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Segment reporting
 12 Months Ended
Dec. 31, 2024
Disclosure Of Operating Segments [Line Items]  
Disclosure Of Entitys Reportable Segments Explanatory
Note 3a
 
Segment reporting
UBS’s businesses are
 
organized globally into
 
five business divisions:
 
Global Wealth
 
Management, Personal
 
& Corporate
Banking, Asset
 
Management, the
 
Investment Bank,
 
and Non-core
 
and Legacy.
 
All five
 
business divisions are
 
supported
by our
 
Group
 
functions
 
and qualify
 
as reportable
 
segments for
 
the purpose
 
of segment
 
reporting.
 
Together
 
with the
Group functions,
 
the five business divisions reflect the
 
management structure of the Group.
–
Global Wealth
 
Management
 
provides financial
 
services, advice
 
and solutions
 
to private
 
wealth clients.
 
Its offering
ranges from investment
 
management to estate
 
planning and corporate
 
finance advice, in
 
addition to specific
 
wealth
management and banking products and services.
 
–
Personal
 
&
 
Corporate
 
Banking
 
serves
 
its
 
private,
 
corporate,
 
and
 
institutional
 
clients’
 
needs,
 
from
 
banking
 
to
retirement, financing,
 
investments and
 
strategic transactions,
 
in Switzerland,
 
through its
 
branch network
 
and digital
channels.
–
Asset Management
 
is a global, large-scale
 
and diversified asset manager.
 
It offers investment capabilities
 
and styles
across
 
all
 
major
 
traditional
 
and
 
alternative
 
asset
 
classes,
 
as
 
well
 
as
 
advisory
 
support
 
to
 
institutions,
 
wholesale
intermediaries and wealth management clients.
 
–
The
Investment Bank
 
provides a range of
 
services to institutional,
 
corporate and wealth management
 
clients globally,
to
 
help
 
them
 
raise
 
capital,
 
grow
 
their
 
businesses,
 
invest
 
and
 
manage
 
risks.
 
Its
 
offering
 
includes
 
research,
 
advisory
services, facilitating clients raising debt
 
and equity from the public
 
and private markets and capital
 
markets, cash and
derivatives trading across equities and fixed income, and
 
financing.
 
–
Non-core and Legacy
 
includes positions and businesses not aligned with our long-term
 
strategy and risk appetite. It
consists of selected
 
assets and liabilities
 
from the Credit
 
Suisse business divisions,
 
as well as
 
residual assets and
 
liabilities
from UBS’s former Non-core and
 
Legacy Portfolio that preceded the acquisition of
 
the Credit Suisse Group and smaller
amounts of
 
assets and
 
liabilities of
 
UBS’s business
 
divisions that
 
have been
 
assessed as
 
not strategic
 
in light
 
of that
acquisition.
 
–
Our Group functions are
 
support and control functions
 
that provide services to
 
the Group. Virtually
 
all costs incurred
by the
 
Group functions
 
are allocated
 
to the
 
business divisions,
 
leaving a
 
residual amount
 
that we
 
refer to
 
as
Group
Items
 
in our segment reporting. Group functions include the following major areas: Group Services (which consists of
the Group
 
Operations and
 
Technology Office,
 
Group Compliance,
 
Regulatory &
 
Governance, Group
 
Finance, Group
Risk Control, Group Human Resources and Corporate Services, Communications
 
& Branding, Group Legal, the Group
Integration Office, Group Sustainability and Impact and the
 
Chief Strategy Office) and Group Treasury.
Financial information about
 
the five business divisions
 
and Group Items
 
is presented separately
 
in internal management
reports to the
 
Group Executive
 
Board (the GEB),
 
which is considered
 
the “chief
 
operating decision-maker”
 
pursuant to
IFRS 8,
Operating Segments
.
UBS’s
 
internal
 
accounting
 
policies,
 
which
 
include
 
management
 
accounting
 
policies
 
and
 
service
 
level
 
agreements,
determine
 
the
 
revenues
 
and
 
expenses
 
directly
 
attributable
 
to
 
each
 
reportable
 
segment.
 
Transactions
 
between
 
the
reportable segments are carried out at internally agreed rates and are
 
reflected in the operating results of the reportable
segments.
 
Revenue-sharing
 
agreements
 
are
 
used
 
to
 
allocate
 
external
 
client
 
revenues
 
to
 
reportable
 
segments
 
where
several
 
reportable
 
segments
 
are
 
involved
 
in
 
the
 
value
 
creation
 
chain.
 
Total
 
intersegment
 
revenues
 
for
 
the
 
Group
 
are
immaterial, as the majority of the
 
revenues are allocated across the segments by
 
means of revenue-sharing agreements.
Interest
 
income
 
earned
 
from
 
managing
 
UBS’s
 
consolidated
 
equity
 
is
 
allocated
 
to
 
the
 
reportable
 
segments
 
based
 
on
average attributed equity and currency composition. Assets and
 
liabilities of the reportable segments are funded
 
through
and invested with Group functions, and the net interest
 
margin is reflected in the results of each reportable segment.
Segment
 
assets
 
are
 
based
 
on
 
a
 
third-party
 
view
 
and
 
do
 
not
 
include
 
intercompany
 
balances.
 
This
 
view
 
is
 
in
 
line
 
with
internal
 
reporting
 
to
 
the
 
GEB.
 
If
 
one
 
operating
 
segment
 
is
 
involved
 
in
 
an
 
external
 
transaction
 
together
 
with
 
another
operating segment
 
or Group
 
function, additional
 
criteria are
 
considered to
 
determine the
 
segment that
 
will report
 
the
associated
 
assets.
 
This
 
will
 
include
 
a
 
consideration
 
of
 
which
 
segment’s
 
business
 
needs
 
are
 
being
 
addressed
 
by
 
the
transaction
 
and
 
which
 
segment
 
is
 
providing
 
the
 
funding
 
and
 
/
 
or
 
resources.
 
Allocation
 
of
 
liabilities
 
follows
 
the
 
same
principles.
Non-current assets
 
disclosed
 
for segment
 
reporting purposes
 
represent assets
 
that are
 
expected to
 
be recovered
 
more
than
 
12
 
months
 
after
 
the
 
reporting
 
date,
 
excluding
 
financial
 
instruments,
 
deferred
 
tax
 
assets
 
and
 
post-employment
benefits.
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
 
represented
 
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
other business divisions, with the aim of avoiding stranded costs in Non-core and Legacy at the end of the integration
process.
Following the changes outlined
 
above, prior-period information for
 
the twelve-month period ended
 
31 December 2023
has
 
been
 
restated,
 
resulting
 
in
 
decreases
 
in
Operating
 
profit
 
/
 
(loss)
 
before
 
tax
 
of
 
USD
144
m
 
for
 
Global
 
Wealth
Management,
 
USD
337
m for
 
Personal
 
&
 
Corporate
 
Banking
 
and
 
USD
28
m for
 
the
 
Investment
 
Bank,
 
and
 
increases
 
in
Operating profit / (loss) before tax
 
of USD
341
m for Group Items, USD
154
m for Non-core and Legacy and USD
14
m for
Asset Management.
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
For the year ended 31 December 2024
Net interest income
7,358
5,650
(63)
(3,597)
126
(2,365)
7,108
Non-interest income
17,158
3,684
3,246
14,544
1,480
1,391
41,503
Total revenues
24,516
9,334
3,182
10,948
1,605
(975)
48,611
Credit loss expense / (release)
(16)
404
(1)
97
69
(2)
551
Operating expenses
20,608
5,741
2,663
8,934
3,512
(220)
41,239
Operating profit / (loss) before tax
3,924
3,189
520
1,917
(1,976)
(752)
6,821
Tax expense / (benefit)
1,675
Net profit / (loss)
5,146
Additional information
Total assets
559,601
447,068
22,702
453,422
68,260
13,975
1,565,028
Additions to non-current assets
889
361
100
768
88
0
2,206
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USD m
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
 
Management
Investment
Bank
Non-core and
Legacy
Group Items
Negative
goodwill
1
UBS
For the year ended 31 December 2023
2
Net interest income
7,082
4,878
(40)
(2,915)
437
(2,144)
7,297
Non-interest income
14,474
2,810
2,726
11,619
260
1,648
33,536
Total revenues
21,556
7,687
2,686
8,703
697
(495)
40,834
Negative goodwill
27,264
27,264
Credit loss expense / (release)
166
482
0
190
193
6
1,037
Operating expenses
17,945
4,394
2,353
8,585
5,091
438
38,806
Operating profit / (loss) before tax
3,445
2,811
332
(72)
(4,587)
(938)
27,264
28,255
Tax expense / (benefit)
873
Net profit / (loss)
27,382
Additional information
Total assets
1,2
567,648
483,794
21,804
428,269
201,131
14,277
1,716,924
Additions to non-current assets
2,584
3,279
709
530
3,062
550
10,714
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
 
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS
For the year ended 31 December 2022
Net interest income
5,273
2,191
(19)
(242)
1
(585)
6,621
Non-interest income
13,694
2,111
2,980
3
8,958
236
(37)
27,942
Total revenues
18,967
4,302
2,961
8,717
237
(622)
34,563
Credit loss expense / (release)
0
39
0
(12)
2
1
29
Operating expenses
13,989
2,452
1,564
6,832
104
(12)
24,930
Operating profit / (loss) before tax
4,977
1,812
1,397
1,897
131
(611)
9,604
Tax expense / (benefit)
1,942
Net profit / (loss)
7,661
Additional information
Total assets
388,530
235,226
17,348
391,320
13,367
58,574
1,104,364
Additions to non-current assets
42
13
1
34
0
1,970
2,060
1 Comparative-period information has been
 
revised to reflect measurement period
 
adjustments. Refer to Note
 
2 for more information.
 
2 Comparative-period information has
 
been restated for changes in
 
business
division perimeters, Group Treasury allocations and Non-core and Legacy cost allocations.
 
3 Includes an USD
848
m gain in Asset Management related to the sale
 
of UBS‘s shareholding in Mitsubishi Corp.-UBS Realty
Inc.
Note 3b
 
Segment reporting by geographic location
The operating
 
regions shown
 
in the
 
table below
 
correspond to
 
the regional
 
management structure
 
of the
 
Group. The
allocation of total revenues to these
 
regions reflects, and is consistent with, the
 
basis on which the business is managed
and its performance
 
is evaluated.
 
These allocations
 
involve assumptions
 
and judgments
 
that management
 
considers to
be reasonable and
 
may be refined
 
to reflect changes
 
in estimates or
 
management structure.
 
The main principles
 
of the
allocation
 
methodology
 
are
 
that
 
client
 
revenues
 
are
 
attributed
 
to
 
the
 
domicile
 
of
 
the
 
given
 
client,
 
and
 
trading
 
and
portfolio
 
management
 
revenues
 
are
 
attributed
 
to
 
the
 
country
 
where
 
the
 
risk
 
is
 
managed.
 
This
 
revenue
 
attribution
 
is
consistent with the mandate of the
 
regional Presidents. Certain revenues,
 
such as those related to Non-core
 
and Legacy
and Group Items, are included in the
Global
 
line.
The
 
geographical
 
analysis
 
of
 
non-current
 
assets
 
is
 
based
 
on
 
the
 
location
 
of
 
the
 
entity
 
in
 
which
 
the
 
given
 
assets
 
are
recorded.
For 2023, the allocation of total revenues by geographical region for Credit Suisse is not available on
 
the same allocation
basis as for the UBS Group and the cost to develop this
 
information would have been excessive. Therefore,
 
as permitted
under
 
IFRS
 
8,
 
the
 
respective
 
information
 
is
 
not
 
disclosed.
 
UBS AG
 
and
 
Credit
 
Suisse AG
 
disclosed
 
total
 
revenues
 
by
geographical region in their 2023 annual reports according
 
to their respective allocation methodologies.
›
Refer to “UBS AG consolidated financial information”
 
in the “Consolidated financial statements”
 
section of the UBS AG Annual
Report 2023 for more information on total revenues by geographical
 
region for UBS AG
›
Refer to the Credit Suisse AG consolidated financial
 
statements 2023, available at
https://www.ubs.com/global/en/investor-
relations/complementary-financial-information/disclosure-legal-entities/credit-suisse-ag-consolidated.html
, for more information
on total revenues by geographical region for Credit Suisse AG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended 31 December 2024
Total revenues
Total non-current assets
USD bn
Share %
USD bn
Share %
 
Americas
1
16.8
35
8.6
35
Asia Pacific
6.8
14
1.4
6
Europe, Middle East and Africa (excluding Switzerland)
7.7
16
3.1
12
Switzerland
15.1
31
11.6
47
Global
2
2.2
5
0.0
0
Total
48.6
100
24.7
100
For the year ended 31 December 2023
Total revenues
3
Total non-current assets
USD bn
Share %
USD bn
Share %
 
Americas
1
9.4
34
Asia Pacific
1.7
6
Europe, Middle East and Africa (excluding Switzerland)
3.3
12
Switzerland
13.3
48
Global
0.0
0
Total
27.7
100
For the year ended 31 December 2022
Total revenues
Total non-current assets
USD bn
Share %
USD bn
Share %
 
Americas
1
13.8
40
8.9
46
Asia Pacific
5.6
16
1.5
8
Europe, Middle East and Africa (excluding Switzerland)
7.0
20
2.9
15
Switzerland
7.7
22
6.3
32
Global
0.5
1
0.0
0
Total
34.6
100
19.7
100
1 Predominantly related to the US.
 
2 Includes certain revenues in Asset Management and Global Wealth Management that were not allocated to geographical regions.
 
3 For 2023, the allocation of total revenues
by geographical region for Credit Suisse is not
 
available on the same allocation basis as for
 
the UBS Group and the cost to develop this information
 
would have been excessive. Therefore,
 
as permitted under IFRS 8,
the respective information is not disclosed.