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    Piers Brown • HSBC

    Piers Brown's questions to UBS Group AG (UBS) leadership

    Piers Brown's questions to UBS Group AG (UBS) leadership • Q1 2025

    Question

    Piers Brown asked if the strong FRC performance was driven by business mix, such as strength in FX, or by market share gains. He also requested an update on the progress of capital repatriations from subsidiaries like the IHC.

    Answer

    Todd Tuckner, Group Chief Financial Officer, attributed the strong FRC result to the bank's concentration in FX, which performed well, while being under-concentrated in weaker areas like rates and credit. He confirmed that UBS is progressing with regulators to repatriate excess capital from UK and US subsidiaries as legacy portfolios are wound down.

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    Piers Brown's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Piers Brown of HSBC asked for commentary on client risk appetite and releveraging trends, given mixed signals in the quarter. He also questioned why the final Basel III implementation had a neutral CET1 impact, an improvement from the previously guided 30 basis point hit.

    Answer

    CFO Todd Tuckner explained the neutral Basel III impact was due to excellent preparation, including infrastructure improvements, model alignments, and risk reduction. On client appetite, he noted that higher-for-longer U.S. rates are helpful for deposit margins but could have a "chilling effect" on the pace of releveraging in the wealth business.

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