Leading franchises in global wealth management and Swiss retail and commercial banking. Clear strategy focused on above-average returns from capital-efficient, asset-gathering businesses. Strong core capital metrics relative to global peers. Potential earnings volatility from more focused but still sizable investment bank division. Exposure to non-financial risks including residual unresolved litigation related to legacy business activity. The stable outlook on UBS Group AG and its operating entities indicates that S&P Global Ratings' combined view of UBS' capital and risks will remain a neutral factor over the next 12-24 months. We expect only gradual strengthening of capital from today's level, and are cautious given the uncertainty over the timing and impact of unsettled litigation cases. These uncertainties might decline over the next
