- We aim to substantially complete the integration by the end of 2026. We further aim to achieve gross cost reductions of over USD 10bn by that time. Cumulative integration-related expenses are expected to be broadly offset by accretion-topar effects of approximately USD 12bn related to fair value adjustments applied to amortized-cost financial instruments.
- As part of the integration we plan to simplify our legal structure, including the merger of UBS AG and Credit Suisse AG planned for 2024.
- Based on these plans, and excluding integration-related expenses and accretion-to-par effects, we aim to achieve an exit rate cost income ratio of less than 70% by the end of 2026, and to progress toward a 2026 exit rate return on CET1 capital of around 15%.
- We expect 3Q23 underlying PBT for UBS Group to be at around breakeven, and to deliver positive underlying PBT in 2H23, supported by various levers, including revenue stabilization, cost saves and lower funding costs.
Crypto Stablecoin Issuer Circle To Relocate To US Amid Market Rebound
Circle Internet Financial, the company behind the world’s second-largest stablecoin (CRYPTO: USDC), is set to move its headquarters from Ireland to the United States.
