A KPMG report about the benefits of AI in financial services contained fabricated claims about UBS’s use of AI agents, and the Swiss bank wasn’t going to let that slide. UBS identified the inaccuracies and demanded corrections, prompting KPMG to pull the entire report.
The false claims stated that UBS had deployed AI agents across investment advisory, risk management, and compliance functions.
What KPMG got wrong, and what actually happened
As of mid-2025, UBS was managing over 280 active AI use cases, representing a 10% increase from the previous quarter. The bank has rolled out its proprietary “Red” AI assistant to tens of thousands of employees, generating millions of prompts in usage volume. CEO Sergio Ermotti has publicly emphasized the bank’s commitment to accelerating transformational AI programs designed to boost efficiency and improve client experience.
UBS operates under a dedicated AI governance structure that includes specific AI risk management policies, a comprehensive Group AI policy, and dedicated governance bodies overseeing responsible deployment with human oversight baked in. This framework has been in development for roughly a decade.
