Research · Sep 3, 2026
[UBS] UBS Thesis 2026: Credit Suisse Integration Delivers Synergies, US Bank Filed
UBS Group FY25 (Dec 31, 2025) at $59.05B revenue (-20% reported, post-CS cycle normalization). Net income $6.16B (+33%); Diluted EPS $1.87. Q3 segments: GWM pretax $1.8B (invested assets $4.7T +4% sequential, NNA $38B); P&C CHF 668M; Asset Mgmt $282M (+19%, $2T+ invested assets first time); IB $787M (+100% YoY, banking +52%, global markets +14%); Noncore $102M. Credit Suisse integration: $10B cumulative cost saves achieved 1Q ahead of schedule; Q3 alone $900M incremental. >2/3 Swiss accounts migrated. Litigation: CS RMBS + UBS France cross-border resolved. US National Bank charter filed (approval expected 2026). 340 live AI use cases. Capital return $6.68B (div $2.38B + buyback $4.30B +47% YoY). Total debt $356B. Barclays upgraded UW→EW April 20.
Research · Aug 25, 2026
Swiss Mortgage Lending Growth Slows Following Credit Suisse Integration
After UBS completed its Credit Suisse client migration, BCV's mortgage book grew just 2% in H1 2026 against a 4% target while pension cash moved in.
Research · Jun 12, 2026
DB Stock: ECB Rate Hike European Bank NII Explained
Deutsche Bank EUR loan book repositions for ECB first hike since 2023. NII windfall €1.0-1.5B annual through 2026 cycle. Pure-play.
Research · Apr 23, 2026
Swiss Government Proposes Stricter UBS Capital Rules Capping Return Potential
Swiss government draft legislation proposes stricter capital requirements for UBS that will constrain return potential and capital distribution flexibility. The concrete proposals settle regulatory uncertainty that markets had underpriced, positioning UBS for 10-15% underperformance versus European banking peers over 6-12 months as return targets compress and multiple expansion stalls.
Research · Apr 10, 2026
SNB Rate Cut Odds Rise After CPI Miss — 6 US Stocks Poised to Win: NVS Leads
Switzerland's March CPI of 0.3% YoY (vs 0.5% expected) bolsters SNB rate cut odds, lifting US-listed Swiss-exposed names like NVS, UBS, ALC, LOGI, MTD, and ONON. These firms offer diversified plays on pharma stability, banking recovery, and consumer/industrial growth, with NVS leading conviction. Lower rates promise earnings acceleration amid attractive valuations.
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