We have robust momentum across our entire platform and our top objectives are to stay close to clients and improve advisor productivity. In Switzerland, EMEA and APAC, we expect PBT margins to eventually exceed 40% in each of these regions as we capture the benefits of our fortified leadership positions and integration-related synergies. While our U.S. Wealth Management business will profit from our strengthened Investment Bank and Asset Management franchises, it is not directly benefit — benefiting from increased scale related to the acquisition. Therefore, we need to keep working on improving our profitability. Over the next three years, we will organically invest to institutionalize our platform by building out our core banking infrastructure to provide clients with a more comprehensive loan and deposit offering and by rolling out more products and services to ultra-high net worth and family and institutional wealth clients.
We will further leverage our advisory capabilities through our global CIO platform. In particular, we aim to provide our international clients who have interest in the U.S. with more access to our American advisors and products. We will also continue to invest in our infrastructure to augment the user experience and improve productivity. We expect PBT margins in the U.S. to remain in the low double-digit in the near-term, but we are confident that the actions we take will help produce mid-teens profit margins by the end of 2026. This will put us in a position to explore opportunities to further narrow the gap to our peers. Our actions will allow GWM to attract around $100 billion in net new assets per annum through 2025 as we expect to continue growth in our platform to partially be offset by outflows related to the capital efficiency initiatives I described a moment ago.
From 2026, our aim is to build to around $200 billion in net new assets annually by 2028. Overall, this level of organic growth over three years would nearly add up to the Credit Suisse franchise we just acquired and will power our ambition to surpass $5 trillion in invested assets. Greater scale alongside our cost and capital efficiency measures will support GWM’s ability to achieve improved profitability with an expected underlying cost income ratio of less than 70%. In Switzerland, we are the leading bank for multinationals and SMEs, and we also serve more than one in three households. To reiterate, our uniqueness is not driven by size, but by our ability to provide these clients with access to innovative products, solutions, digital applications and global footprint.
In recent years, P&C’s consistent investments to improve the client experience and boost efficiency have supported steady growth and higher returns. We will replicate this playbook for our combined client franchises. Meanwhile, we will lower our cost to serve by streamlining our operations, decommissioning legacy technology platforms and removing branch duplication. Our ambition is for P&Cs to report a cost income ratio below 50% as we exit 2026. In Asset Management, we are building on our differentiated offering in sustainable investing and SMAs with an expanded alternatives platform, which includes new capabilities in credit. Our aim is to keep growing our higher margin products and capture the benefits of our increased scale in customized indexing and a deeper regional footprint.
We will do this while building on our strong partnership with Global Wealth Management to drive growth. While our improved strategic positioning and product offering will help us meet the evolving needs of our clients, we are not immune to structural issues facing the Asset Management industry. This makes the realization of cost synergies a critical component of our plan to get to a cost income ratio below 70% by the end of 2026, while self-funding investments for growth and efficiency will be delivered. The acquisition has added capabilities that were already of strategic importance to — for our Investment Bank. Therefore, in terms of strategy, client’s priorities and risk discipline, nothing changes. In Global Banking, we have significantly strengthened our coverage and product teams in growth markets that are aligned to GWM, notably the Americas and APAC.
We have reinforced our leading position in Switzerland. And globally, we expect our broader and deeper solutions across M&A, equity capital markets and leverage capital markets to drive profitable market share. We are already seeing the benefits with notable mandate successes across the globe. In Global Markets, we are bolstering core products and services that are most relevant to our clients, including electronic trading, financing and equity derivatives. Our award-winning equities and FX franchises will now serve an even larger and broader client base, also supported by our strengthened global research coverage of the most relevant and fastest growing sectors. By deploying its products and services across a more diversified institutional, corporate and financial sponsor client base, in addition to the improved connectivity with our clients in GWM and P&C, the Investment Bank is poised to achieve around 15% return on attributed equity over the cycle, and it will do this while consuming no more than 25% of the Group’s risk-weighted assets.
As I mentioned before, the active rundown of the non-core and legacy portfolio releases capital, removes tail risks and complexity and reduces our cost base, allowing us to improve our returns. We have made good progress to-date. We have closed over 2,000 NCL’s books, including full exit of several macro books and are largely closed — we have largely closed our non-core cash equities, convertible and prime services exposures. To-date, we have decommissioned around 150 NCL systems and retired nearly 20% of its models. As we further wind down this portfolio, we will focus on economic profitability, including funding, operating and capital costs. We will also remain focused on balancing our priorities with the needs of our clients and counterparties.
Our ambition is for NCLs underlying loss to move to around $1 billion, with the residual portfolio of total risk-weighted assets accounting for around 5% of the Group’s by the end of 2026. By the end of 2024, we expect combined risk — credit and market risk-weighted assets to be substantially below $40 billion. Capital strength has been a key pillar of our strategy and we remain committed to maintaining a balance sheet for all seasons. We expect to operate with a CET1 capital ratio of around 14%. This will provide us with a substantial capital buffer relative to our minimum regulatory requirements during the integration, but also as our capital requirements increase over time. As we fund growth with part of our retained profits, we will also seek to calibrate the proportion of cash dividend versus buybacks.
For the 2023 financial year, we intend to propose an ordinary dividend of $0.70, an increase of 27% year-on-year. With respect to our progressive dividend policy, we are accounting for a mid-teen percentage increase in 2024. We also plan to continue to distribute excess capital to shareholders via repurchases. In the short-term, it is prudent to hold off until the parent bank merger is complete in the first half of this year. Then, we expect to resume buying back stocks with a target of up to $1 billion in 2024. Our ambition in 2026 is for total capital returns to exceed pre-acquisition levels, with share purchases most likely being the biggest component. As you can see from this slide in terms of returns on capital, we expect to build towards our 15% return on CET1 target as we exit 2026, with 2024 still reflecting the significant restructuring and optimization work taking place as we integrate Credit Suisse.
