US EditionUBS posts $29 billion second-quarter profit in first results since Credit Suisse takeover
- UBS Group has announced that it will fully absorb Credit Suisse's domestic bank, despite potential job losses. The decision comes after UBS's acquisition of Credit Suisse and aims to benefit UBS, stakeholders, and the Swiss economy. The two banks will operate separately until their planned legal integration in 2024, with client migration to UBS systems expected to be completed in 2025.
- UBS anticipates cost savings of $10 billion by the end of 2026, revised from an earlier estimate of $8 billion by 2027. The majority of savings will come from reducing headcount. The acquisition of Credit Suisse provides UBS with a large asset base, client relationships, and talented employees. UBS's shares have increased by 30% since the takeover announcement.
- UBS posted a second-quarter profit of $28.88 billion, primarily reflecting negative goodwill from the Credit Suisse acquisition. The underlying profit before tax, excluding negative goodwill, integration expenses, and acquisition costs, was $1.1 billion. UBS aims to win back client trust, reduce costs, and focus resources for future growth.
23 Articles
23 Articles
UBS reports a $29 billion second quarter profit after Credit Suisse takeover
After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.88 billion for the second quarter of this fiscal year, according to a report by Business Today. In March, UBS purchased Credit Suisse for just 3 billion Swiss francs ($3.4 billion), saving it from bankruptcy. Due to the deal’s recent closure in June, the results for UBS as a
UBS to absorb Credit Suisse domestic unit, eyes billions in cost savings
ZURICH - Banking giant UBS said Thursday it would fully absorb the Swiss unit of its recently-swallowed rival Credit Suisse into its operations, without spelling out the implications for job cuts.
UBS reports huge 2Q profit skewed by Credit Suisse takeover, foresees $10B in cost cuts
GENEVA (AP) -- Swiss bank UBS announced Thursday plans to save $10 billion in costs as it moves ahead with "full integration" of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown.
UBS reports huge 2Q profit skewed by Credit Suisse takeover, foresees $10B in cost cuts
GENEVA (AP) -- Swiss bank UBS announced Thursday plans to save $10 billion in costs as it moves ahead with "full integration" of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown.
UBS reports huge 2Q profit skewed by Credit Suisse takeover and foresees $10B in cost cuts
By JAMEY KEATEN Associated Press GENEVA (AP) — Swiss banking giant UBS has announced plans to save $10 billion in costs, including through 3,000 staff reductions in Switzerland as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations following a takeover. The announcement on Thursday came as the Zurich-based bank reported a whopping $29 billion in net and pre-tax profit in the second quarter, its first earn…
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