UBS winds down Credit Suisse global markets business: Report
Credit Suisse will reduce its new markets business volume as UBS integrates the bank, while UBS will focus on consolidating new client activity through its own entities.
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Posted 8/30/2023, 11:49:29 AM
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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.
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 reduce its workforce by around 3,000 jobs, or 8% of staff, in Switzerland as part of a cost-cutting program following its acquisition of Credit Suisse, amid controversy over the deal.