UBS delivered stronger-than-expected first-quarter results, driven by a surge in client trading and transactional activity. However, leadership cautioned that escalating uncertainty around U.S. trade policy could dampen investor sentiment and slow strategic decision-making among both clients and corporations.
The Swiss bank reported net profit attributable to shareholders of $1.69 billion for the quarter, ahead of the $1.43 billion consensus estimate compiled by FactSet. This compares with $1.76 billion in net profit for the same quarter last year. Despite the earnings beat, UBS shares slipped 1.2% to $30.16 in Wednesday afternoon trading, underperforming the S&P 500’s 0.9% decline.
CEO Sergio Ermotti noted that heightened investor activity—spurred largely by market volatility tied to the Trump administration’s evolving tariff stance—was a major contributor to the quarter’s results. Global markets revenue surged 32% year over year to $2.47 billion. In the firm’s flagship global wealth management unit, transaction-based revenue rose 37% to $1.43 billion, offsetting an 8% decline in net interest income.
During UBS’s earnings call, Ermotti emphasized that while ongoing trade negotiations were a constructive sign, the drawn-out nature of discussions and the accompanying market speculation “will come at a cost.” He cautioned that persistent policy ambiguity could lead to delays in capital allocation, investment deployment, and long-term planning by clients and institutions.
“In this kind of environment, markets will remain highly reactive to new developments,” Ermotti said. “We’re likely to see continued spikes in volatility as investors react to shifting headlines and policy pronouncements.”
UBS reported an extraordinary level of client engagement in April—activity levels not seen since the height of the COVID-19 pandemic. However, Ermotti said there were signs of fatigue emerging toward the end of the month as investors appeared to pause amid the ongoing policy limbo, awaiting clearer signals before taking further action.
Even with a strong quarter, UBS faces several headwinds. Among them is a potential move by Swiss regulators this summer to raise capital requirements. Analysts at Vontobel cited this regulatory overhang as a key factor behind UBS’s underperformance relative to global peers over the past year.
Meanwhile, UBS continues its integration of Credit Suisse, acquired two years ago in a landmark consolidation deal that significantly expanded the firm’s global wealth management footprint. A major strategic focus for UBS going forward is to deepen its presence in the U.S. wealth market, enhance its technology and advisor support infrastructure, and improve pretax profit margins in the Americas region.
The bank is actively pursuing a U.S. national bank charter—a move that would bolster its lending capabilities and broaden its value proposition for both advisors and clients. UBS has also ramped up investment in advisor services and digital platforms to improve competitiveness in the crowded U.S. wealth landscape.
The results from the Americas wealth unit highlighted this strategic shift. The unit generated $20.2 billion in net new assets during the quarter, accounting for the majority of the global wealth business’s $32 billion in net inflows. This compares to $13.7 billion in net new assets for the Americas region and $27.4 billion overall in the same quarter last year.
Despite the asset growth, advisor headcount in the Americas declined. The region ended the first quarter with 5,884 advisors, down 3.2% from 6,079 a year earlier and a 1.4% drop from 5,968 at year-end. The reduction follows UBS’s recent changes to advisor compensation, which some analysts speculate may have contributed to departures among certain teams and individual producers. The firm’s advisor base in the Americas is predominantly U.S.-based, though it includes professionals in Canada and Latin America.
CFO Todd Tuckner addressed advisor attrition on the call, describing the overall platform as stable and affirming that the firm’s current strategy is receiving broad internal support. “There’s been strong alignment around our strategic goals, particularly in how we’re structuring advisor incentives,” Tuckner said. “That’s evident in the very robust net new money growth we saw in the quarter—one of the strongest quarters in recent history.”
Tuckner acknowledged some level of advisor attrition as a normal industry dynamic but highlighted a healthy recruiting pipeline as a counterbalance. “The business is well positioned to continue attracting high-quality talent that fits our model,” he said.
UBS also announced plans to expand its Workplace Wealth Solutions platform, a growing segment that services corporate equity compensation plans. The unit currently supports nearly three million plan participants and administers over $180 billion in assets. The expansion aligns with UBS’s broader ambition to deliver holistic financial wellness solutions that can integrate workplace benefits with individualized wealth management.
For RIAs and financial professionals, UBS’s earnings offer multiple takeaways. The firm’s Q1 performance underscores the correlation between volatility and advisor-driven activity—providing a reminder that periods of uncertainty often create opportunities to engage clients more deeply around risk management and portfolio reallocation. Additionally, UBS’s strategic pivot toward advisor alignment, digital investment, and U.S. market expansion signals where large-scale firms see the next wave of competitive differentiation taking shape.
However, the backdrop remains challenging. UBS’s regulatory uncertainties, the lingering impact of tariff politics, and advisor workforce shifts all point to a fragile equilibrium in the global wealth management space. Firms that can successfully navigate this complexity—while continuing to deliver clear value to clients and advisors—are likely to emerge stronger from this transitional period.
UBS appears to be making a firm commitment in that direction. For advisors monitoring global trends, the firm’s integration of Credit Suisse, pivot toward the U.S. market, and internal alignment efforts merit close attention as bellwethers for where the international wealth landscape is headed.
Photo by Claudio Schwarz on Unsplash
