ZURICH (Reuters – UBS has announced higher profitability targets and a plan for cutting costs. UBS also reported a slide of 18% in fourth quarter earnings.

The largest bank in Switzerland said that it will use technology in order to increase its revenues, reach more customers, and reduce costs. This was the first major strategic review conducted since Ralph Hamers, Chief Executive, took over in November 2020.

Hamers released a statement saying that UBS was in “better shape than ever.” We are adapting our coverage models in order to provide more digital, scalable and custom solutions as well.

After the $740 million lawsuit provision by the lender in a French tax case, the net profit (or income) attributable to shareholders fell to $1.348billion. In the third quarter of 2020, earnings rose due to increased trading volumes.

This compares to a median estimate at $863 million, which was compiled in an analysis of 23 bank analysts.

UBS’s total profit for the year of $7.457 Billion beats consensus expectations of $6.976 Billion.