UBS Deck
You're interviewing at a bank. Why can't you use EV/EBITDA to value a bank like UBS, and how do you value banks instead?
Model answer
Because for a bank, debt isn't financing — it's raw material. Deposits and borrowings fund the lending and trading businesses, and interest is core revenue and cost of goods, not a below-the-line…
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More from UBS Deck
- What does UBS stand for, and where does the firm come from?
- In the 1998 merger that created UBS, what did Union Bank of Switzerland and Swiss Bank Corporation each bring to the combined firm?
- What was S.G. Warburg, and why does it still matter for understanding UBS's investment bank?
- What was the significance of UBS's acquisition of PaineWebber in 2000?
- What happened to UBS in the 2008 financial crisis — the settled facts a candidate should know?
- Describe UBS's 2012 strategic pivot — what changed, why, and why it is the single most important fact for understanding today's firm.
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