UBS Group AG (UBS) 2023 Q1 法說會逐字稿

Sergio, welcome back. How do you feel about returning to UBS at such a pivotal time.

塞爾吉奧，歡迎回來。在這樣一個關鍵時刻重返瑞銀，您有何感想？

It's great to be back and also having the opportunity, but also the responsibility to manage such an important moment for our bank but also for the Swiss Financial Center, and I would argue also for the global financial centers.

很高興能回來，也有機會，但也有責任為我們的銀行以及瑞士金融中心管理如此重要的時刻，我也為全球金融中心爭辯。

So today, we published our first quarter financial results. What are your initial reactions?

所以今天，我們發布了第一季度的財務業績。你最初的反應是什麼？

Well, first of all, a very good set of numbers despite a very challenging macroeconomic conditions, which put a lot of our clients on the wait-and-see attitude. So despite this $2.4 billion of pre-tax profits on an underlying basis and a 16.5% return on CET1 were strong results. We saw many clients moving into money markets and other form of liquidity.

好吧，首先，儘管宏觀經濟條件非常具有挑戰性，但仍然有一組非常好的數字，這讓我們的很多客戶持觀望態度。因此，儘管有 24 億美元的基礎稅前利潤和 16.5% 的 CET1 回報率，但仍是強勁的結果。我們看到許多客戶進入貨幣市場和其他形式的流動性。

But the good news is that the clients kept their assets with us. Actually, we saw very strong inflows across all geographies, which is very important for us to demonstrate that even in moments of tensions, including the last 10 days post the announcement of the CS acquisition, we have been seen by clients as a source of stability in the system.

但好消息是，客戶將他們的資產留在了我們這裡。實際上，我們在所有地區都看到了非常強勁的資金流入，這對我們證明即使在緊張時刻，包括宣布 CS 收購後的最後 10 天，我們也被客戶視為穩定的源泉，這一點非常重要在系統中。

And ultimately, also the fact that we were able to make very good progress and substantial progress in the resolution of a very old litigation matter in the U.S. makes me very happy with these results.

最後，我們能夠在解決美國一個非常古老的訴訟問題方面取得非常好的進展和實質性進展，這一事實也讓我對這些結果感到非常高興。

So as we think about the acquisition of Credit Suisse and our upcoming integration, what are your initial objectives and plans?

因此，當我們考慮收購瑞士信貸和我們即將進行的整合時，您的初步目標和計劃是什麼？

My initial objective is to as soon as possible to create clarity about the future operating model to make sure that we have a clear division between the process that is necessary to lead the integration and the fact that we need to continue to manage our day-to-day business on both sides, both the UBS and Credit Suisse. We need to stay very focused on serving our clients, preserve the value of the 2 franchises. We will not rush into any quick decisions. We need time. But I'm confident that this will be a great outcome for all our stakeholders.

我的最初目標是盡快明確未來的運營模式，以確保我們在領導整合所需的流程與我們需要繼續管理日常業務的事實之間有明確的劃分當天業務雙方，既有瑞銀，也有瑞信。我們需要非常專注於為我們的客戶服務，保持這兩個特許經營權的價值。我們不會急於做出任何快速決定。我們需要時間。但我相信，這對我們所有的利益相關者來說都是一個很好的結果。

What do you think are the biggest challenges as we move forward?

您認為我們前進的最大挑戰是什麼？

Well, the challenges are definitely the one of keeping the value of the franchises as intact as possible going into this transaction, keeping amalgamating the 2 culture, the culture of the 2 organizations. So not only what we do but how we do things. So I have no doubt that this is going to be a challenge, but also an opportunity. There are still many areas both in terms of product capabilities and also in terms of geographic reach, where we are extremely complementary. So I do think that at the end of the day, our clients will be better served. And in turn, our people will have an opportunity also to have a more interesting jobs and career path. But of course, things are going to be hard. It's not a straight line to success. And I'm pretty confident that we will be successful.

好吧，挑戰肯定是在交易中盡可能保持特許經營權的價值不變，保持合併兩種文化，即兩種組織的文化。因此，不僅是我們做什麼，還有我們做事的方式。所以我毫不懷疑這將是一個挑戰，也是一個機會。無論是在產品能力上，還是在地理範圍上，我們在很多方面都具有很強的互補性。所以我確實認為，最終我們的客戶會得到更好的服務。反過來，我們的員工也將有機會擁有更有趣的工作和職業道路。但當然，事情會很艱難。這不是通往成功的直線。我非常有信心我們會成功。

What about our shareholders?

我們的股東呢？

For the shareholders, I think that this is something that will reinforce our leading position as the only truly global wealth managers. In asset management, we also create critical mass, getting very close to the top players and with very complementary offerings.

對於股東而言，我認為這將鞏固我們作為唯一真正的全球財富管理機構的領先地位。在資產管理方面，我們還創造了臨界質量，與頂級參與者非常接近，並提供非常互補的產品。

In the investment bank, while we want to reduce the overall percentage in the aggregates to below 25% of risk-weighted assets, we will have a more diversified business. In Switzerland, we have complementary offerings that can go together and clients reach. So if I look at every business, we will be stronger and better. We will generate more profits and our shareholders will benefit from that.

在投資銀行，雖然我們希望將風險加權資產在總量中的整體百分比降低到 25% 以下，但我們將擁有更多元化的業務。在瑞士，我們有互補的產品，可以結合在一起並吸引客戶。所以如果我審視每個企業，我們會變得更強大、更好。我們將產生更多利潤，我們的股東將從中受益。

So Sergio, as we embark on this truly historic moment, what are you most excited about?

所以塞爾吉奧，當我們踏上這個真正具有歷史意義的時刻時，你最興奮的是什麼？

I think I'm excited that we can create something unique, really reinforcing our leading position as the only truly global wealth manager is a huge opportunity. I'm excited about in 3 years' time, 4 years' time to deliver on that and to be seen as a very successful and respected organization that all of us can be proud to work for.

我想我很高興我們可以創造一些獨特的東西，真正鞏固我們作為唯一真正的全球財富管理公司的領先地位是一個巨大的機會。我很高興在 3 年內，4 年內實現這一目標，並被視為一個非常成功和受人尊敬的組織，我們所有人都可以為之自豪。