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5. Unimaginative Share Boost

Nowhere is Sergio Ermotti’s befuddlement with the UBS share price’s refusal to budge more apparent than in his latest effort to entice investors back into the stock: UBS will buy back as much as 2 billion francs of its own shares over the next three years. The move is a Hail Mary effort meant to lift the stock’s value. 

UBS investors weren't sure what to make of the present: the shares traded lower following the announcement. Shareholders may have expected more ambitious targets. The share buyback is also admission that UBS cannot think of a more sensible way to invest the funds for growth.

6. Pension Sanctity Ends

UBS held off on touching pension benefits far longer than many rivals including Credit Suisse, but on Monday that stigma was broken. From next year, UBS bankers in Switzerland will work longer, then get less in benefits when they do retire. Employees will also begin paying into retirement schemes sooner. 

The bank will inject 720 million francs into its pension fund for three years to help with the payout shortfall. The more lasting effect is that UBS will free itself of millions of francs worth of obligations in the long term.

7. Investment Banking, Asset Management Play it Safe

Income at UBS' funds arm stagnated last year, and its investment bank also ran in place. The two units are also-rans compared to UBS' flagship wealth arms (or now a single arm – see Point 2), and CEO Sergio Ermotti can afford to take a relaxed approach: targets put in place for 2020 don't show much impatience with either unit. Ermotti seems to be happy to let them continue to operate effectively as suppliers for the private banking unit. 

8. Never-Ending Regulatory Spend

UBS CEO Ermotti is relieved that the bank can embark on a new chapter now that is has some regulatory certainty. The upshot? UBS will spend more to arm itself for Basel IV's higher capital requirements. The bank will continue to shoulder millions of francs for regulation and compliance staff; tts corporate center alone will soak up 500 million francs every year.