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UBS aims for SFr15 billion in pre-tax profit

Following a larger than expected third quarter loss, Swiss bank UBS is aiming for an annual pre-tax profit of SFr15 billion ($14.87 billion) in three to five years.

Oswald Grübel, the bank's chief executive, is scheduled to update stakeholders on UBS's strategic plans and positions during the bank's Investor Day in Zurich on Tuesday.

UBS suffered more than any other European bank in the United States subprime crisis and has been embroiled in a US tax dispute. The Swiss government had to rescue the bank earlier this year.

"Our strategy represents an evolution in terms of our business portfolio but a revolution in terms of the way we will operate," Grübel said in a statement before the meeting. "UBS has great businesses and distinctive strengths that we will build on."

The CEO said the bank intended to be a "top-tier" bank that "performs to the highest standards and behaves with integrity and honesty".

Among Grübel's medium-term targets: An operating income of SFr14.3 billion for its wealth management division with pre-tax profits of SFr6.5 billion. The bank is also aiming for 66 per cent revenue growth in Asia to SFr 8.5 billion.

Grübel was appointed head of UBS on February 26. Since then he has guided the bank through a difficult restructuring plan that so far has been unable to keep the bank's shares performing on par with its rivals.

The bank has posted losses for seven out of eight straight quarters. and agencies


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