In a year that was dominated by its takeover of Credit Suisse, UBS’s global wealth management (GWM) division posted mixed results.

Operating profits before tax fell 27.89 percent from $4.98 billion to $3.59 billion.

This was at least in part due to an increase in expenses – largely driven by acquisition related costs – from $13.99 billion to $16.47 billion at the end of 2023.

Despite this, revenues grew 11.72 percent from $18.97 billion to $21.19 billi...