UBS Group AG (NYSE:UBS) Q4 2022 Earnings Call Transcript

So we are a market leader in terms of FA productivity. We want to keep it at that level as well. And therefore, we have to continue to kind of train our FAs, support them as well on one side; but in the other side, also recruit new FAs that come in with a higher productivity level, that come in with the higher wealth clients and that are in areas where we expect the wealth growth to be the fastest; so with that, therefore, also deliver that productivity. So no specific plans other than continuing to further improve the FA productivity, as we have been doing over the last couple of years. And actually, over the last couple of years, you’ve seen our FA count going down, while productivity continued — overall productivity continue to be at least the same level, and that’s where you saw that shift towards higher net worth individual clients, a higher productive FAs in geographies where we expect wealth to grow as well.

And that is basically a campaign that we’ll continue to run. Okay. In absence of further questions, let me thank you for being with us this morning. As Sarah and I noted, we delivered good results this year and continued to show our strategy performance well across the cycle. It was by no means an easy year, but it was a year of many achievements and strong execution across the regions. And I think that our pledge to stay very close to our clients, make sure that we can advise them through challenging times as well that, that creates the momentum that you have seen also in the fourth quarter and throughout the whole year. Now while macroeconomic outlook remains uncertain, our strategy and what differentiates us as UBS is clear. We’re the only truly global wealth manager.

We have outstanding client franchises. We have geographic diversification, which is very helpful. We underpin all of that by disciplined risk management, also disciplined cost management. That’s what you have seen over the last couple of years as well with our savings program and executing on that savings program and actually increasing the savings program now as well. Our capital position is strong. Our balance sheet is healthy, and that puts us at a great position to serve our clients, deliver strong capital returns to our shareholders in the next year as well. Thank you very much, and see you next quarter.

Operator: Ladies and gentlemen, the webcast and Q&A session for analysts and investors is over. You may disconnect your lines. We will now take a short break and continue with media Q&A session at 9:45 U.K., 10:45 CET.