UBS announced Monday it is on its way to rebuilding the company and expects to see “the full effects” of its progress as soon as this year.

In a letter to shareholders, Chairman Kaspar Villiger and Group Chief Executive Officer Oswald Grubel said that during the fourth quarter they set a clear strategic direction to rebuild the firm, which includes a goal of strengthening its position as a leading wealth management business. In the near term, they expect to see wealth management clients continue to leave, which will squeeze its profit margin. But in the longer-term, it expects to “reduce client outflows.”

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