UBS Group AG (NYSE:UBS) Q3 2023 Earnings Conference Call November 7, 2023 3:00 AM ET
Company Participants
Sergio Ermotti - Group Chief Executive Officer
Todd Tuckner - Group Chief Financial Officer
Sarah Mackey - Investor Relations
Conference Call Participants
Stefan Stalmann - Autonomous Research
Giulia Miotto - Morgan Stanley
Andrew Coombs - Citi
Adam Terelak - Mediobanca
Flora Bocahut - Jefferies
Jeremy Sigee - BNP
Andrew Lim - Société Générale
Amit Goel - Barclays
Benjamin Goy - Deutsche Bank
Christopher Hallam - Goldman Sachs
Operator
Ladies and gentlemen, good morning. Welcome to the UBS Third 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. During the third quarter and as we speak, we continue to see an evolution of the macroeconomic outlook with opinions, forecasts, and market changing at very rapid pace. In addition, we've witnessed an even further deterioration of the geopolitical landscape as a result of tragic events in the Middle East. Our thoughts are with those who are suffering and have been impacted by this violence, as well as our affected employees.
While we have been very busy executing on our integration plans, our top priority is always to stay close to clients, helping them protect their assets and position their portfolios and businesses for future opportunities. Our wealth management clients remain cautious and defensively positioned. And while some of our institutional clients are taking advantage of short term opportunities, many still remain on the sidelines.
Our consistent dedication continues to be rewarded by their confidence and trust in UBS. This was demonstrated by another quarter of strong flows across GWM and P&C. In the third quarter, the first full quarter since the acquisition, we made strong progress and delivered underlying profitability.
With respect to the integration of Credit Suisse, we continue to be encouraged by our achievements to-date, in both our planning and execution. In terms of the lessons learned from the events in March, we welcome the recent reports issued by the Basel Committee on Banking Supervision, the Financial Stability Board, and the Swiss Expert Group on Banking Stability.