UBS Projects To Deliver $1 Bln In Cost Savings By 2023, Plans Buy-back Of Upto $5 Bln

(RTTNews) - UBS Group AG (UBS) Group Chief Executive Officer Ralph Hamers Wednesday said the company would deliver 1 billion dollars in cost savings by end of 2023 to fund its growth initiatives. Speaking at the AGM, Hamers said the company seeks to raise 1 billion dollars in donations for charitable projects by 2025.

UBS's growth target is at least 5 percent across the cycle in fee-generating assets and targets a return on CET1 capital of 15 to 18 percent. Further Hamers said the company wants to increase assets under management to 6 trillion dollars.

Axel A. Weber, Chairman of the Board said he will be stepping down after a 10-year term.

The company expects to pay dividends of 50 cents per share and to increase share buy-backs this year from 2.6 billion dollars to as much as 5 billion dollars.