© Reuters. The logo of UBS is seen prior to a press conference of the Swiss bank after the takeover of Credit Suisse, in Zurich, Switzerland, August 31, 2023. REUTERS/Denis Balibouse/File Photo
ZURICH (Reuters) – UBS’s return on equity may be higher than currently expected, once the integration of its former rival, Credit Suisse, has been completed, its chairman said on Wednesday.
“We have given a 15% target exit ROE at the end of 2026 as a guideline and obviously there may be upside on that,” Colm Kelleher said in an interview with Bloomberg in Davos.
Switzerland’s largest bank said it will announce a three year strategic plan in February alongside its fourth quarter results.
The bank has been working to integrate its former rival and has began merging teams and reducing the combined bank’s employees.
Kelleher, who has in the past spoken out against the culture at Credit Suisse, said the people that UBS has taken on following the takeover have fit in well.
“To a large extent a lot of bad actors had gone,” Kelleher said. “The people we have brought in, on the whole it has worked quite well; we have been quite surprised.”
