...and the announced wind-down of large elements of the investment bank to focus on the aforementioned wealth and investment management businesses makes huge sense.
I thought today's numbers read and looked fine even in the expansion in costs at the corporate centre clipped group operating profitability (overall costs were down 7% which is a good effort):
I talked about valuing UBS on a sum-of-the-parts basis beforehand (link here) talking about:
'...valuing the core wealth management divisions at x12 PBT, other investment management operations at x10 PBT, the continuing investment bank at x6 PBT and deducting central costs'
If I do this then I come out with a value of around CHF66bn or a little above today's price - which makes sense as at the link above I was getting an 'in' price of around CHF17, just below prevailing levels.
Additionally I note a - slightly complex - creation of a Group holding company which appears to offer some regulatory capital and dividend potential benefits. What I have always liked about UBS is the high (Swiss-enforced) regulatory capital backing and this should further benefit the situation: