UBS Charts New Course as Post-Merger Integration Nears Completion

UBS Group AG is turning a significant page in its corporate history. As the Swiss banking giant finalizes the absorption of Credit Suisse, it is simultaneously unveiling a refreshed board of directors and setting ambitious financial targets, supported by a robust 2025 performance that included a net profit of $7.8 billion and assets under management surpassing $7 trillion.

A Revamped Board with Global Expertise

In a move to strengthen its governance, UBS has put forward two high-profile nominations for its board. The appointments of Agustín Carstens, the former General Manager of the Bank for International Settlements, and Luca Maestri, the long-serving Chief Financial Officer of Apple Inc., are slated for a shareholder vote in April 2026.

Each nominee brings a distinct set of skills. Carstens offers deep central banking insight and regulatory experience from his tenure leading Mexico’s central bank and the BIS. Maestri contributes operational financial expertise cultivated over more than ten years at one of the world’s most valuable technology companies.

This renewal also involves several departures. Vice-Chairman Lukas Gähwiler, who played a pivotal role in overseeing the merger as the last Chairman of Credit Suisse, is retiring after 45 years in banking. Board members William C. Dudley and Jeanette Wong will also not stand for re-election.

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Final Stages of System Integration and US Reorganization

A critical technical milestone is approaching at the end of March, when UBS will begin decommissioning the core IT platforms of Credit Suisse. This step will conclude the expensive parallel operation of two separate systems. The bank has already migrated 85% of Swiss client accounts, with cumulative gross cost savings reaching $10.7 billion.

Concurrently, UBS is restructuring its US operations. Lisa Golia, a former Morgan Stanley executive, will now lead the wealth management advisor network. Her predecessor, Mike Camacho, will shift his focus to strategic initiatives, including the expansion of the US bank license—a project for which the bank has already received conditional approval.

Ambitious Financial Targets for the Coming Years

Looking ahead, UBS has outlined clear financial objectives. The bank is targeting a return on equity of approximately 15% for 2026, with an ambition to raise that figure to around 18% by 2028. It aims to achieve this while maintaining a cost-to-income ratio of about 67%. Reflecting confidence in its financial position, the board has proposed a dividend of $1.10 per share—a 22% increase over the previous year—and has completed a $3 billion share buyback program.

The year 2026 is positioned as a transition from integration to a focused growth strategy. With the full shutdown of Credit Suisse’s platforms expected by year-end, UBS will operationally conclude one of the most complex bank mergers in modern history. The anticipated additions of Carstens and Maestri to the board are designed to inject crucial regulatory wisdom and financial leadership during this decisive phase.