瑞银集团UBS AG (UBS) 2011年年度报告「NYSE」.pdf

1、Annual Report 2011Our performance in 2011 Contents2Letter to shareholders6Key figures7UBS and its businesses8Our Board of Directors10Our Group Executive Board12The making of UBS 1.Operating environment and strategy16Current market climate and industry drivers19Regulatory developments22Our strategy27

2、Measurement of performance30Wealth Management33Retail&Corporate35Wealth Management Americas38Global Asset Management42Investment Bank45Corporate Center47Regulation and supervision50Risk factors 2.Financial and operating performance58Critical accounting policies62UBS results72Balance sheet76Off-balan

3、ce sheet80Cash flows83Wealth Management86Retail&Corporate89Wealth Management Americas95Global Asset Management102Investment Bank108Corporate Center 3.Risk,treasury and capital management112Risk management and control116Credit risk133Market risk140Operational risk142Treasury management144Liquidity an

4、d funding management151Interest rate and currency management153Capital management161Basel 2.5 Pillar 3 4.Corporate governance,responsibility and compensation196Corporate governance222Corporate responsibility234Our employees242Compensation 5.Financial information284Consolidated financial statements29

5、7Notes to the consolidated financial statements411UBS AG Parent Bank financial statements439Additional disclosure required under SEC regulations(including industry guide 3)Appendix461UBS registered shares462Information sources464Cautionary statement2Annual Report 2011Letter to shareholdersDear share

6、holders,For the financial year 2011 we report a net profit attributable to UBS shareholders of CHF 4.2 billion and diluted earnings per share of CHF 1.08.During the year we strengthened our indus-try-leading capital position,with our Basel II tier 1 capital ratio increasing significantly to 19.6%fro