On its third-quarter 2026 earnings call, held on Oct. 28, 2026, UBS (UBS +2.47%) announced that it expects total capital returns to exceed pre-acquisition levels. Completing the Credit Suisse integration ahead of schedule frees up capital for share buybacks and dividend growth. Three things management said stand out.
1. The Credit Suisse Integration Is Entering Its Final Phase
The bank is wrapping up system migrations ahead of its original timeline. This progress reduces operating drag and allows management to focus on core wealth management growth.
Turning to the integration of Credit Suisse, we are in the last mile, and the finish line is in sight.
— Sergio Ermotti, Group CEO
2. Capital Returns Are Outpacing Initial Targets
Earnings generation and synergy delivery enabled management to accelerate shareholder payouts. The firm has already repurchased $4.8 billion of shares year to date while building reserves for dividends.
We have already achieved the ambition we set early in the integration journey for 2026, with total capital returns now to exceed pre-acquisition levels.
— Sergio Ermotti, Group CEO
3. Swiss Regulatory Debates Threaten Long-Term Competitiveness
Proposed Swiss capital rules could impose strict buffer requirements on the bank. Management warns that overly stringent regulations will harm shareholder value and limit global expansion.
Unfortunately, the latest proposal on the table also fails to achieve that balance.
— Sergio Ermotti, Group CEO
Looking Ahead
Diversified global operations and disciplined cost controls drive profitability across international wealth markets. Solvency, measured by Common Equity Tier 1 capital, underpins this operational strength.
With a year-to-date return on CET1 capital of 17%, we are increasingly confident in our ability to outperform our 2026 exit rate return target.
— Sergio Ermotti, Group CEO
A broad wealth network and strong Asian presence provide structural advantages while leadership watches Swiss regulatory debates to preserve pricing discipline. Operational execution remains focused as integration concludes.
After more than three years of disciplined execution, we are on track to complete the integration by year-end and have strong momentum across our businesses.
— Sergio Ermotti, Group CEO
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