UBS Group AG (NYSE:UBS)

$ 32.47 0.01 (0.03%) Market Cap: 103.39 Bil Enterprise Value: 201.07 Bil PE Ratio: 27.06 PB Ratio: 1.27 GF Score: 78/100

Q3 2023 UBS Group AG Earnings Press Conference Transcript

Nov 07, 2023 / 09:45AM GMT

Release Date Price: $24.92 (+2.34%)

Transcript

Sarah Mackey

UBS Group AG - Head of IR

Good morning, everyone. Welcome to our third quarter earnings call with the media. We're joined by Sergio Ermotti, our CEO; and Todd Tuckner, our CFO, and we're going to open it up for questions. Good morning. Owen, we'll start with you.

Questions & Answers

Unidentified Analyst

Just a quick one on headcount numbers. If you could just provide a bit more clarity on what we have here because I think you've indicated 13,000 job cuts or head reduction so far this year with 4,000 in Q3. Now if you go back to -- on a pro forma basis, I think total headcount would have been about just over 120,000 at the start of the year, down to about 116,000 now. So if you could talk a little bit about where those jobs are coming from? Are a lot of those kind of part-time workers, contractors, what parts of the business they're coming from and what we should be expecting into the new year?

Todd Tuckner

UBS Group AG - CFO & Member of Executive Board

Thanks for the question, Owen. Yes, the

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