UBS is the world's largest global wealth manager and Switzerland's leading universal bank. Its core business is managing the financial assets of wealthy individuals and families worldwide, operating through four divisions: Global Wealth Management (GWM), Personal & Corporate Banking (P&C), the Investment Bank, and Asset Management. GWM serves high net worth and ultra high net worth clients globally, offering investment advice, discretionary and advisory mandates, lending, deposits, and access to alternative investments. GWM's Chief Investment Office produces a global "House View" on markets and asset allocation that underpins the advice delivered by UBS financial advisors. P&C is UBS's Swiss domestic bank, serving retail, corporate, and institutional clients with mortgages, deposits, payments, and investment products. The Investment Bank focuses on equities, FX, M&A advisory, and capital markets, capped at 25% of group risk-weighted assets. Asset Management manages over USD 2trn in institutional and wholesale funds across active, passive, and alternative strategies. UBS makes money three ways: recurring fees on invested assets (which scale with asset levels), net interest income on lending and deposits, and transaction-based revenues from trading and capital markets activity. The revenue mix is intentionally skewed toward asset-gathering businesses, which are less capital-intensive. UBS acquired Credit Suisse in 2023 and is integrating the business, winding down non-core assets, and targeting USD 13.5bn in cumulative cost saves by end of 2026.