UBS Group AG (UBS): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the new financial landscape after the massive Credit Suisse takeover, and honestly, the sheer scale of the resulting entity is the only place to start. The new UBS Group AG (UBS) isn't just big; it's a wealth management behemoth, now managing USD 6.9 trillion in invested assets as of Q3 2025, all while executing a complex integration. Looking at the numbers-like hitting USD 10 billion in cumulative gross cost savings by Q3 2025 while maintaining a strong 14.4% CET1 Capital Ratio-shows a clear strategy: stability funding massive global advisory. This is the new universal bank blueprint. So, let's break down exactly how UBS Group AG is structuring its value creation across all nine building blocks below.

UBS Group AG (UBS) - Canvas Business Model: Key Partnerships

You're looking at how UBS Group AG is solidifying its operational backbone through external relationships as of late 2025. These aren't just casual chats; these are deep, structural agreements that affect capital, compliance, and client service.

Joint ventures and partnerships for digital banking and blockchain

UBS is definitely pushing hard into the digital asset space through key alliances. For instance, in November 2025, UBS signed a Memorandum of Understanding with Ant International to advance tokenized deposit applications, specifically integrating UBS Digital Cash with Ant International's treasury functions. This aims to deliver a real-time, multi-currency payment solution.

The bank's exploration of distributed ledger technology isn't stopping there. UBS, which manages over $5.7 trillion in assets, successfully tested a blockchain-based version of its fractional gold product, UBS Key4 Gold, using ZKsync Validium, an Ethereum layer-2 solution, to explore scalability and privacy for global expansion.

The focus on tech integration is clear, though specific, recent partnership figures with giants like Microsoft, Salesforce, and AWS aren't publically detailed right now. Still, the bank's own Nov 2025 outlook highlights AI as a major opportunity, suggesting deep ties to the infrastructure providers powering it.

• UBS Digital Cash pilot launched in 2024, now being integrated with Ant International.
• UBS Key4 Gold PoC utilized ZKsync Validium for enhanced scalability and privacy.
• UBS's 2025 outlook favors financials and information technology sectors.

Collaboration with global regulators (FINMA, FSB) for compliance

Navigating the post-acquisition landscape means intense partnership with Swiss regulators. The Swiss Financial Market Supervisory Authority (FINMA) reviews UBS's resolvability annually, sharing those results with the Financial Stability Board (FSB) as part of the global systemically important banks (G-SIBs) assessment process.

UBS submitted an updated recovery plan to FINMA in the summer of 2025. FINMA currently views a resolution as feasible via the preferred single point of entry bail-in strategy. However, regulatory proposals from the Swiss Federal Council could force significant capital changes. Based on UBS AG's first quarter 2025 financial information, the proposed changes-like fully deducting foreign subsidiary investments-could require an additional estimated $24 billion in CET1 capital for UBS AG. UBS is actively engaging in the consultation process regarding these proposals.

Transitioning Credit Suisse card portfolios via Swisscard in 2025

The integration of Credit Suisse involved specific, measurable partnership actions with Swisscard AECS GmbH. UBS completed the purchase of the Credit Suisse-branded card portfolios in January 2025, with client migration planned over the following quarters.

This activity had immediate financial impacts in the first quarter of 2025. UBS recorded an expense of USD 180m related to acquiring the card portfolio, offset by a gain of USD 64m from its investment in Swisscard. Furthermore, UBS entered an agreement in October 2024 to sell its 50% stake in Swisscard to American Express Swiss Holdings GmbH, expecting to record a gain on that sale later in 2025.

For the cardholders, information on new card issuance from UBS was expected in the first half of 2025. Swisscard, which has over 400,000 Swisscard app users, continues to issue cards and manage acceptance points, with over 149,000 American Express acceptance points in Switzerland.

Investment strategy alignment with major asset managers like BlackRock

While direct partnership numbers between UBS and BlackRock aren't specified, their published outlooks show alignment on key themes. UBS's November 2025 House View recommends building a core diversified portfolio, including exposure to alternatives. This echoes sentiment seen elsewhere; BlackRock's July 31, 2025, polling data indicated that about half of their clients intend to diversify into alternatives like liquid alternatives and digital assets.

Both firms are bullish on Artificial Intelligence. UBS sees AI as one of the decade's biggest opportunities, with potential revenues over $1.1 trillion across the segment by 2027. BlackRock and UBS both remain committed to backing the AI investment wave as of late 2025.

Here's a quick look at the concrete financial and statistical data points related to these key partnerships and regulatory environments:

The integration of Credit Suisse is on track to be substantially complete by the end of 2026. Finance: draft 13-week cash view by Friday.

UBS Group AG (UBS) - Canvas Business Model: Key Activities

You're looking at the core engine room of UBS Group AG as of late 2025, focusing on what the firm actually does day-to-day to generate revenue and manage its massive scale, especially post-Credit Suisse acquisition. Honestly, the key activities are all about execution right now.

Global Wealth Management (GWM) advisory and portfolio management

The advisory and portfolio management side of Global Wealth Management is the bedrock. You saw invested assets cross the $7 trillion mark, with the Q3 2025 figure standing at $6.9 trillion sequentially grown by 4 percent. That's a lot of client money needing active management. To be fair, the momentum in client inflows is clear; GWM brought in net new assets of $38 billion in Q3 2025 alone. Transaction-based income in this division showed real client engagement, jumping 12 percent in the three months to the end of June 2025.

Here's a quick look at the scale of the GWM client focus:

• Invested Assets (Q3 2025): $6.9 trillion
• Net New Assets (Q3 2025): $38 billion
• Transaction-Based Income Growth (Q2 2025 vs Q1 2025): 12 percent increase
• Net Profit Before Tax (Q2 2025): $1.2 billion

Executing the Credit Suisse integration and client account migrations

This activity is a massive operational undertaking, and the progress is key to realizing the deal's value. The target for full integration completion remains the end of 2026. The firm has already migrated over two-thirds of the Swiss-booked client accounts onto UBS platforms. On the cost side, which is critical for profitability, UBS achieved $10 billion of the expected $13 billion in cost synergies by Q3 2025, which is 77 percent of the total target set for the end of 2026. They are definitely ahead of schedule on the cost front.

The integration work itself is generating savings:

If onboarding takes 14+ days, churn risk rises, so speed here matters a lot.

Investment Banking activities: M&A advisory and capital markets underwriting

The Investment Bank (IB) is focused on capitalizing on market activity, which has been strong in trading but more cautious in advisory. The Global Markets unit had a record quarter in Q2 2025, with revenues hitting $2.3 billion, marking a 25 percent year-on-year increase. For Q3 2025, the IB segment reported a Profit Before Tax (PBT) of $900 million. Looking ahead, the outlook for M&A advisory is constructive for 2025 and beyond, driven by factors like Technical and Generative AI, and improved boardroom confidence following political shifts.

IB performance highlights:

• Global Markets Revenue (Q2 2025): $2.3 billion
• Global Markets YoY Revenue Growth (Q2 2025): 25 percent
• Investment Bank PBT (Q3 2025): $900 million
• Investment Bank Underlying PBT (Q3 2025): $787 million

Risk management and regulatory compliance across all jurisdictions

Managing the risk profile of the combined entity is a top-tier activity, reflected in capital strength. The CET1 capital ratio stood at 14.8 percent at the end of Q3 2025, exceeding the firm's guidance of approximately 14 percent. The underlying Return on CET1 capital (RoCET1) for Q3 2025 was 13.5 percent. The firm is targeting an underlying RoCET1 exit rate of 15 percent for 2026, alongside an underlying cost-to-income ratio exit rate of less than 70 percent. Credit loss expenses are a key risk metric to watch; they surged 71.6 percent year-over-year to $163 million in Q2 2025.

Digital transformation and AI-powered risk management

You can't run a global bank without heavy investment in technology, and AI is the current focus. CEO Sergio Ermotti specifically underscored investments in technology and generative AI to boost productivity and client solutions. The UBS Chief Investment Office (CIO) has a view on the broader AI landscape, forecasting global AI capital spending to reach $423 billion in 2025. For the bank's own investment thesis, UBS predicts 'returns of around mid-teens' for global AI stocks this year. The firm is definitely using these tools internally, defintely for risk management, given the focus on productivity enhancement.

Finance: draft 13-week cash view by Friday.

UBS Group AG (UBS) - Canvas Business Model: Key Resources

When you look at what powers UBS Group AG, you're looking at a foundation built on massive scale and regulatory compliance. These aren't just abstract concepts; they translate directly into the firm's ability to serve clients and withstand market shocks. Honestly, the sheer size of their balance sheet and client base is the primary resource here.

Here's a quick look at the hard numbers that define the scale of UBS Group AG's key resources as of late 2025, pulling from the most recent reports:

The firm's global footprint and brand equity are critical non-financial assets. You can't manage the world's wealth without being physically and reputationally present where the wealth is.

• Global network presence operating in more than 50 markets around the globe.
• Leading position as the world's largest wealth manager, a status reinforced by consistent industry recognition, like advisor teams being named to prestigious lists such as Barron's Top 250 Private Wealth Management Teams for 2024 and 2025.
• Significant operational scale in key growth areas, for example, the team in India alone is more than 20,000 strong across Mumbai, Pune, and Hyderabad.

Also, you can't discount the technology infrastructure. Integrating Credit Suisse required massive IT lift, and the ongoing investment here supports digital platforms and data analytics capabilities that drive efficiency. For instance, the integration progress has already delivered cumulative gross cost savings of USD 10bn toward the 2026 target. Finance: draft the 13-week cash view by Friday.

UBS Group AG (UBS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose UBS Group AG, especially now that the integration is moving into its next phase. The value proposition centers on scale, stability, and specialized access.

Comprehensive, tailored financial solutions for Ultra-High-Net-Worth (UHNW) clients

UBS Group AG positions itself as the world's largest private bank, a critical value driver for its wealthiest clientele. This scale is essential when considering the massive wealth shifts happening globally.

The firm is strategically focused on the most affluent segments, having established a new Ultra-High Net Worth Plus segment tailored for individuals with assets exceeding $50 million, reflecting a commitment to the top tier. This focus is validated by the data from family offices, where the average assets under management (AUM) for those surveyed in the Global Family Office Report 2025 stood at USD 1.1 billion.

Geographically, the Americas remains the largest wealth management market, showing a 9% year-over-year increase to US$2.28 trillion in invested assets. In Asia Pacific, invested assets in Wealth Management climbed to a record US$816 billion in 3QFY2025. Furthermore, the bank is positioned to manage the generational wealth transfer, with an expected USD 83 trillion to move over the next 20-25 years globally.

Key metrics supporting this value proposition include:

• Total invested assets managed by UBS as of 3QFY2025: USD 6.9 trillion.
• Net new assets added in Asia Pacific in 9MFY2025: US$57 billion.
• Global Wealth Management target for invested assets by 2028: greater than USD 5 trillion.

Global reach combined with local Swiss universal bank expertise

You get the benefit of a massive global network backed by deep Swiss roots. This combination helps clients navigate complex, cross-border financial landscapes.

UBS Group AG operates in more than 50 markets worldwide, ensuring a broad footprint. Within this global structure, Global Wealth Management maintains a presence in over 40 countries. The core value remains the firm's standing as the leading universal bank in Switzerland, offering a full spectrum of services from retail to investment banking under one roof.

The firm's reach is evident in its operational structure:

Capital strength and stability, a key differentiator post-integration

In the current environment, capital strength isn't just a compliance metric; it's a promise of security to clients, especially after the Credit Suisse integration. UBS Group AG emphasizes a fortress balance sheet.

As of Q1 2025, the Common Equity Tier 1 (CET1) capital ratio stood at 14.3%, comfortably above the stated target of 14%. This resilience is supported by strong liquidity metrics, with the Liquidity Coverage Ratio (LCR) reported at 181% in Q1 2025. The bank is executing on its plan to maintain this strength, reaffirming its intention to execute 2025 capital return ambitions contingent on maintaining a CET1 ratio of around 14%.

The focus on efficiency and risk reduction is clear in the balance sheet management:

• Total loss absorbing capacity (as of 4Q24): USD 185bn.
• Risk-Weighted Assets (RWA) as of Q1 2025: $483.3 billion.
• Target CET1 Leverage Ratio for 2025 capital guidance: greater than 4.0%.

Sustainable finance and ESG investment offerings to meet client demand

Client demand for sustainable investing is structural, and UBS Group AG is embedding these offerings across its divisions. The bank is recalibrating its approach to align with evolving regulations like the CSRD.

The commitment shows in the growth of net-zero-aligned assets within Asset Management, which surged to $64.4 billion in 2024, representing 3.6% of total AUM. Despite net outflows of $8.6 billion from global ESG funds in Q1 2025, total AUM remained robust at $3.16 trillion, signaling a temporary market correction rather than a trend reversal.

Key sustainability-related targets include:

• Pledge to source 100% renewable electricity by 2026.
• Revised operational net-zero target for Scope 1 and 2 emissions: 2035.
• Planned reduction in Scope 1 and 2 emissions by 2030 (vs. 2023 baseline): 57%.

Access to a focused, capital-efficient Investment Bank

The Investment Bank serves as a crucial engine for deal flow and capital markets access, especially for the firm's wealth management clients. Post-integration, the focus is on capital efficiency.

The division demonstrated strong performance in early 2025. For instance, in Q1 2025, the Investment Bank saw 24% revenue growth year-over-year. Looking at 3Q25 results, Profit Before Tax (PBT) increased by 274% to USD 782m, with total revenues rising by 29% to USD 3,156m, largely due to higher Global Banking revenues.

The value proposition here is performance within guardrails:

Finance: draft 13-week cash view by Friday.

UBS Group AG (UBS) - Canvas Business Model: Customer Relationships

Dedicated, personalized relationship management for HNW/UHNW clients

The relationship management structure is focused on the highest-value clients. UBS ended 2024 with 9,803 advisors across its global wealth units, a decrease from 10,027 at the close of 2023. Specifically, the Americas division saw its advisor count drop to 5,968 by the end of 2024, down from 6,117 a year prior. UBS aims to significantly increase revenue from its wealthiest clients; the bank reckons its revenues from serving clients with $100 million or more in assets can triple for each one it can provide with three additional services.

Self-service digital platforms and mobile apps for mass affluent clients

UBS is building a digitally scalable advice model, intending to provide wealthy clients in the Americas with a "seamless digital experience with remote human advice" as part of its 2025 strategic vision. The mass affluent segment represented 16% of UBS's client base at the end of 2024. The bank is targeting a slight increase in this segment to 17% by 2028.

High-touch, advisory-led model emphasizing long-term trust

UBS manages $6.9 trillion of invested assets as per third quarter 2025. The firm is targeting net new assets of around $100 billion for 2025, with an ambition to accelerate this to $200 billion per annum by 2026. The model relies on trust, which was tested during the Credit Suisse integration, where earlier migrations experienced system outages and transaction issues, shaking client confidence. Furthermore, some clients have claimed a former relationship manager in Switzerland exceeded investment authority, leading to losses.

Client-centricity as a core value driving service delivery

Client-centricity is reflected in the targeted shift in client mix. At the end of 2024, 54% of clients fell into the ultra-high net worth category (meaning they had $10 million or more in assets). UBS wants to shift these proportions by 2028 to a target mix where 50% are ultra-high net worth. The bank also aims for over $5 trillion in total invested assets by 2028.

Automated, transparent communication during client account migrations

The integration of Credit Suisse involved significant client migration milestones. As of the second quarter of 2025, UBS completed the migration of Credit Suisse client accounts booked outside of Switzerland to the UBS platform. In the same period, the first main wave of migrations in Switzerland transferred approximately one-third of targeted client accounts. By the third quarter of 2025, UBS reported migrating more than two-thirds of Swiss-booked client accounts. However, the transfer of a subset of ultra-high-net-worth Credit Suisse clients was delayed from September 2025 to the first quarter of 2026. Outside Switzerland, about 90% of client accounts had already been migrated to UBS platforms as of February 2025.

The shift in client segment focus by 2028 compared to year-end 2024 is detailed below:

The overall migration of Credit Suisse client accounts in Switzerland is targeted for completion by the end of the first quarter of 2026.

UBS Group AG (UBS) - Canvas Business Model: Channels

Global network of physical offices and consolidated branches

UBS Group AG operates across more than 50 markets around the globe. Following the Credit Suisse acquisition, UBS announced plans to close approximately 85 branches in the first quarter of 2025. The bank anticipates approximately 190 branches will remain in Switzerland by 2026, a number roughly equivalent to what UBS had before the Credit Suisse integration. For context, Credit Suisse still had around 95 branches in Switzerland before the consolidation.

Dedicated Relationship Managers and Financial Advisors

The total headcount for UBS Group AG stood at 108,648 full-time employees (FTE) by the end of 2024, down from approximately 120,000 employees immediately following the Credit Suisse acquisition. The firm's wealth management reach is evidenced by the scale of assets managed by recognized teams; for instance, the 2025 Forbes America's Top Wealth Management Teams Private Wealth list featured 100 teams managing over $1.5 trillion in combined assets. In a late 2025 move, a single team departure involved 16 advisors managing $6.3 billion in assets. UBS manages $6.9 trillion of invested assets as of the third quarter of 2025.

Proprietary digital wealth management platforms and mobile apps

The digital channel is a key driver of growth, particularly in Asia Pacific, where Net New Assets surged to $37.9 billion in the third quarter of 2025. The total Net New Assets for the first nine months of FY2025 in Asia Pacific reached $57 billion. The Americas remains the largest wealth management market, showing a 9% year-over-year increase to $2.28 trillion in invested assets.

The firm's digital engagement supports its vast client base:

• Managing assets for almost 40% of the world's billionaires located in Asia Pacific.
• Serving six out of 10 family offices in Asia Pacific, where there are around 2,000 family offices.
• Predicting 'returns of around mid-teens' for global AI stocks in 2025, reflecting digital investment themes.

Investment Bank sales and trading desks for institutional clients

UBS Group AG manages $6.1 trillion in invested assets across its operations as of the fourth quarter of 2024. The firm's reach includes multi-generational billionaire families, with 860 such families overseeing total assets of $4.7 trillion as of 2025. In 2025, 91 heirs inherited a record $297.8 billion, bolstering the number of multi-generational billionaires. The Investment Bank's capabilities include equity and debt capital market activities.

Direct online and phone banking for Swiss retail clients

UBS maintains a leading position in the Swiss market through its Personal & Corporate Banking division. This division serves a significant portion of the Swiss financial ecosystem:

• It serves one in three pension funds in Switzerland.
• It serves more than 85% of the 1,000 largest Swiss corporations.
• It serves 85% of banks residing within Switzerland.

The medium-term financial target for the Personal & Corporate Banking division is an adjusted return on attributed equity of around 19 percent.

UBS Group AG (UBS) - Canvas Business Model: Customer Segments

You're looking at the core client base that drives the engine of UBS Group AG, especially after integrating the Credit Suisse operations. Honestly, the sheer scale of wealth managed here is what sets UBS apart globally.

Ultra-High-Net-Worth (UHNW) and High-Net-Worth (HNW) individuals globally

This segment is central to UBS's Global Wealth Management division. UBS Group AG serves Ultra-high net worth investors and Family offices, alongside specialized segments like Athletes and Entertainers, Business owners, Multicultural investors, and Women and finances. You should know that UBS Group AG caters to approximately half of the world's billionaires. As of fourth quarter 2024, UBS managed $6.1 trillion of invested assets overall, with a significant portion residing in the wealth management arms focused on these affluent groups. The Global Wealth Management division managed over $3.9 trillion in invested assets in 2024. The firm is actively investing to accelerate growth in the high net worth and core affluent segments.

The focus areas within this segment include:

• Ultra-high net worth investors.
• Family offices.
• HNW individuals and families.

Institutional clients (pension funds, governments, corporations)

Institutional clients are served across the Asset Management and Investment Bank divisions, as well as through specialized services within Personal & Corporate Banking. While specific client counts aren't public, the scale is implied by the overall asset base and the nature of the Investment Bank's operations. The Asset Management division provides diversified solutions to these large entities. The sale of the O'Connor platform in May 2025, which involved strategies with around USD 11bn in assets under management, shows the active management of institutional-grade assets.

Corporate clients requiring banking and investment services

This group falls heavily under the Investment Bank and Personal & Corporate Banking segments. UBS provides corporate lending, treasury solutions, and trade finance to these entities. The Investment Bank offers focused capabilities to support these corporate needs. The firm's total assets as of September 30, 2025, stood at $1,632.251B, a figure underpinned by the breadth of its corporate and institutional relationships.

Retail and mass affluent clients, primarily in Switzerland

UBS is recognized as the leading universal bank in Switzerland, meaning this segment forms the bedrock of its Personal & Corporate Banking division domestically. The strategy mentioned in 2024 reports included efforts to expand the loan and deposit offering for the core affluent segment, which directly relates here. This segment uses traditional banking products and services.

Here's a quick look at how the client base maps across the structure:

The firm reports five business divisions, with Non-core and Legacy being the fifth, consisting of positions not aligned with the current strategy. Revenues from Wealth and Asset Management constituted approximately 60% of UBS's total revenues in 2024, showing where the primary client value is generated. Finance: draft 13-week cash view by Friday.

UBS Group AG (UBS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving UBS Group AG's expenses as they push through the Credit Suisse integration. The cost structure is dominated by the ongoing effort to streamline and consolidate the merged entity. Here's the quick math on where the money is going.

Integration costs, though significant, are being actively offset by realized savings. Cumulative gross cost savings reached USD 10 billion by the end of Q3 2025, achieving the end-2025 objective a quarter early. This represents 77% of the total expected gross savings of approximately USD 13 billion targeted for the end of 2026. For context, integration-related expenses in Q3 2025 were reported at USD 133 million.

Personnel expenses reflect the current workforce size and compensation structure. As of mid-2025, UBS had approximately 105,000 Full-Time Equivalent (FTE) employees. For comparison, personnel expenses in the first nine months of 2024 totaled USD 20,957 million, which included an increase of USD 3,119 million due to the consolidation of Credit Suisse expenses.

The drive for efficiency is visible in technology and IT infrastructure decommissioning. To date, UBS has retired 1,365 applications in scope, which is 47% of the total targeted for decommissioning. Further actions in Q3 2025 included switching off 66,000 servers and exiting an additional two data centers, bringing the total exits to seven. The firm worked through 43PB of data during this period. Technology spend is expected to account for about 40% of the remaining USD 3 billion in gross run rate cost saves.

Regulatory and compliance costs remain a factor due to systemic importance and inherited liabilities. For the first nine months of 2025, the Personal & Corporate Banking segment saw a net release of provisions for litigation, regulatory and similar matters totaling CHF 29 million related to a legacy cross-border business matter in France. This contrasts with the first nine months of 2024, which reflected a release of USD 227 million for these matters.

General administrative and real estate costs are being managed through physical consolidation. As of May 2025, UBS had already merged 95 branches in Switzerland. In the first quarter of 2025 compared to the first quarter of 2024, there was a decrease of USD 50 million associated with real estate and logistics costs. For the first nine months of 2024, general and administrative expenses decreased by USD 37 million to a total of USD 7,120 million.

Here is a breakdown of key cost and savings metrics as of late 2025:

You can see the focus is heavily on realizing the promised synergies from the merger, with technology decommissioning being a key lever.

• Personnel expenses in 9M24 were USD 20,957 million.
• Real estate and logistics cost decreases were USD 50 million in 1Q25 vs 1Q24.
• General and administrative expenses were USD 7,120 million for 9M24.

Finance: draft 13-week cash view by Friday.

UBS Group AG (UBS) - Canvas Business Model: Revenue Streams

You're looking at the core ways UBS Group AG brings in money as of late 2025. Honestly, it's all about leveraging that massive, integrated platform, especially after the Credit Suisse integration. Here's the quick math on the revenue components based on the third quarter of 2025 (3Q25) figures, which give us the best near-term view.

Fee-based income from Global Wealth Management (GWM) advisory and mandates

This is the bread and butter for UBS Group AG. For GWM, the income derived from client activity is substantial. In 3Q25, the Global Wealth Management division saw its transaction-based income increase by 11% year-on-year on an underlying basis. Total reported income for GWM in 3Q25 reached $6.5 billion, a 5.5% growth. The fee structure for advisory services can go up to 2.5% of assets under management (AUM) for some programs. The division brought in net new assets of $38 billion in the third quarter alone.

• Fee structure often involves a wrap fee covering advice and trading costs.
• Maximum annual fee can reach 2.5% of AUM in certain programs.
• GWM invested assets grew sequentially by 4% to $4.7 trillion in 3Q25.

Net Interest Income (NII) from lending and deposit-taking activities

Net Interest Income reflects the difference between the interest income UBS earns on its assets and the interest it pays on its liabilities, like customer deposits. For the second quarter of 2025 (2Q25), NII landed at $1.965 billion. However, looking at a specific report date, the NII as of June 30, 2025, was reported as $7.2B USD. It's important to note that NII can be sensitive to rate environments; for instance, in 3Q25, NII headwinds from Swiss franc interest rates impacted the profit before tax in the Swiss wealth business.

Investment Banking revenues from underwriting and M&A advisory

The Investment Bank revenue stream benefits from capital markets activity and advisory services. In 3Q25, the Investment Bank division generated reported revenues of $3.2 billion, marking a 23% increase year-on-year. Within this, Global Banking revenue, which includes M&A advisory, saw a record quarter, up 52% year-on-year on an underlying basis. Advisory revenue, which mostly comprises M&A, grew by 17% between Q1 2024 and Q1 2025.

Asset Management fees on managed funds and mandates

Asset Management fees are generated from managing funds for institutional and private clients. By 3Q25, Asset Management invested assets surpassed the $2 trillion mark for the first time. The division recorded $18 billion in net new money during 3Q25. In Q1 2025, Asset Management profits grew by 21.6% year-on-year.

Trading and sales revenue from market-making activities

Trading revenue, primarily from the Global Markets unit, thrives on market volatility and client flow. For 3Q25, Global Markets revenue was up 14% year-on-year on an underlying basis. In 2Q25, the global markets unit brought in $2.3 billion in revenues, a 25% year-on-year increase, which the bank linked to market volatility early in the quarter. In Q2 2025, equity trading revenue was reported at €1.6 billion.

Here is a snapshot of the reported revenue components for the third quarter of 2025:

The core businesses' combined underlying pre-tax profit was up 19% year-on-year in 3Q25, excluding litigation items. Also, the bank completed $1.1 billion in share buybacks in 3Q25 as part of its capital return plans.