UBS doubles quarterly profit

UBS made further progress with the integration of Credit Suisse in the second quarter. So far, the big bank has transferred around a third of CS client accounts to the UBS platform. It has also further reduced costs in the reporting period.

The bank has completed the migration of Credit Suisse clients' accounts booked outside Switzerland as well as a first wave of migrations in Switzerland, UBS announced on Wednesday when it published its second-quarter results. It is thus still "well on track" to complete the transfer of the Swiss booking centers by the end of the first quarter of 2026.

Significant progress has also been made in simplifying its legal structure in the US and Europe, it added.

Further savings of 0.7 billion

As part of its cost-cutting program, UBS also achieved additional gross savings of USD 0.7 billion in the second quarter. It further reduced its cost base in its Non-Core and Legacy (NCL) processing unit and at the same time realized cost synergies in its core businesses.

As a result, UBS has now achieved total savings of 9.1 billion US dollars, which corresponds to 70 percent of its plan. It is therefore well on track to achieve annualized gross cost savings of around USD 13 billion across the Group by the end of 2026.

The number of UBS employees (full-time equivalents) at the end of June 2025 was 105,132, compared with 106,789 at the end of March.

NCL transactions settled

UBS's settlement unit exited further transactions in the quarter under review. This reduced the risk-weighted assets (RWA) in the NCL by a further 1.5 billion dollars to 32.7 billion dollars.

UBS writes that 83 percent of the original books of the wind-up unit have now been closed. By the end of 2026, UBS aims to close over 95 percent of NCL's books and reduce RWA in the unit to less than 22 billion Swiss francs.