank’s strategy. «We will continue to strengthen both our global and regional footprint.»

In light of the strong results, UBS plans to complete its share buybacks totalling around 3 billion dollar by the time it presents its second-quarter results on 29 July. The next steps will then be defined. «This also depends on the progress of the planned regulation,» Ermotti noted.

Job Cuts Continue

The integration of Credit Suisse is now in its final phase, the bank said. UBS’s workforce continues to decline. As of the end of March, the number of directly employed staff stood at around 101'600 full-time equivalents, compared with 103'000 at the end of 2025 and 107'000 at the end of the first quarter of 2025.

Job reductions are expected to continue over the course of the year. According to the original plans, around 3'000 positions in Switzerland are set to be cut as part of the Credit Suisse integration.

Quarterly profit of just over 3 billion dollar exceeded analysts’ expectations. UBS shares were up 4,9 percent on Wednesday morning (10 a.m.), trading at 34,92 francs.