UBS posts $29 billion second-quarter profit in first results since Credit Suisse takeover
UBS posts a second-quarter profit of $28.88 billion, surpassing analysts' expectations, following its takeover of Credit Suisse.
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Posted 8/31/2023, 5:03:33 AM
cnbc.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.
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.
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 Group will cut 3,000 jobs in Switzerland and aims to save over $10 billion in costs as part of its plan to absorb Credit Suisse’s local arm, following its takeover of the struggling rival bank.