UBS Statistics 2026
By Axis Intelligence Research
Co-author: Sarah Davis | Last updated: August 20, 2026 | License: CC BY 4.0
UBS Group closed the second quarter of 2026 with a record USD 7,326bn in invested assets, USD 2,800m in net profit attributable to shareholders, and a 14.4% CET1 capital ratio. It also closed it with a bill from Bern that nobody has yet sized against the bank’s own earnings power. Axis Intelligence Research has now done that arithmetic.
Quick Answer
UBS Group AG held USD 7,326bn in invested assets as of 30 June 2026 — a record — and reported USD 2,800m in second-quarter net profit and USD 5,840m for the first half. Its CET1 capital ratio stood at 14.38% on USD 503,923m of risk-weighted assets. Axis Intelligence Research finds that the Swiss capital requirements now in front of parliament equal between 3.1 and 12.7 quarters of UBS’s current earnings run-rate, depending on whose perimeter you accept, against a 28-quarter transition window.
Key Findings
- According to Axis Intelligence Research, UBS Group’s invested assets reached USD 7,326bn on 30 June 2026, up 10.7% from USD 6,618bn a year earlier (UBS Group 2Q26 media release, 29 July 2026).
- Axis Intelligence Research estimates a Capital Absorption Horizon (CAH) of 6.8 quarters for UBS on the Swiss Federal Council’s USD 20bn estimate, and 12.7 quarters on UBS’s own USD 37bn total — 24.5% and 45.3% respectively of the 28-quarter transition window.
- UBS Americas Holding LLC recorded a post-stress minimum CET1 capital ratio of 15.3% in the Federal Reserve’s 2026 supervisory stress test — the second-highest of the 32 banks tested (Federal Reserve, June 2026).
- Axis Intelligence Research finds that UBS generated USD 282,010 of first-half revenue per internal full-time-equivalent employee in 1H26, up 20.2% from USD 234,638 in 1H25.
- UBS estimates the annual capital cost of the full package at approximately USD 3bn; Axis Intelligence Research calculates that this equals 25.7% of the bank’s annualised first-half 2026 net profit of USD 11,680m.
How Much Money Does UBS Manage in 2026?
Group invested assets — UBS’s headline scale metric, covering Global Wealth Management, Asset Management and Personal & Corporate Banking — reached USD 7,326bn on 30 June 2026, per the UBS second-quarter 2026 results release. That is the highest figure the combined group has ever reported, and it followed a 6% sequential jump in the wealth division.
Chart 1 — UBS Group invested assets, 30 Jun 2025 to 30 Jun 2026 (USD bn). Column chart. Series: 6,618 · 7,005 · 6,881 · 7,326. Source: UBS Group second-quarter 2026 media release. Branded: Axis Intelligence Research.
UBS invested assets by period
| As of | Group invested assets (USD bn) | Change vs prior period | Source |
|---|---|---|---|
| 30 Jun 2025 | 6,618 | — | UBS Group 2Q26 media release |
| 30 Sep 2025 | — | not disclosed in 2Q26 key figures | UBS Group 2Q26 media release |
| 31 Dec 2025 | 7,005 | +5.8% vs 30 Jun 2025 | UBS Group 2Q26 media release |
| 31 Mar 2026 | 6,881 | −1.8% QoQ | UBS Group 2Q26 media release |
| 30 Jun 2026 | 7,326 | +6.5% QoQ; +10.7% YoY | UBS Group 2Q26 media release |
The USD 7trn threshold was crossed for the first time at the end of 2025, when invested assets rose 15% year on year, according to the UBS fourth-quarter and full-year 2025 results. The dip in the first quarter of 2026 and the recovery in the second are market-and-currency effects layered on top of steady inflows, not a change in franchise direction.
Invested assets by business division, 30 June 2026
| Division | Invested assets (USD bn) | Sequential change | Net new assets / money (USD bn, 2Q26) | Source |
|---|---|---|---|---|
| Global Wealth Management | 4,942 | +274 | 35.5 | UBS Group 2Q26 media release |
| Asset Management | 2,228 | +164 | 6.3 | UBS Group 2Q26 media release |
| Group total (incl. P&C) | 7,326 | +445 | — | UBS Group 2Q26 media release |
Global Wealth Management’s USD 36bn of net new assets in the quarter represented a 3% annualised growth rate. For context on how a US-domiciled wealth platform reports the same flow dynamics, see our Charles Schwab statistics dataset. The regional split is where the interesting texture sits: Switzerland, EMEA and APAC carried the flows, while the Americas contributed USD 1bn of net new assets despite roughly USD 10bn of seasonal tax-related outflows. Net new fee-generating assets — the subset that actually monetises — came in at USD 13bn.
Sarah Davis: The take rate is the number the headline hides. USD 36bn of net new assets producing USD 13bn of net new fee-generating assets means roughly a third of the inflow arrived in a form that pays a recurring fee on day one. That is not a criticism — cash and custody balances migrate into mandates over time — but anyone modelling wealth revenue off the NNA headline is modelling the wrong number.
Source: Axis Intelligence Research — CC BY 4.0
How Profitable Is UBS in 2026?
UBS reported second-quarter profit before tax of USD 3,594m and net profit attributable to shareholders of USD 2,800m, with diluted earnings per share of USD 0.87. On an underlying basis — UBS’s non-GAAP measure that strips out purchase-price-allocation effects and integration costs — pre-tax profit was USD 3,887m, up 45% year on year.
Chart 2 — UBS quarterly net profit attributable to shareholders and return on CET1 capital, 2Q25 to 2Q26. Combination column and line chart. Net profit (USD m): 2,395 · 1,199 · 3,040 · 2,800. RoCET1 (%): 13.5 · 6.6 · 16.8 · 15.4. Source: UBS Group second-quarter 2026 media release. Branded: Axis Intelligence Research.
UBS quarterly results, 2Q25 to 2Q26
| Metric | 2Q25 | 4Q25 | 1Q26 | 2Q26 | Source |
|---|---|---|---|---|---|
| Total revenues (USD m) | 12,112 | 12,145 | 14,243 | 13,700 | UBS Group 2Q26 media release |
| Operating expenses (USD m) | 9,756 | 10,286 | 10,333 | 9,986 | UBS Group 2Q26 media release |
| Profit before tax (USD m) | 2,193 | 1,700 | 3,841 | 3,594 | UBS Group 2Q26 media release |
| Net profit to shareholders (USD m) | 2,395 | 1,199 | 3,040 | 2,800 | UBS Group 2Q26 media release |
| Return on CET1 capital (%) | 13.5 | 6.6 | 16.8 | 15.4 | UBS Group 2Q26 media release |
| Cost/income ratio (%) | 80.5 | 84.7 | 72.5 | 72.9 | UBS Group 2Q26 media release |
The full-year 2025 comparison sets the base: net profit attributable to shareholders of USD 7,767m, up 53%, on reported pre-tax profit of USD 8,853m, with return on CET1 capital of 10.8%. Half-year 2026 net profit of USD 5,840m is already 75% of the entire 2025 result. Readers comparing wealth-and-markets business mixes across the industry may want our Morgan Stanley statistics page alongside this one.
Divisional pre-tax profit, second quarter 2026
| Division | PBT as reported (USD m) | Underlying PBT (USD m) | Underlying cost/income (%) | Source |
|---|---|---|---|---|
| Global Wealth Management | 1,883 | 1,997 | 71.5 | UBS Group 2Q26 media release |
| Personal & Corporate Banking | 857 | 858 | 57.7 | UBS Group 2Q26 media release |
| Asset Management | 214 | 237 | 68.7 | UBS Group 2Q26 media release |
| Investment Bank | 1,150 | 1,162 | 67.4 | UBS Group 2Q26 media release |
| Non-core and Legacy | (203) | (52) | — | UBS Group 2Q26 media release |
| Group Items | (307) | (314) | — | UBS Group 2Q26 media release |
| Group | 3,594 | 3,887 | 70.0 | UBS Group 2Q26 media release |
Asset Management’s USD 2,228bn of invested assets makes UBS one of a small group of managers above the two-trillion mark; our Fidelity Investments statistics page covers the largest US comparator on the same basis.
The divisional table above is presented in US dollars for comparability, but Personal & Corporate Banking reports in Swiss francs, and in its own currency the division delivered CHF 676m of pre-tax profit on both the reported and underlying basis, with a 57.7% underlying cost/income ratio — the most efficient division in the group by that measure, and the one least exposed to the reform argument that follows.
The Investment Bank is the quarter’s mover. Underlying revenues of USD 3,701m were up 31% year on year, with Global Markets contributing USD 3,008m and Global Banking USD 693m, the latter up 33% on capital markets strength. Return on attributed equity reached 23.2%.
Sarah Davis: An investment bank throwing off a 23% return on attributed equity inside a wealth-management group is a pleasant problem, right up to the moment a regulator starts pricing the capital that sits behind it. The Swiss debate is not really about whether UBS is profitable. It is about which currency the profitability is denominated in — earnings, or balance-sheet freedom.
How Much Extra Capital Would the Swiss Reform Cost UBS?
This is the question that determines UBS’s share price, its buyback cadence, and — if a handful of Zurich headlines are to be believed — its domicile. It has been argued in adjectives for two years. Here it is in quarters.
On 22 April 2026 the Federal Council adopted its dispatch on the revision of the Banking Act, requiring systemically important banks to fully back the carrying value of foreign participations with CET1 capital at the Swiss parent. Today roughly half can be financed with debt. The Federal Department of Finance’s own impact estimate: a strengthening of the parent bank’s CET1 capital of approximately USD 20 billion on a status-quo basis, with an actual CET1 shortfall of around USD 9 billion had the rules taken effect on 1 January 2026. The transition period is seven years.
Chart 3 — Capital Absorption Horizon: quarters of UBS earnings required, by requirement perimeter. Horizontal bar chart against a 28-quarter transition window. Values: 3.08 · 6.85 · 7.53 · 12.67 quarters. Source: Axis Intelligence Research calculation on Swiss Federal Department of Finance and UBS Group AG inputs. Branded: Axis Intelligence Research.
The Axis Capital Absorption Horizon (CAH)
Capital Absorption Horizon (CAH) is a metric created by Axis Intelligence Research. It expresses a stated incremental regulatory capital requirement as the number of quarters of a bank’s current earnings run-rate needed to fund it, then sets that against the length of the statutory transition window. It answers a question that percentages of RWA do not: how much of the bank’s own profit machine does this actually consume, and over what horizon?
Formula
CAH = Stated incremental CET1 requirement ÷ (Half-year net profit attributable to shareholders ÷ 2)
Transition utilisation = CAH ÷ (transition years × 4)
Inputs, all fetched and dated
| Input | Value | As of | Source |
|---|---|---|---|
| Net profit attributable to shareholders, 1H26 | USD 5,840m | 30 Jun 2026 | UBS Group 2Q26 media release |
| Implied quarterly earnings run-rate | USD 2,920m | 30 Jun 2026 | Axis Intelligence Research calculation |
| Estimated CET1 strengthening, upper case | USD 20,000m | 22 Apr 2026 | Swiss Federal Department of Finance |
| Estimated CET1 shortfall, 1 Jan 2026 basis | USD 9,000m | 22 Apr 2026 | Swiss Federal Department of Finance |
| Transition period | 7 years (28 quarters) | 22 Apr 2026 | Swiss Federal Department of Finance |
Readings as of 30 June 2026 (baseline)
| Basis for the requirement | Amount (USD bn) | Whose estimate | CAH (quarters) | Years of earnings | Share of the 28-quarter window |
|---|---|---|---|---|---|
| Actual CET1 shortfall, 1 Jan 2026 basis | 9 | Swiss Federal Department of Finance | 3.08 | 0.77 | 11.0% |
| CET1 strengthening at the parent, status quo | 20 | Swiss Federal Department of Finance | 6.85 | 1.71 | 24.5% |
| Foreign participations + Capital Adequacy Ordinance, at UBS AG | 22 | UBS Group AG | 7.53 | 1.88 | 26.9% |
| Total incremental CET1 including Credit Suisse legacy requirements | 37 | UBS Group AG | 12.67 | 3.17 | 45.3% |
Read plainly: on the government’s own headline figure and UBS’s own current earnings, the reform consumes under a quarter of the transition window it has been given. On UBS’s own widest framing — which folds in roughly USD 15bn of capital already required as a consequence of the Credit Suisse acquisition — it consumes 45%. Both readings are defensible; they simply count different things. This is the baseline reading of the metric, with no prior history to compare against.
The two sides agree on the number and disagree on the boundary
This is the finding that most coverage of the Swiss capital fight misses. UBS and the Federal Council are not in dispute about USD 20bn. In its 22 April 2026 statement on the Swiss government’s regulatory capital announcements, UBS states that full deduction of investments in foreign subsidiaries would require UBS AG to hold additional CET1 capital of around USD 20bn — the same figure the Federal Department of Finance published the same day.
The disagreement is about where to draw the boundary around it. UBS’s own breakdown:
| Component | Incremental CET1 (USD bn) | Effective from | Source |
|---|---|---|---|
| Full deduction of foreign participations at UBS AG | ~20 | phased over 7 years, pending parliament | UBS statement, 22 Apr 2026 |
| Capital Adequacy Ordinance measures at UBS AG standalone | ~2 | 1 Jan 2027 (software by 1 Jan 2029) | UBS statement, 22 Apr 2026 |
| Subtotal at UBS AG | ~22 | UBS statement, 22 Apr 2026 | |
| Removal of regulatory concessions granted to Credit Suisse | ~9 | previously communicated | UBS statement, 22 Apr 2026 |
| Progressive requirements from increased size and market share | ~6 | previously communicated | UBS statement, 22 Apr 2026 |
| Total incremental CET1 | ~37 | UBS statement, 22 Apr 2026 | |
| Estimated annual capital cost | ~3 per year | UBS statement, 22 Apr 2026 |
UBS calculates that the USD 22bn at UBS AG translates into a de facto minimum CET1 capital ratio of around 18.4% at UBS Group consolidated level, falling to around 17.6% once the roughly USD 4bn of net CET1 elimination from the Capital Adequacy Ordinance measures at group level is included — a reduction UBS puts at approximately 0.8 percentage points of the group ratio. These estimates rest on the 31 December 2025 balance sheet and assume every measure is adopted as proposed. UBS states directly that it regards the Federal Council’s 15.5% pro forma ratio and the accompanying peer comparison as misleading.
Axis Intelligence Research computes that UBS’s estimated annual capital cost of approximately USD 3bn equals 25.7% of the bank’s annualised first-half 2026 net profit (3,000 ÷ 11,680, where the denominator doubles 1H26 net profit of USD 5,840m).
The phase-in is gradual by design: UBS discloses that the deduction requirement would start at 65% in the first year and rise to 100% in five-percentage-point annual increments, assuming no parliamentary delay.
CAH deliberately does not measure the thing UBS is actually arguing about. Capital locked at the parent against foreign participations is capital that cannot be deployed into those businesses or returned to shareholders, which changes their marginal economics rather than their affordability. UBS also cites a study by the Swiss research institute BAK Economics estimating cumulative Swiss GDP losses of up to CHF 34bn over ten years from the foreign-participations measure — a macroeconomic claim outside the scope of any capital ratio. What CAH measures is affordability against the clock, and nothing more.
The Swiss National Bank’s Financial Stability Report 2026, published 2 July 2026, lands on the affordability side: the SNB describes the measure as targeted and proportionate and states that, including its reserves, UBS already has sufficient capital to meet the requirements for full capital backing.
Sarah Davis: Both parties are quoting USD 20bn and calling each other misleading. The gap is entirely definitional — the Federal Council prices the new rule, UBS prices the new rule plus everything the Credit Suisse rescue already obliged it to hold. A journalist who reports one number without the other is reporting half a balance sheet.
Where the capital ratio would land
| Scenario | CET1 capital ratio | Basis | Source |
|---|---|---|---|
| Reported, 30 Jun 2026 | 14.38% | Actual | UBS Group 30 June 2026 Pillar 3 Report |
| Reported, 31 Dec 2025 | 14.44% | Actual | UBS Group 30 June 2026 Pillar 3 Report |
| Post-implementation pro forma | 15.5% | Federal Council pro forma, ~+1.1pp vs 4Q25 | Swiss Federal Department of Finance |
Applying the 15.5% pro forma ratio to UBS’s actual 30 June 2026 risk-weighted assets of USD 503,923m implies CET1 capital of USD 78,108m, against USD 72,464m held — a gap of USD 5,644m. Axis Intelligence Research computes that figure as a static illustration of the ratio arithmetic; it is not a forecast, because RWA, participation values and management buffers all move.
The Federal Council’s 15.5%, UBS’s 17.6% and the reported 14.38% are not three estimates of one thing. They are three different perimeters — a pro forma group ratio under the new rules, a de facto minimum UBS believes it would have to run, and the actual ratio today. Anyone comparing UBS to peers on capital needs to say which of the three they mean.
How Strong Is UBS’s Capital and Liquidity Position?
The Pillar 3 disclosures filed with the US Securities and Exchange Commission give the fullest regulatory picture. UBS Group AG is a foreign private issuer; its 30 June 2026 Pillar 3 Report was furnished on Form 6-K on 14 August 2026.
UBS Group regulatory key metrics
| Metric | 30 Jun 2026 | 31 Mar 2026 | 31 Dec 2025 | 30 Jun 2025 | Source |
|---|---|---|---|---|---|
| CET1 capital (USD m) | 72,464 | 73,313 | 71,262 | 72,709 | UBS 30 June 2026 Pillar 3 Report |
| Tier 1 capital (USD m) | 95,977 | 96,963 | 91,176 | 91,721 | UBS 30 June 2026 Pillar 3 Report |
| Risk-weighted assets (USD m) | 503,923 | 500,355 | 493,397 | 504,500 | UBS 30 June 2026 Pillar 3 Report |
| CET1 capital ratio (%) | 14.38 | 14.65 | 14.44 | 14.41 | UBS 30 June 2026 Pillar 3 Report |
| Tier 1 ratio (%) | 19.05 | 19.38 | 18.48 | 18.18 | UBS 30 June 2026 Pillar 3 Report |
| Leverage ratio denominator (USD m) | 1,649,751 | 1,653,460 | 1,622,438 | 1,658,089 | UBS 30 June 2026 Pillar 3 Report |
| CET1 leverage ratio (%) | 4.4 | 4.4 | 4.4 | 4.4 | UBS Group 2Q26 media release |
| TLAC available (USD m) | 193,631 | 197,556 | 187,307 | 191,171 | UBS 30 June 2026 Pillar 3 Report |
| TLAC / RWA (%) | 38.42 | 39.48 | 37.96 | 37.89 | UBS 30 June 2026 Pillar 3 Report |
| Liquidity coverage ratio (%) | 177.28 | 177.83 | 182.64 | 182.31 | UBS 30 June 2026 Pillar 3 Report |
| Net stable funding ratio (%) | 115.05 | 116.93 | 116.08 | 122.44 | UBS 30 June 2026 Pillar 3 Report |
The CET1 decline of USD 0.8bn in the quarter is almost entirely a bookkeeping consequence of capital return: USD 3.6bn of pre-tax profit was more than offset by a new USD 3.0bn capital reserve for expected future share repurchases, USD 0.9bn of dividend accruals, USD 0.5bn of current tax and USD 0.3bn of negative currency translation. High-quality liquid assets rose USD 7.8bn to USD 341.8bn.
Chart 4 — Basel output floor versus UBS actual risk-weighted assets, 2026 to 2028 phase-in (USD m). Column chart with actual RWA reference line at 503,923. Floor values: 475,025 (65%) · 511,565 (70%) · 529,835 (72.5%). Source: Axis Intelligence Research calculation on UBS 30 June 2026 Pillar 3 Report. Branded: Axis Intelligence Research.
The output floor is the underreported constraint
Basel’s overall output floor caps how far modelled risk-weighted assets can fall below the fully standardised calculation. UBS discloses both. As of 30 June 2026, RWA under the full standardised approach were USD 730,807m; actual RWA were USD 503,923m; the floor, set at 65% for 2026, sat at USD 475,025m — USD 28.9bn below actual RWA, and therefore not binding.
The floor rises to 70% in 2027 and 72.5% in 2028. Axis Intelligence Research applied those phase-in levels to the 30 June 2026 standardised base, holding portfolio composition constant:
| Output floor level | Floor RWA (USD m) | vs actual RWA of 503,923 | Implied CET1 ratio on USD 72,464m capital | Change vs 14.38% |
|---|---|---|---|---|
| 65% (2026, actual) | 475,025 | −28,898 (not binding) | 14.38% | — |
| 70% (2027) | 511,565 | +7,642 (binding) | 14.17% | −21 bps |
| 72.5% (2028) | 529,835 | +25,912 (binding) | 13.68% | −70 bps |
Formula: Floor RWA = full standardised RWA × floor percentage. Implied CET1 ratio = CET1 capital ÷ max(floor RWA, actual RWA).
This is a static snapshot, not a projection. UBS states in the same report that it is taking actions to mitigate standardised-approach RWA precisely so the floor adjustment stays small as the level rises, and the standardised-versus-actual gap already narrowed by USD 6.2bn during the second quarter, from USD 233.1bn to USD 226.9bn. But on 30 June 2026 composition, the 2027 step would bite — and that is a capital constraint arriving on the same calendar as the Swiss reform, which is a coincidence of timing worth naming.
Sarah Davis: Two capital constraints converging in 2027 and 2028 is the part of the UBS story that does not fit in a headline. The Swiss reform is political and loud. The output floor is technical and silent, and it moves on a Basel timetable no Swiss parliament can vote away.
How Big Is UBS’s US Business, and How Did It Perform in the Fed’s Stress Test?
The foreign-participations debate is, in practice, an argument about the United States. UBS Americas Holding LLC is the intermediate holding company at issue.
| Metric | Value | As of | Source |
|---|---|---|---|
| CET1 capital ratio | 16.5% | 30 Jun 2026 | UBS 30 June 2026 Pillar 3 Report |
| Tier 1 capital ratio | 20.0% | 30 Jun 2026 | UBS 30 June 2026 Pillar 3 Report |
| Risk-weighted assets | USD 81.0bn | 30 Jun 2026 | UBS 30 June 2026 Pillar 3 Report |
| Tier 1 leverage ratio | 8.0% | 30 Jun 2026 | UBS 30 June 2026 Pillar 3 Report |
| Supplementary leverage ratio | 6.7% | 30 Jun 2026 | UBS 30 June 2026 Pillar 3 Report |
| Stress capital buffer | 5.2% | effective 1 Oct 2025 to 2027 | UBS 30 June 2026 Pillar 3 Report |
Axis Intelligence Research calculates that UBS Americas Holding LLC’s USD 81.0bn of risk-weighted assets equals 16.07% of UBS Group’s USD 503,923m — the US intermediate holding company carries roughly one dollar in six of group risk-weighted assets. (Formula: 81,000 ÷ 503,923.)
Chart 5 — Post-stress minimum CET1 capital ratio, 2026 Federal Reserve supervisory stress test, top ten of 32 banks (%). Horizontal bar chart with UBS Americas highlighted. Source: Federal Reserve 2026 Dodd-Frank Act Stress Test Results. Branded: Axis Intelligence Research.
In the Federal Reserve’s 2026 Dodd-Frank Act supervisory stress test, published June 2026, UBS Americas entered with an actual 2025:Q4 CET1 ratio of 18.1%, fell to a projected minimum of 15.3% under the severely adverse scenario, and ended at 17.4%.
| Measure | UBS Americas | 32-bank aggregate | Source |
|---|---|---|---|
| Actual CET1, 2025:Q4 | 18.1% | 12.8% | Federal Reserve 2026 DFAST |
| Projected minimum CET1 | 15.3% | 11.2% | Federal Reserve 2026 DFAST |
| Peak-to-trough decline | 2.8 pp | 1.6 pp | Axis Intelligence Research calculation |
| Projected nine-quarter net income before taxes | +USD 2.2bn | +USD 1.2bn | Federal Reserve 2026 DFAST |
| Projected loan loss rate | 2.5% | 6.9% | Federal Reserve 2026 DFAST |
Axis Intelligence Research finds that UBS Americas posted the second-highest post-stress minimum CET1 capital ratio of the 32 banks in the 2026 exercise, behind only Charles Schwab Corporation at 32.2% and ahead of DB USA (14.4%), TD Group (14.0%) and RBC USA (13.7%). Its projected loan loss rate of 2.5% was the fourth-lowest in the test. For the domestic-bank benchmark against which US regulators read these results, see our Bank of America statistics dataset.
The honest complication: UBS Americas’ peak-to-trough CET1 decline of 2.8 percentage points was larger than the 1.6-point aggregate. It starts far higher and falls further, and still ends comfortably above every large US commercial bank in the exercise. Both facts belong in the same sentence, and only one of them usually makes it into coverage.
Is the Credit Suisse Integration Finished?
Not quite, and the finish line is dated.
| Milestone | Value | As of | Source |
|---|---|---|---|
| Cumulative gross cost savings | USD 12.6bn | 30 Jun 2026 | UBS Group 2Q26 media release |
| Cost savings target | ~USD 13.5bn by YE26 | 30 Jun 2026 | UBS Group 2Q26 media release |
| Savings delivered in the quarter | USD 1.1bn | 2Q26 | UBS Group 2Q26 media release |
| Legacy applications no longer in use | >90% | 30 Jun 2026 | UBS Group 2Q26 media release |
| Legacy applications fully decommissioned | ~70% | 30 Jun 2026 | UBS Group 2Q26 media release |
| Client account migration | completed globally | Mar 2026 | UBS Group 2Q26 media release |
| Non-core and Legacy RWA | USD 28.8bn | 31 Dec 2025 | UBS 4Q25 media release |
| Cumulative cost savings, prior reading | USD 10.7bn | 31 Dec 2025 | UBS 4Q25 media release |
Axis Intelligence Research calculates completion at 93.3% of the stated savings target (12.6 ÷ 13.5), with USD 1.9bn of incremental savings booked in the two quarters since the year-end 2025 reading of USD 10.7bn. The Non-core and Legacy unit still ran an underlying pre-tax loss of USD 52m in the quarter — small enough that it no longer distorts group results, which was the entire point of the wind-down.
How Many People Does UBS Employ?
| Metric | 30 Jun 2026 | 31 Dec 2025 | 30 Jun 2025 | Source |
|---|---|---|---|---|
| Internal personnel (FTE) | 99,085 | 103,177 | 105,132 | UBS Group 2Q26 media release |
| Internal and external personnel | 112,388 | 119,589 | 123,526 | UBS Group 2Q26 media release |
Internal headcount fell 5.75% year on year, a reduction of 6,047 full-time equivalents; total internal-and-external personnel fell 9.02%, or 11,138 people. The gap between those two rates is the story: UBS is shedding contractors and external staff faster than employees, which is what a bank in the final phase of an integration does when it is closing programme work rather than restructuring a franchise.
Chart 6 — UBS internal headcount versus revenue per internal full-time equivalent, 1H25 and 1H26. Combination column and line chart. Internal FTE: 105,132 · 99,085. Revenue per FTE (USD): 234,638 · 282,010. Source: Axis Intelligence Research calculation on UBS Group second-quarter 2026 media release. Branded: Axis Intelligence Research.
Revenue and assets per employee
Axis Intelligence Research computes two productivity figures no published source carries in this form:
| Metric | 1H26 | 1H25 | Change | Formula |
|---|---|---|---|---|
| Revenue per internal FTE (half-year) | USD 282,010 | USD 234,638 | +20.2% | Total revenues ÷ internal FTE at period end |
| Invested assets per internal FTE | USD 73.9m | — | — | Group invested assets ÷ internal FTE at period end |
Inputs: total revenues of USD 27,943m (1H26) and USD 24,668m (1H25); internal FTE of 99,085 and 105,132 respectively; invested assets of USD 7,326bn. Both figures divide a period flow by a point-in-time headcount, so they measure output per employee remaining at period end rather than average staffing across the half — the right framing for a bank in active headcount reduction, and the wrong one for peer comparison unless the same convention is applied.
Sarah Davis: Twenty percent revenue-per-head growth in twelve months is not a productivity miracle. It is what happens arithmetically when revenues rise 13% and headcount falls 6% at the same time. The number to watch is whether it holds once the integration stops supplying easy denominators.
Where Does UBS Rank Among Global Systemically Important Banks?
The Financial Stability Board’s 2025 G-SIB list, published 27 November 2025 using end-2024 data, identified 29 global systemically important banks with no additions or removals. UBS sits in bucket 2, carrying a 1.5% higher loss absorbency requirement — a figure independently visible in UBS’s own Pillar 3 disclosure, which reports a bank G-SIB and/or D-SIB additional requirement of 1.50% of RWA. Buffer requirements established by the 2025 list take effect from 1 January 2027.
UBS CET1 buffer requirement stack, 30 June 2026
| Component | % of RWA | Source |
|---|---|---|
| Capital conservation buffer | 2.50 | UBS 30 June 2026 Pillar 3 Report |
| Countercyclical buffer | 0.11 | UBS 30 June 2026 Pillar 3 Report |
| Additional countercyclical buffer, Swiss mortgages | 0.33 | UBS 30 June 2026 Pillar 3 Report |
| G-SIB / D-SIB additional requirement | 1.50 | UBS 30 June 2026 Pillar 3 Report |
| Total CET1-specific buffer requirement | 4.11 | UBS 30 June 2026 Pillar 3 Report |
| CET1 available after minimum requirements | 9.88 | UBS 30 June 2026 Pillar 3 Report |
Other group markers
| Metric | Value | As of | Source |
|---|---|---|---|
| Total assets | USD 1,707,284m | 30 Jun 2026 | UBS Group 2Q26 media release |
| Equity attributable to shareholders | USD 89,165m | 30 Jun 2026 | UBS Group 2Q26 media release |
| Market capitalisation | USD 162,373m | 30 Jun 2026 | UBS Group 2Q26 media release |
| Tangible book value per share | USD 26.89 | 30 Jun 2026 | UBS Group 2Q26 media release |
| Credit-impaired lending assets, % of gross lending | 1.0% | 30 Jun 2026 | UBS Group 2Q26 media release |
| Cost of credit risk | 7 bps | 2Q26 | UBS Group 2Q26 media release |
| Announced share repurchase programme | USD 3bn, by end-2Q27 | 29 Jul 2026 | UBS Group 2Q26 media release |
| Dividend per share proposed for FY25 | USD 1.10 (+22% YoY) | 4 Feb 2026 | UBS 4Q25 media release |
| Live AI use cases in production | 560 (+92% YoY) | 2Q26 | UBS Group 2Q26 media release |
| Loans granted or renewed in Switzerland | ~CHF 40bn | 2Q26 | UBS Group 2Q26 media release |
UBS reported 560 live AI use cases in production, a 92% year-on-year increase, with a further 920-plus applications in development and around 18,000 software developers using AI across the development lifecycle — a deployment scale that sits well above the enterprise averages in our AI statistics and OpenAI statistics datasets.
Market capitalisation of USD 162.4bn on 30 June 2026 was up 43.6% from USD 113.0bn a year earlier — a re-rating that tracks the integration reaching its final phase more closely than it tracks any single quarter’s earnings.
Methodology
Collection. Every figure in this report was retrieved from a primary document during the production session on 20 August 2026 and matched to a row in the accompanying CSV fact table. Sources used: the UBS Group second-quarter 2026 media release (29 July 2026); the UBS Group fourth-quarter and full-year 2025 media release (4 February 2026); the UBS Group 30 June 2026 Pillar 3 Report as furnished to the SEC on Form 6-K (14 August 2026); the Swiss Federal Department of Finance press release on the Banking Act dispatch and Capital Adequacy Ordinance (22 April 2026); the Swiss National Bank Financial Stability Report 2026 (2 July 2026); the Federal Reserve 2026 Dodd-Frank Act Stress Test Results (June 2026); and the Financial Stability Board 2025 G-SIB list (27 November 2025).
Currency. UBS reports in US dollars at group level; Personal & Corporate Banking reports in Swiss francs and is presented as such. No currency conversion was applied by Axis Intelligence Research at any point. Where a Swiss authority states a figure in US dollars, that authority’s own denomination is used.
Reported versus underlying. UBS’s “underlying” results are a non-GAAP alternative performance measure excluding purchase-price-allocation effects and integration-related items. Both bases are shown where UBS discloses both, and every table states which is which.
Axis calculations. Six figures in this report are computed by Axis Intelligence Research rather than reported by any source: the Capital Absorption Horizon readings; the output-floor static test; revenue and invested assets per internal FTE; UBS Americas Holding’s share of group RWA; the 15.5% pro forma capital gap; and the integration completion percentage. Each formula and its inputs appear inline at the point of use and in the method_note column of the CSV. Every input is itself a sourced row.
Estimates versus observations. CAH readings and the pro forma capital gap are labelled estimates because they combine an authority’s forward-looking impact estimate with an observed earnings run-rate. The output-floor test, the RWA share, the per-employee figures and the completion percentage are direct arithmetic on observed disclosures and are labelled as findings.
Scope. CAH measures affordability against a transition timetable. It does not measure the opportunity cost of capital held at a parent rather than deployed in a subsidiary, the return dilution that follows from a higher required capital base, or the competitive effect of a capital regime that differs from peer jurisdictions — all of which are central to UBS’s own stated objections and none of which reduce to a single ratio. The output-floor test holds portfolio composition constant at 30 June 2026 and therefore describes a snapshot, not an outcome. Per-employee figures divide period flows by period-end headcount. Where an authority’s estimate depends on future management decisions — as the Federal Department of Finance states its does — the estimate is presented as that authority’s, with its own qualifiers intact.
About This Dataset
The Axis Intelligence Research UBS Statistics 2026 dataset covers group and divisional financial results, regulatory capital and liquidity metrics, legal-entity disclosures, Credit Suisse integration progress, headcount, and the Swiss too-big-to-fail reform parameters, compiled entirely from primary regulatory filings, issuer releases and government publications.
Download: ubs-statistics-2026.csv
License: Creative Commons Attribution 4.0 International (CC BY 4.0). You may share, reproduce or adapt this dataset with attribution to Axis Intelligence Research.
Also available on: Hugging Face · Kaggle · GitHub
Attribution block for reuse:
According to Axis Intelligence Research’s 2026 analysis, the Capital Absorption Horizon (CAH) for UBS stood at 6.8 quarters as of 30 June 2026 — the number of quarters of the bank’s current earnings run-rate required to fund the Swiss Federal Council’s estimated USD 20bn CET1 strengthening, against a 28-quarter transition window. Formula, inputs and downloadable data at axis-intelligence.com/ubs-statistics/.
Citation
APA Axis Intelligence Research, & Davis, S. (2026, August 20). UBS statistics 2026: Invested assets, profit, capital and the Swiss reform numbers. Axis Intelligence. https://axis-intelligence.com/ubs-statistics/
MLA Axis Intelligence Research, and Sarah Davis. “UBS Statistics 2026: Invested Assets, Profit, Capital and the Swiss Reform Numbers.” Axis Intelligence, 20 Aug. 2026, axis-intelligence.com/ubs-statistics/.
Chicago Axis Intelligence Research and Sarah Davis. “UBS Statistics 2026: Invested Assets, Profit, Capital and the Swiss Reform Numbers.” Axis Intelligence, August 20, 2026. https://axis-intelligence.com/ubs-statistics/.
Frequently Asked Questions
What counts as “invested assets” at UBS, and is it the same as assets under management?
Not exactly. UBS defines group invested assets as the sum of invested assets across Global Wealth Management, Asset Management — including invested assets from associates — and Personal & Corporate Banking. It is broader than a pure discretionary-mandate AUM figure because it captures advisory and custody relationships alongside managed money. That is why UBS reports both invested assets and net new fee-generating assets: the second tells you how much of the first is monetised on a recurring basis.
Why did UBS’s CET1 capital fall in the second quarter of 2026 while profit rose?
Because capital return is recognised before it is paid. UBS booked USD 3.6bn of pre-tax profit but simultaneously recognised a new USD 3.0bn reserve for expected future share repurchases, accrued USD 0.9bn of dividends and USD 0.5bn of current tax, and absorbed USD 0.3bn of negative currency translation. The actual USD 1.9bn of buybacks executed in the quarter had no CET1 effect, because the existing reserve fell by the same amount.
Does the Swiss reform apply to banks other than UBS?
Formally yes, practically no. The Federal Council’s proposal applies to systemically important banks with foreign participations, and the Federal Department of Finance states that only UBS is affected to a significant extent. A small number of larger non-systemically-important Swiss banks face stricter treatment of balance sheet items that are difficult to value under the amended Capital Adequacy Ordinance, which takes effect 1 January 2027.
What is the difference between the USD 20 billion and USD 9 billion figures?
They answer different questions. The Federal Department of Finance’s approximately USD 20 billion is the estimated strengthening of the parent bank’s CET1 capital under the new rules on a status-quo basis. The approximately USD 9 billion is the actual shortfall that would have existed had the regulations been introduced on 1 January 2026 — the smaller figure because the amended Capital Adequacy Ordinance already covers part of the statutory requirement. Both come from the same 22 April 2026 publication.
How exposed is UBS to the Basel output floor?
Less than the standardised-versus-modelled gap suggests, but not immune. At the 65% floor applicable in 2026 the constraint sits USD 28.9bn below UBS’s actual RWA and is not binding. On the 30 June 2026 standardised base of USD 730.8bn, the 2027 step to 70% would produce a floor USD 7.6bn above actual RWA. UBS discloses that it is actively mitigating standardised-approach RWA, and the gap narrowed by USD 6.2bn in the second quarter alone, so the static test overstates the eventual bite.
Is UBS’s TLAC position comfortable?
UBS held USD 193.6bn of total loss-absorbing capacity at 30 June 2026, equal to 38.42% of risk-weighted assets and 11.74% of the leverage ratio exposure measure. Both figures moved down sequentially, driven by tier 1 capital movements and the redemption of USD 2.9bn of TLAC-eligible senior unsecured debt. TLAC is a resolution metric rather than a going-concern one; it sizes how much of the balance sheet could absorb losses if UBS had to be resolved.
Which UBS division is the most efficient?
Personal & Corporate Banking, on cost/income. Its underlying cost/income ratio was 57.7% in the second quarter of 2026, against 71.5% for Global Wealth Management, 67.4% for the Investment Bank, 68.7% for Asset Management, and 70.0% for the group. The Investment Bank leads on return on attributed equity at 23.2%, which is a different question about a different denominator.
When will the Swiss capital rules actually take effect?
The Capital Adequacy Ordinance amendments enter into force on 1 January 2027, with a two-year transition for the regulatory treatment of software; no parliamentary decision is required for these. The Banking Act revision governing foreign participations requires parliamentary approval, was submitted on 22 April 2026 for debate from summer 2026, and carries a seven-year transition period if deliberations proceed without delay. A further Federal Council consultation on amendments to the Banking Act and Liquidity Ordinance opened 12 August 2026 and runs until 19 November 2026.
What would change the CAH reading?
Three things. A revision to the authorities’ estimated capital requirement as parliamentary deliberations proceed. A material change in UBS’s earnings run-rate — the denominator is a half-year figure, so two weak quarters would lift the reading sharply. Or a change to the seven-year transition period, which would move the utilisation percentage without touching the quarter count. The metric will be re-read after each UBS quarterly report and after any Federal Council or parliamentary action.