UBS Group AG (NYSE:UBS) Q2 2023 Earnings Conference Call August 31, 2023 2:30 AM ET
Company Participants
Sarah Mackey - Investor Relations
Sergio Ermotti - Group Chief Executive Officer
Todd Tuckner - Group Chief Financial Officer
Conference Call Participants
Jeremy Sigee - BNP Paribas
Alastair Ryan - Bank of America
Chris Hallam - Goldman Sachs
Kian Abouhossein - JPMorgan
Flora Bocahut - Jefferies
Stefan Stalmann - Autonomous Research
Anke Reingen - RBC
Benjamin Goy - Deutsche Bank
Amit Goel - Barclays
Andrew Lim - Societe Generale
Adam Terelak - Mediobanca
Andrew Coombs - Citi
Vishal Shah - Morgan Stanley
Operator
Ladies and gentlemen, good morning. Welcome to the UBS Second Quarter 2023 Results Presentation. The conference must not be recorded for publication or broadcast. [Operator Instructions]
At this time, it’s my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.
Sarah Mackey
Good morning, and welcome, everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today’s results presentation. Please also refer to the risk factors filed with our Group results today, together with additional disclosures in our SEC filings.
On slide two, you can see our agenda for today. It’s now my pleasure to hand over to Sergio Ermotti, Group CEO.
Sergio Ermotti
Thank you, Sarah, and good morning, everyone. I hope you had a relaxing summer break, for us the past eight weeks were intense, as we were busy writing the next chapter of UBS’ history. This is the first ever acquisition involving two global systemically important banks. It was announced only five months ago and we closed it less than 100 days ago.
This would not have been possible without extraordinary effort and dedication from my colleagues across both organizations. It also required extensive cooperation from the Swiss Government and regulators in Switzerland and around the world.
We are swiftly executing on our integration plans, already achieving a number of important milestones. We established a target operating model, created a dedicated integration office and rolled out responsibilities with management appointments up to three levels below the Group Executive Board, just to name a few. We are also making progress on our cost savings and derisking plans, and resolving some legacy matters for both firms.
Following a detailed analysis, we determinated and added back -- we terminated and added back all Swiss Government support a few weeks ago. Lastly, we decided to fully integrate the Swiss business of Credit Suisse after a thorough strategic review.