UBS, the major Swiss bank that took over Credit Suisse in 2023, published its third-quarter results on 28 October 2026. It reported a net profit of $2.7 billion and a pre-tax profit of $3.6 billion, up 27% year on year. The bank says it is on track to complete the integration of Credit Suisse this year. On the same day, its chief executive, Sergio Ermotti, described the Council of States' vote on its capital as "very worrying".

UBS results: the published figures

Revenues from July to September reached $13.35 billion, 5% more than a year earlier. On an underlying basis, which strips out exceptional items, they rose by 10% to $13.39 billion. Net profit is equivalent to 2.2 billion francs, according to the Keystone-ATS news agency, as reported by swissinfo.ch.

These figures beat market expectations on several counts. Again according to swissinfo.ch, revenues, adjusted or not, and adjusted pre-tax profit are above the analyst consensus compiled by AWP.

Indicator (third quarter 2026)AmountYear-on-year change
Pre-tax profit$3.6 billion+27%
Underlying pre-tax profit$4.1 billion+14%
Revenues$13.35 billion+5%
Underlying revenues$13.39 billion+10%
Underlying wealth management revenues$6.89 billion+8%
Global Markets revenues (investment bank)$2.55 billion+17%
Pre-tax profit of the Swiss business915 million francsbest result in seven quarters

The sources do not give the year-on-year change in net profit. The comparison is therefore based on pre-tax profit.

Where did the bank make money?

Wealth management, known as Global Wealth Management, remains the main driver. According to finews.ch, the increase comes from recurring fee income (+9%) and net interest income (+8%). Net new client money reached $55.1 billion in the quarter. This corresponds to annualised growth of 4.5%, driven mainly by Asia-Pacific and the Americas.

The investment bank, the Investment Bank, posted record underlying revenue for a third quarter. Invested assets stand at $7.3 trillion, according to the same finews.ch article.

What does this mean for UBS's Swiss clients?

The bank's Swiss business, grouped in the Personal & Corporate Banking division, improved its result. Its pre-tax profit reached 915 million francs, and 813 million on an underlying basis. Its revenues rose by 65 million to 1.93 billion francs. According to finews.ch, savings linked to the integration of Credit Suisse contributed to this.

This division serves private individuals and companies in Switzerland. During the results conference call, Sergio Ermotti stressed UBS's role as a lender to the country's businesses and households, according to finews.ch.

Yet the bank's position with households has eroded since the merger. According to a study by the Lucerne University of Applied Sciences and Arts (HSLU), already covered by 2clics, 17% of those surveyed in 2026 name UBS as their main bank. Two years earlier, UBS and Credit Suisse combined scored around 20%. A cantonal bank remains the first choice, at 28%.

Credit Suisse integration: where things stood on 30 September 2026

The IT overhaul is nearing completion. As of 30 September 2026, almost all of the former Credit Suisse applications slated for removal were no longer in use. Around 90% of them had already been fully decommissioned, according to information published by the bank and reported by finews.ch.

Cost savings are also progressing. The quarter added $0.6 billion, for a gross total of $13.2 billion. UBS was aiming for 13.5 billion by the end of 2026 and now expects 13.7 billion. This is a target set by the bank, not an achieved result.

The human cost of the merger remains high. According to a previous 2clics article, the bank has cut around 20,000 jobs worldwide since the 2023 takeover. It has 34,000 jobs in Switzerland.

UBS capital: what Sergio Ermotti says

The chief executive spoke about the revision of the "too big to fail" rules, which target systemically important banks. The sensitive point concerns UBS's foreign subsidiaries. In September 2026, the Council of States backed covering them 90% with capital of the highest quality, swissinfo.ch recalls. According to the bank's estimates, this version would add around $16 billion to its core capital.

The following remarks are statements by Sergio Ermotti, reported by finews.ch on 28 October 2026:

  • the outcome of the debate in the Council of States in September is "very worrying";
  • the latest proposal under discussion does not strike a balance between financial stability, taxpayer protection and competitiveness;
  • it would disproportionately tighten requirements that are already among the strictest in the world;
  • it does not take into account the consequences for shareholders, the "first line of defence" in a crisis;
  • 50% coverage of foreign subsidiaries would have seemed more balanced to him.

Sergio Ermotti compares the situation to that of March 2023: in his view, a decisive turning point for the Swiss financial centre. He declined to comment on what UBS would conclude from a strict rule.

What the outcome of the debate could change

The first visible effect concerns shareholders. UBS bought back $1.8 billion of its shares in the third quarter, out of a programme of 3 billion. It also accrued for a dividend increase of around 15%. Its Common Equity Tier 1 (CET1) capital ratio stands at 14.7%, and its CET1 leverage ratio at 4.6%.

What happens next depends partly on Parliament. According to finews.ch, the amount and pace of future buybacks will depend in particular on a CET1 ratio of around 14%. They will also depend on the clarity obtained on the capital required for foreign subsidiaries. UBS will announce its ambitions for 2027 in February 2027. Finews.ch calculates a first tranche of buybacks of around $3.5 billion: this is an estimate by the outlet, not an announcement.

The stakes go beyond shareholders. The Swiss Bank Employees Association (ASEB) estimates that a departure by UBS would cost 10,000 to 12,000 jobs in Switzerland. This UBS departure measured in jobs remains a scenario, not a fact.

In mid-October, the American daily the Wall Street Journal reported that UBS was considering plans to leave Switzerland. The bank has not commented on this report. For his part, the director of the Swiss Financial Market Supervisory Authority (FINMA), Stefan Walter, points out that competitiveness is not part of FINMA's mandate.

What is the outlook for the fourth quarter?

The bank remains cautious. It expects a seasonal decline in transaction volumes compared with the third quarter. At Global Markets, the year-on-year comparison could suffer from a very strong fourth quarter of 2025, boosted in particular by a gain on a sale.

The annual targets appear within reach. Over nine months, the underlying return on core equity (RoCET1) reached 16.7%, and 14.8% unadjusted. UBS expects to exceed its 2026 target of around 15%. Its cost/income ratio stood at 69.6% from January to September. The bank expects to keep it below 70% for the year. According to Keystone-ATS, however, macroeconomic, political and geopolitical factors will weigh on investor confidence.

What we do not yet know

  • The position of the lower house, the National Council, on capital for foreign subsidiaries, and the timetable for entry into force.
  • The exact content of the latest proposal criticised by Sergio Ermotti, which the sources do not detail.
  • What UBS would do in the event of a strict rule: the bank refuses to say.
  • The amount of the 2027 share buybacks, expected in February 2027.

Sources