瑞银集团UBS AG (UBS) 2016年年度报告「NYSE」.pdf

1、UBS Group AGAnnual Report 2016Contents2Letter to shareholders5Key figures8Our Board of Directors10Our Group Executive Board12History13The legal structure of UBS Group15External reporting 1.Operating environmentand strategy18Current market climate and industry trends21Regulation and supervision23Regu

2、latory and legal developments27Our strategy29Measurement of performance31Wealth Management33Wealth Management Americas35Personal&Corporate Banking37Asset Management39Investment Bank41Corporate Center44Risk factors2.Financialand operating performance58Critical accounting estimates and judgments 59Sig

3、nificant accounting and financial reporting changes64Group performance78Wealth Management82Wealth Management Americas88Personal&Corporate Banking92Asset Management97Investment Bank103Corporate Center3.Risk,treasury and capital management117Risk management and control168Treasury management184Capital

4、management202UBS shares4.Corporate governance,responsibility and compensation208Corporate governance239UBS and Society250Our employees256Compensation5.Financial statements301Consolidated financial statements461Standalone financial statementsAppendix481Abbreviations frequently used in our financial r

5、eports483Information sources484Cautionary statementAnnual Report 2016Letter to shareholders2Dear shareholders,2016 was another challenging year for the industry and UBS,marked by macroeconomic uncertainty,geopolitical tensions and divisive politics,which adversely affected client sentiment.Com-bined

6、 with the implementation of stricter prudential standards and the unclear trajectory of the future regulatory landscape,these factors contributed to headwinds for our businesses.In particular,economic conditions in the worlds major economic centers the US,the eurozone and China were mixed.The US gre