Leading franchises in global wealth management and Swiss retail and commercial banking. Consistent strategy focused on above-average returns from capital-efficient, asset-gathering businesses. Strong core capitalization. Strong 2020 operating performance to date but next year's revenues expected to reduce year-on-year if client activity normalizes in a less volatile economic environment. Material exposure to nonfinancial risks, including unresolved litigation. The COVID-19 pandemic will result in credit losses above the historical average, however, comparing favorably with peers more focused on lending activities. The stable outlook reflects our view that UBS is well placed to withstand the ongoing effects of the COVID-19 pandemic. We expect UBS will face stronger revenue headwinds in 2021-2022, and credit losses are likely to remain above the bank's low
