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Transitional Improvements: Helping Homeless & Formerly Incarcerated Grocery Store Shooting; 1 Injured, 1 in Custody

Tom, the numbers from UBS weren’t impressive, but what caught my attention is their increased efforts to wind down their core assets. Can you explain what that means? What does it entail? Well, let’s start with the fact that this quarter was quite messy, especially because they included Credit Suisse’s results for the first time.

So it was somewhat expected. But like Guy mentioned earlier, it’s difficult to decipher exactly what these numbers mean; we need to focus on each individual aspect. In my opinion, the non-core unit’s $2 billion loss is what has greatly affected UBS’s overall loss.

It’s like a bad bank that has wiped out UBS’s profit. So we’re eagerly waiting to see what’s in store for next year. They have hinted at a restructuring charge of about a billion dollars in the following quarter, so that will be interesting.

In terms of outflows during Q4, they surpassed the positive inflows we initially saw, so where do we currently stand? It seems clear that there are some positive aspects, such as strong performance in wealth management. However, investors still have a lot to assimilate regarding the integration of Credit Suisse.

Speaking of integration, it originally seemed like UBS was coming to the rescue of Credit Suisse. But now, given the numbers they have posted, particularly in the wealth management unit, to what extent is UBS benefiting from the integration? Well, it’s undeniably advantageous considering the significant revenue increases.

Looking at the top line, it’s definitely a positive move, and shareholders have recognized and rewarded this. I think these results demonstrate UBS’s progress effectively. However, the integration process comes with its fair share of challenges and costs, which are not going away.

CEO Sergio Ermotti described this quarter as challenging in a video released alongside the earnings report, and I think that accurately summarizes the situation..

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