UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: April 16, 2024
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-
F.
Form 20-F
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This Form 6-K consists of the news release and slides presentation, which appear immediately
following this page.
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 1
16 April 2024
News Release
UBS publishes updated time series with restated segment financial
information reflecting previously announced changes with no impact on
Group results
Zurich, 16 April 2024 – UBS today has published restated historical segment-level financial data reflecting the
changes to the Group’s segment financial reporting announced on 6 February 2024. These changes improve
the consistency of reporting across the Group and provide details around funding and cost allocation
methodologies. The changes include:
- Client segment shifts: The transfer of the Credit Suisse Swiss Bank high net worth client segment
representing USD 72 billion in invested assets and annualized underlying revenues of around USD 600
million from Personal & Corporate Banking to Global Wealth Management, along with other smaller
transfers of businesses previously constituting Credit Suisse’s Swiss Bank. The realignment supports a
more cohesive client experience and unlocks efficiencies of added scale. We expect the transferred high
net worth segment to contribute more than USD 200 million annually to Global Wealth Management
PBT by 2026.
- Group Treasury allocations: A transfer of effectively all Group Treasury costs to the business divisions
that were historically retained centrally. We will only retain in Group Items costs that are not controlled
by the business divisions, including Group hedging and own debt as well as DTA funding costs. Further
changes relate to the alignment of internal funds transfer pricing methodologies to UBS’s standard.
These changes result in lower net interest income (NII) in the business divisions, with an offset in Group
Items. For the first quarter, we expect to report a low single-digit quarter-on-quarter increase in
combined NII for Global Wealth Management and Personal & Corporate Banking. Going forward, we
expect PBT reported in Group Items, excluding the P&L from Group hedging and own debt, to average
around minus USD 100 million per quarter.
- Non-core and Legacy cost allocations: A reallocation of around USD 300 million annually in select costs
from Non-core and Legacy into the core business divisions where they are more appropriately aligned
and to avoid stranded costs at the end of the integration process.
These changes have no impact on the Group’s financial performance and will be reflected in the first quarter
results published on 7 May 2024.
The time series of financial information for UBS and its business divisions can be found at
https://www.ubs.com/global/en/investor-relations/financial-information/timeseries.html including restated
financial information for 2023 to aid comparability along with an accompanying presentation. The numbers
contained in these updated time series are unaudited.
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 2
UBS Group AG
Investor Relations:
Switzerland: +41-44-234 41 00
Americas: +1-212-882 5734
Media contact:
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
www.ubs.com/media
www.ubs.com/investors
Cautionary Statement Regarding Forward-Looking Statements
This document contains statements that may constitute forward-looking statements. While these statements represent UBS’s
judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors
could cause actual developments and results to differ materially from UBS’s expectations. Additional information about those
factors is set forth in documents furnished and filings made by UBS with the US Securities and Exchange Commission, including
the Annual Report on Form 20-F for the year ended 31 December 2023. UBS undertakes no obligation to update the
information contained herein.
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 3
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 4
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 5
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 6
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 7
Investor Relations
Tel. +41-44-234 41 00
Media Relations
Tel. +41-44-234 85 00
UBS Group AG and UBS AG, News Release, 16 April 2024 Page 8
Investor Relations
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Media Relations
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UBS Group AG and UBS AG, News Release, 16 April 2024 Page 9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: _/s/ David Kelly______________
Name: David Kelly
Title: Managing Director
By: _/s/ Ella Campi_______________
Name: Ella Campi
Title: Executive Director
Date: April 16, 2024