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Segment reporting
 6 Months Ended
Jun. 30, 2024
Disclosure Of Operating Segments [Line Items]  
Disclosure Of Entitys Reportable Segments Explanatory
Note 3
 
Segment reporting
As part of
 
the continued refinement
 
of UBS’s reporting
 
structure and organizational
 
setup, in the
 
first quarter of
2024 certain
 
changes were
 
made, with
 
an impact
 
on segment
 
reporting for
 
UBS’s business
 
divisions and
 
Group
Items. Prior-period information has been adjusted
 
for comparability. The changes are as follows:
–
Change
 
in
 
business
 
division
 
perimeters:
UBS
 
has
 
transferred
 
certain
 
businesses
 
from
 
Swiss
 
Bank
 
(Credit
Suisse),
 
previously
 
included
 
in
 
Personal
 
&
 
Corporate
 
Banking,
 
to
 
Global
 
Wealth
 
Management.
 
The
 
change
predominantly related to the high
 
net worth client segment and
 
represents approximately USD
72
bn in invested
assets and approximately
 
USD
0.6
bn in annualized
 
revenues. A
 
number of
 
other smaller
 
business shifts
 
were also
executed between the business divisions in the
 
first quarter of 2024.
 
–
Changes to Group Treasury allocations:
UBS has allocated to the business divisions nearly all Group Treasury
costs that historically
 
were retained and
 
reported in Group
 
Items. Costs
 
that continue to
 
be retained in
 
Group
Items include costs related
 
to hedging and own
 
debt, and deferred tax
 
asset funding costs. UBS
 
has also aligned
the internal funds
 
transfer pricing methodologies
 
applied by Credit
 
Suisse entities to
 
UBS’s funds transfer
 
pricing
methodology.
 
These changes
 
resulted in
 
funding costs
 
of approximately
 
USD
0.3
bn for
 
2023, moving
 
from Group
Items
 
to
 
the
 
business
 
divisions,
 
predominantly
 
related
 
to
 
the
 
second
 
half
 
of
 
2023.
 
In
 
parallel
 
with
 
the
aforementioned changes, UBS
 
has increased
 
the allocation of
 
balance sheet resources
 
from Group
 
Treasury to
the business divisions.
–
Updated cost
 
allocations:
UBS has
 
reallocated USD
0.3
bn of
 
annualized costs from
 
Non-core and
 
Legacy to
the
 
business
 
divisions,
 
with
 
the
 
aim
 
of
 
avoiding
 
stranded
 
costs
 
in
 
Non-core
 
and
 
Legacy
 
at
 
the
 
end
 
of
 
the
integration process.
Following the collective changes outlined above, prior-period information for the six-month period ended 30 June
2023 has been restated, resulting in increases in Operating profit
 
/ (loss) before tax of USD
39
m for Global Wealth
Management, USD
17
m for Personal & Corporate Banking, USD
3
m for Asset Management and USD
17
m for the
Investment Bank, and decreases in Operating profit /
 
(loss) before tax of USD
60
m for Group Items and USD
15
m
for Non-core and Legacy.
Prior-period information as
 
of 31 December
 
2023 has also
 
been restated, resulting
 
in increases
 
of Total
 
assets of
USD
98.4
bn
 
in
 
Global
 
Wealth
 
Management, USD
13.3
bn
 
in
 
Personal
 
&
 
Corporate Banking,
 
USD
28.9
bn
 
in
 
the
Investment
 
Bank
 
and
 
USD
28.6
bn
 
in
 
Non-core
 
and
 
Legacy,
 
with
 
a
 
corresponding
 
decrease
 
of
 
Total
 
assets
 
of
USD
169.2
bn in Group Items.
These changes had no effect on the reported
 
results or financial position of the Group.
 
 
 
 
 
 
 
 
 
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
 
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the six months ended 30 June 2024
1
Total revenues
12,196
4,695
1,543
5,554
1,402
(747)
24,642
Credit loss expense / (release)
(4)
146
0
26
35
(2)
201
Operating expenses
10,228
2,800
1,303
4,496
1,818
(48)
20,597
Operating profit / (loss) before tax
1,972
1,748
241
1,032
(451)
(699)
3,844
Tax expense / (benefit)
905
Net profit / (loss)
2,939
As of 30 June 2024
Total assets
557,716
450,835
22,439
419,978
96,574
13,435
1,560,976
 
 
 
 
 
 
 
 
 
 
 
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
 
Management
Investment
Bank
Non-core and
Legacy
Group Items
Negative
goodwill
2
UBS Group
For the six months ended 30 June 2023
1
Total revenues
10,049
3,087
1,086
4,401
185
(524)
18,284
Negative goodwill
27,264
27,264
Credit loss expense / (release)
164
237
1
139
119
2
662
Operating expenses
7,646
1,597
911
3,891
1,235
416
15,696
Operating profit / (loss) before tax
2,239
1,253
174
372
(1,169)
(942)
27,264
29,191
Tax expense / (benefit)
820
Net profit / (loss)
28,371
As of 31 December 2023
2, 3
Total assets
567,648
483,794
21,804
428,269
201,131
14,277
1,716,924
1 Refer to “Note 3 Segment reporting” in the “Consolidated financial statements” section of
 
the Annual Report 2023 for more information about the Group’s reporting segments.
 
2 Comparative-period information
has been revised. Refer to Note 2 for more information.
 
3 Comparative-period information has been restated for Group Treasury
 
allocations.