UBS is a global bank headquartered in Switzerland, with wealth management as its core business. UBS serves high and ultra-high net worth individuals globally with investment advice, portfolio management, lending, and banking services. Beyond wealth management, UBS operates a Swiss domestic bank, a global asset management business, and an investment bank. UBS organizes its business into five divisions: Global Wealth Management (~53% of revenues), Personal & Corporate Banking (~17%), Investment Bank (~25%), Asset Management (~7%), and a Non-core and Legacy wind-down division. UBS's primary revenue stream is recurring fee income tied to invested asset balances, which grows as assets under management increase through market performance, net new money inflows, and FX. Transaction-based income from brokerage, trading, and advisory is more cyclical, and net interest income is earned primarily in the wealth management and Swiss banking businesses. In March 2023, UBS acquired Credit Suisse in a government-orchestrated rescue. The integration has been the dominant operational focus since, with substantial completion expected by end of 2026. UBS also faces a regulatory overhang: Swiss authorities have proposed additional capital requirements that UBS estimates could require ~USD 22B in additional CET1 capital, which UBS is actively opposing. As of year-end 2025, UBS reported a CET1 ratio of 14.4%.