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Emittente UBSL
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Descrizione dettagliata La filiale londinese di UBS offre una vasta gamma di servizi finanziari, tra cui gestione patrimoniale, investimenti bancari e finanziamenti alle imprese.

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UBS Group AG
Annual Report 2019


Our external reporting approach
The scope and content of our external reports are
At the center of our external reporting approach is the
determined by Swiss legal and regulatory requirements, annual report of UBS Group AG, which consists of
accounting standards, relevant stock and debt listing rules, disclosures for UBS Group AG and its consolidated
including regulations promulgated by FINMA, the SIX Swiss subsidiaries. We also provide a combined annual report for
Exchange, the US Securities and Exchange Commission and UBS Group AG and UBS AG consolidated, which additionally
other regulatory requirements, as well as by our financial includes the consolidated financial statements of UBS AG as
reporting policies.
well as supplemental disclosures required under SEC
regulations and is the basis for our SEC Form 20-F filing.
Annual reporting
UBS Annual Reports
The 2019 Annual Reports (UBS Group AG Annual Report 2019 and the
combined UBS Group AG and UBS AG Annual Report 2019) include the
consolidated financial statements of UBS Group AG and UBS AG,
respectively, and provide comprehensive information about our firm,
including our strategy and businesses, financial and operating
performance and other key information. The reports are presented in US
dollars, our presentation currency. The UBS Group AG Annual Report
2019 is translated into German, with the German translation available as
of 13 March 2020 under "Annual reporting" at
oup AG Geschäftsbericht 2019
www.ubs.com/investors.
UBS Gr
The consolidated financial statements of UBS Group AG and UBS AG
oup AG Annual Report 2019
have been prepared in accordance with International Financial Reporting
UBS Gr
Standards (IFRS). The risk, treasury and capital management sections
UBS Gr
oup AG and UBS AG Annual Report 2019
include certain audited financial information, which forms part of the
UBS Gr
consolidated financial statements. The Annual Reports also include the
UBS Gr
UBS Group AG
statutory financial statements of UBS Group AG, which are the basis for
Annual Report 2019
our Swiss tax return, our appropriation of retained earnings and a
potential distribution of dividends, subject to shareholder approval at the
Annual General Meeting.
We provide our combined Annual Report, the Pillar 3 report, the standalone legal entity reports and the sustainability
report as web disclosures at www.ubs.com/investors.
UBS AG
UBS Switzerland AG
UBS AG
Sustainability Report 2019
31 December 2019 Pillar 3 report
Standalone financial statements and regulatory information
Based on GRI Standards
UBS Group and significant regulated subsidiaries and sub-groups
for the year ended 31 December 2019
Pillar 3 report
Standalone legal entity reports
Sustainability report
The Pillar 3 report provides detailed
We publish separate standalone legal
The sustainability report (formerly
quantitative and qualitative information
entity reports for UBS AG and
called the GRI Document), which will
about risk, capital, leverage and
UBS Switzerland AG. Selected
be available from 5 March 2020,
liquidity for the UBS Group and
financial and regulatory key figures
provides disclosures on
prudential key figures and regulatory
for these entities as well as for
environmental, social and governance
information for UBS AG standalone,
UBS Europe SE and UBS Americas
factors for the UBS Group and
UBS Switzerland AG standalone,
Holding LLC are also included in our
includes the disclosures of non-
UBS Europe SE consolidated and
annual reports.
financial information required by
UBS Americas Holding LLC
German law implementing EU
consolidated.
Directive 2014/95 (CSR-Richtlinie-
Umsetzungsgesetz, CSR-RUG).


Our Pillars are the
Our Principles are
Our Behaviors are
foundation for
what we stand for
what we stand for
everything we do.
as a fi rm.
individually.
Capital strength
Client focus
Integrity
Effi ciency and effectiveness
Excellence
Collaboration
Risk management
Sustainable performance
Challenge


Our approach to long-term value creation
As of or for the year ended 31 December 2019
What we put into the equation
What we do
Input
Business activities
Financial capital
· Common equity tier 1 (CET1) capital ratio: 13.7%.
· CET1 leverage ratio: 3.9%.
· Going concern leverage ratio: 5.7%.
· Total loss-absorbing capacity: USD 89.6 billion.
· CET1 capital: USD 35.6 billion.
Global Wealth
Management
Relationships and intellectual capital
· Strong brand with over 150 years of experience in banking.
· Presence in all major financial centers worldwide.
· Strong culture and strategy based on our Pillars, Principles and Behaviors.
· We have access to the majority of the world's billionaires.
· We spent more than 10% of our revenues (around USD 3.5 billion)
on technology in 2019, including amounts spent on regulatory change
programs and innovative solutions for our businesses and clients.
Personal &
Corporate Banking
Human capital
· We foster a corporate culture that supports and engages employees.
· Our 69,966 employees (by headcount) work in 50 countries,
are citizens of 136 nations and speak more than 150 languages.
· 39% women and 61% men, with an average of 8 years of service.
· 19% under 30 years old, 60% between 30 and 50, and 21% over
50 years old.

Social and natural capital
Catalyst: digitalization and innovation
· Our UBS in society organization focuses our firm on being a force for
driving positive change in society and the environment.
· Our comprehensive environmental and social risk standards govern
ABCDE
Modernizing and
client and vendor relationships and are enforced firm-wide.
(automation,
modularizing
· We invest in communities: our employees have valuable skills and
un-bundling, cloud,
technical estates
data, experience)
leveraging
knowledge, which they use to make a difference in their communities.
trends drive the
new technologies,
· UBS Optimus Foundation is an award-winning grant-making
changes in how
such as public
foundation that helps our clients use their wealth to drive positive
we operate.
cloud, microservices
and sustainable social change for children.
architecture, APIs,
· We regularly contribute to debates about important societal topics
and front-to-back
and, in collaboration with other firms and industry bodies, help to set
automation.
standards on these topics.


The results we deliver
Output
Investors
Our financial results
· Net profit attributable to shareholders: USD 4,304 million.
· Diluted earnings per share: USD 1.14.
· Return on CET1 capital: 12.4% (with a target of 12­15% for 2020­2022).
· Invested assets: USD 3,607 billion.
· Cost / income ratio was 80.5%, compared with 79.9% in 2018.
We are targeting a cost / income ratio of 75­78% in 2020­2022.
Clients
The products and services we offer
Asset
· We build and strengthen client relationships through various platforms and offerings,
Management
such as UBS Evidence Lab Innovations, GWM platforms and WM Online portal,
UBS Partner, we.trade, UBS Atrium and Mobile Banking.
· A broad range of well-designed products and services for clients' personal wealth
and their businesses.
· Effective procedures and processes to handle complaints.
Employees
How we work at UBS
· We are committed to further increasing our diversity, treating our employees fairly
and providing equal opportunities for all.
· We strive to hire, promote and retain more women across the firm, with a
stated aspiration of increasing the representation of women in management roles
Investment
to one-third.
Bank
· Our in-house UBS University offers customized training and skills development
opportunities.
· We support employees' career growth; our new Career Navigator online platform
supports the mobility of internal talent.
· Modern cloud-enabled virtual workstations and mobile technologies have
been deployed.
Society and environment
· USD 488.5 billion of sustainable investing assets (13.5% of our total invested assets).
USD 3.9 billion of clients' assets in SDG-related impact investments.
Co-developing
Strengthening our
· With a market share of 20.2% among asset and wealth managers offering
digital innovation
digital culture and
sustainable investment solutions, we are a leading provider of such products
and ecosystems
engineering
in Switzerland.
through
approach through
· USD 52.7 billion of the total deal value in equity or debt capital market services
partnerships,
training,
and USD 34.5 billion in financial advisory services provided by our Investment Bank
research and
communications,
innovation pipeline
and adopting new
to companies that make a positive contribution to climate change mitigation
management,
toolsets and agile
and adaptation.
facilitated by
ways of
· In 2019, we donated USD 45.2 million to local programs. 38% of our employees
centers of
collaborating.
volunteered and invested 202,784 hours in community projects.
excellence.
· UBS Optimus Foundation raised USD 89.5 million in donations.


How our stakeholders benefit
The impact we create
Outcome
How our investors benefit
· Attractive capital returns to our shareholders. A dividend of USD 0.73 per share
Driving change in the world
proposed for the financial year 2019. We aim to increase our ordinary dividend per
needs leadership. As the
share by USD 0.01 per year, and to return excess capital through share repurchases.
largest truly global wealth
· Total payout ratio for 2019 will be 80%, combining the proposed dividend with our
manager, we have a
share repurchases of USD 806 million in 2019.
· We aim to balance growth opportunities with cost and capital efficiency in order to
responsibility to take a leading
drive attractive risk-adjusted returns and sustainable performance.
role in shaping a positive
future ­ for all of us and
the generations to come.
How our clients benefit
We are an integral part of the
Swiss economy and broader
society ­ not only as a leading
· Sustaining long-term relationships based on mutual respect, trust and integrity.
Access to outstanding, tailored advice, financial solutions and services from around
universal bank, but also as the
the globe delivered by experts our clients can trust; superior investment performance.
third biggest private employer
· Improved satisfaction through the offering of suitable products and services.
and one of the top taxpayers.
· Services accessible through convenient digital banking portals, which enable our
clients to bank at their convenience, and through our branches and presences
in Switzerland and abroad.
We significantly contribute to
the prosperity of the Swiss
economy by providing efficient
financial services, capital
allocation, stability, security
and reliability.
How our employees benefit
We aim to protect and increase
the value of our clients' assets.
· UBS is widely recognized as an employer of choice and a great place
Understanding our clients'
to build a career.
needs and expectations allows
· Levels of employee satisfaction and engagement, as shown in our most recent
us to serve their best interests
employee survey, are above the norm for financial services organizations.
· A diverse and inclusive culture across the firm to drive sustainable growth
and to create value for them.
and innovation and to build a better place to work for all employees.
· Support for leadership development, as great leaders are the key to growing
In sustainable and impact
our people, client relationships and results.
investing, we set standards
· Pay for performance, with a strong commitment to pay equity embedded into
across the industry and
our compensation policies and practices.
constantly challenge ourselves
and our peers to raise the bar.
· Total reduction of greenhouse gas footprint by 71% from the 2004 baseline year,
targeting a 75% reduction by the end of 2020.
· We further reduced our carbon-related assets to less than 1% of our total banking
products exposure and strengthened our standards in the energy and utilities sectors.
· More than 280,000 direct beneficiaries and 107,388 lives substantially improved as
a result of our community investments.
· UBS Optimus Foundation committed USD 109.5 million to carefully selected
programs.
· The well-being of 3.3 million vulnerable children around the world was improved
with help of the work of UBS Optimus Foundation.


Contents
2 Letter to shareholders
8 Our key figures
10 Our Board of Directors
12 Our Group Executive Board
14 Our evolution
1. Our strategy, business model and environment
3. Risk, treasury and
capital management
18 Our strategy
105 Risk management and control
19 Performance targets and measurement
156 Treasury management
20 Our businesses
175 Capital management
31 Our environment
35 How we create value for our stakeholders
4. Corporate governance and compensation
49 Regulation and supervision
54 Regulatory and legal developments
196 Corporate governance
60 Risk factors
236 Compensation
2. Financial
and operating performance
5. Financial
statements
72 Critical accounting estimates and judgments
283 Consolidated financial statements
73 Significant accounting and financial reporting changes
475 Standalone financial statements
75 Group performance
85 Global Wealth Management
6. Significant regulated subsidiary and sub-group
88 Personal & Corporate Banking
information
93 Asset Management
97 Investment Bank
500 Financial and regulatory key figures for our significant
101 Corporate Center
regulated subsidiaries and sub-groups
Appendix
502 Alternative performance measures
504 Abbreviations frequently used in our financial reports
507 Information sources
508 Cautionary statement


Annual Report 2019
Letter to shareholders
Dear Shareholders,
Building on your positive feedback from the previous years, our What actions are you taking in the French litigation case?
shareholder letter for 2019 again answers a series of questions Management and the Board of Directors are completely focused
that we are regularly asked by different stakeholders of the on and committed to a resolution of the French cross-border
bank.
matter. This is in the best interest of shareholders, and it will
most likely take time to resolve the case. The trial at the Court of
What was the market context in 2019?
Appeal is scheduled for 2­29 June 2020, and a verdict is
Even though equity markets reached all-time highs, sharp expected later in the year. We are preparing diligently for this
changes in macroeconomic and market conditions affected UBS trial. UBS denies any criminal wrongdoing in this case. Our
and our clients. Interest rate headwinds intensified, with rate provision for this matter remains at EUR 450 million (USD 505
cuts in the US and further moves into negative territory in million), unchanged from year-end 2018. We have published
Europe. Contrary to more optimistic expectations at the start of responses to questions frequently asked by shareholders, clients,
the year, global GDP growth of just 3% was both substantially employees and other stakeholders on this matter, which are
lower than had been forecast and the lowest since the 2007­ available at www.ubs.com/investors.
2009 financial crisis. Faced with slowing global growth and
persistent geopolitical concerns, many clients either de-risked, or What are the key growth opportunities you see going
simply stayed on the sidelines. Client activity was also negatively forward?
affected by historically low market volatility. Nevertheless, We are ideally positioned to take advantage of global mega-
recession concerns abated in the US and investor sentiment trends. As the largest truly global wealth manager to high net
improved in the final quarter.
worth and ultra-high net worth clients, we are well positioned to
benefit from these trends. Our business is based on wealth
How do you assess the financial performance of the Group creation and helping clients manage their wealth and fulfil their
in 2019?
goals, as well as advising on how they want to pass it on. Our
In these mixed conditions we delivered a solid performance in billionaires report revealed that approximately 723 billionaires
2019, closing the year with the best fourth quarter since 2010. will transfer USD 3.5 trillion to their heirs over the next two
Our net profit reached USD 4.3 billion and we delivered a decades. We have a strong presence in the US and Asia ­ two
12.4% return on CET1 capital, competitive with American peers leading growth markets ­ along with the right people, the right
and well ahead of other large European banks. Clients investments in technology, and the capital strength to lead the
continued to turn to us for high-quality advice and solutions to wealth management industry. We are also a leading universal
help them achieve their goals. We now manage over USD 3.6 bank in Switzerland and we are determined to extend our lead.
trillion of their assets, up nearly a trillion in four years. Our All this is enhanced by an investment bank that is strong in the
capital position remains formidable, with a CET1 capital ratio of areas where we choose to compete, and a successful asset
13.7%. Our total loss-absorbing capacity increased to nearly manager.
USD 90 billion.
We are delivering attractive returns in a responsible and
sustainable way, while strategically investing for growth. Joint
How much of your profits did you return to shareholders
ventures, cross-selling and white-labelling are other growth
last year?
opportunities. Examples in 2019 include exciting strategic
In 2019, we generated USD 5 billion of capital, bringing the partnerships with leading market players ­ Banco do Brasil in
total to USD 28 billion since 2011. Our proposed dividend of Brazil and Sumitomo Mitsui Trust in Japan. These are just some
USD 0.73 per share for 2019 represents an increase of 6% of the opportunities across our businesses that we are focused
compared with 2018 and is in addition to the USD 806 million on. There are many others that you can read about in the pages
of shares bought back under our repurchase program, helping of our annual report.
increase our tangible book value per share by 6%. The sum of
our 2019 proposed dividend and share repurchases is USD 3.4
billion, or 80% of our net profits, which is highly attractive
compared to peers.
2


Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman of the Board of Directors
3


Annual Report 2019
Letter to shareholders
What are your priorities for 2020­2022?
sustainability ranking, recognized UBS as the industry leader for
We aim to drive higher and superior returns by growing each of the fifth year running. This demonstrates our commitment to the
our businesses and leveraging our unique, integrated and growing demand for sustainable finance services and products
complementary business portfolio and geographic footprint. We across client segments. A key indicator is the development of
have defined a number of priorities to help us achieve this in our core sustainable investing assets, which have more than
2020­2022.
doubled in just two years, from 5.6% of total invested assets in
In Global Wealth Management, we will execute on several 2017 to 13.5% in 2019. Our multi-asset sustainable investing
initiatives designed to accelerate our growth and elevate the solutions were our fastest-growing mandate offering, reaching
quality and value of the service we deliver to our clients.
over USD
9 billion in invested assets. We aim to create
Our Investment Bank is well positioned to respond to sustainable finance products and services firm wide that help
changing market conditions and client needs and to better clients channel capital to support the United Nations Sustainable
leverage our capabilities, including the technology investments Development Goals (the SDGs). We also offer advice from
we have made over the years.
philanthropy experts to assist clients in making a meaningful and
Our Asset Management business will continue to build on its measurable difference for their chosen philanthropic causes.
differentiated client offering for further growth, performance
and scale.
How are you using technology to help drive value for
In our Personal & Corporate Banking business in Switzerland, clients and shareholders?
we will drive profitable growth through digital initiatives, We invest in technology to improve our client service and client
services and efficiency gains.
experience, as well as to improve the efficiency and scalability of
Our business divisions are competitive in those fields that our businesses. Technology affects every element of our value
matter most to our clients, but they would not be as successful chain ­ from the way we communicate with, serve and advise
on a stand-alone basis. Therefore, a key priority is further our clients to how we manage risks and run our back office. This
embedding our one-firm approach across the Group. While we is why we invest over 10% of revenues per year in technology,
have successfully delivered our integrated business model for the which was around USD 3.5 billion in 2019. Last year we
benefit of many clients and shareholders, we can do more. We decommissioned over 400 legacy applications and deployed
also remain committed to improving efficiency and productivity 1,100 robots across our organization. In our Swiss Personal &
in 2020, keeping operating costs flat, while growing revenues Corporate Banking business, for example, two-thirds of our
and funding USD 1 billion in investments to meet regulatory clients interact with us through our digital banking facilities. In
requirements and improve efficiency. Continued investments in our corporate business, this number is even higher with almost
technology, platforms and risk management systems are crucial 80% using our digital banking. These clients are more satisfied
for growing our franchise, generating attractive returns in the and, as a result, do more business with us. Data analytics allows
future and improving client experience.
client advisors to analyze data more efficiently and provide
better, more timely advice. We are also using machine learning
What are you doing to make sure UBS remains the most
and artificial intelligence-powered engines to automate more
relevant global wealth manager?
complex tasks and allow for better and faster decision-making.
Client needs are constantly evolving, and the pace of change is
faster than ever. What has not and will not change is clients' What kind of capital returns can we expect if you
need for high-quality advice. This is where UBS excels and what successfully execute on your strategy and priorities?
makes our value proposition durable. We provide customized, We continue to focus on sustainable performance. We hold
nuanced, and personalized advice that helps our clients meet ourselves accountable for delivering our targets by executing on
their individual financial goals, while improving their lives and our proven strategy in a disciplined manner, and avoiding
generating impact that matters. Clients are increasingly looking opportunistic measures for the sake of short-term gain. We
to partner with a firm that creates value for society as a whole invest for the long term and aim to do the right thing for clients
and helps them invest in areas and ideas that matter most to and the long-term health of the business. Over the next three
them. Our millennial clients are a good example of this. Many years, our aim is to deliver at the upper end of our target range
are restructuring their portfolios and using our advisory and of between 12% and 15% reported return on CET1 capital, as
product capabilities to do well financially while also doing good announced in January 2020. Our goal is to balance revenue
for the world around us. Technology plays another key part in growth with both cost and capital efficiency.
this endeavor, helping us to deliver even more for our clients,
Going forward, we intend to grow our dividend per share by
empower our client-facing staff, including advisors, and make USD 1 cent per year. This will give us greater capacity to return
our infrastructure more agile and versatile and, as a result, more capital through share repurchases. We expect to
increase productivity and quality of service.
repurchase around USD 450 million worth of shares in the first
half of 2020, completing our current CHF 2 billion repurchase
What is UBS doing to provide sustainable finance
program, and will assess our future repurchase plans in the
opportunities for clients?
second half of 2020.
Sustainable finance has long been a firm-wide priority. The Dow
Jones Sustainability Index, the most widely recognized
4
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Document Outline