Swiss Competition Commission examining UBS takeover of Credit Suisse
Switzerland's Competition Commission is investigating UBS's acquisition of Credit Suisse, with the results expected to be sent to FINMA by the end of September.
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Posted 8/28/2023, 12:42:37 PM
reuters.com
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Credit Suisse, now a subsidiary of UBS, reported a second-quarter loss of 3.5 billion Swiss francs ($4.0 billion), aligning with its earlier forecast of a significant pre-tax loss, attributed to restructuring and financing costs.
UBS will release its first earnings report since acquiring Credit Suisse, revealing the extent of damage to Credit Suisse's reputation, potential outflows of clients from UBS, decisions regarding the future of Credit Suisse's Swiss arm, expected job cuts, and a focus on restructuring rather than net profit.
Credit Suisse will reduce its new markets business and UBS will focus on consolidating new client activity as they integrate following their merger.
UBS posts a second-quarter profit of $28.88 billion, surpassing analysts' expectations, following its takeover of Credit Suisse.
Swiss banking giant UBS plans to save $10 billion in costs by integrating Credit Suisse's operations, which includes 3,000 staff reductions, following their government-orchestrated merger.