UBS Group AG at Bank of America Merrill Lynch Financials CEO Conference Transcript
Thank you for joining us. Welcome to our 28th Annual Financials CEO Conference. Twenty-eight, so it's a resident number. You wouldn't have thought it was a resident number. It's how long I've been doing this. Not all the time, it's my 11th year here. It's 28 years ago, Sergio was with Merrill and the first of these conferences back in a former life.
And 28% is bank share price performance in the 12 months since we were here last. I had to check that last night because it doesn't feel like it was a really good 28%. It feels like somehow it's been emotional and quite stressful, but bank shares have been generally pretty good.
Most banks that you'll meet in the next 3 days will be the same bank that they were a year ago with a lot more profit as interest rates have moved. Bank debts didn't happen. Energy prices have stabilized. Banks have just made a lot more money. So we've seen not 28%, but about 35% earnings upgrades at the banks over the past 12 months. So hopefully, the banks will
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