Credit Suisse takeover boosts UBS profit to record $29bn – Kommersant
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Swiss bank UBS submitted reports for the second quarter. Initially, the bank was supposed to submit reports on July 25, but it postponed its publication for a month due to the need to include data from Credit Suisse, the merger with which ended in June. UBS has now been able to report on Credit Suisse data. Quarterly revenue increased 7% to $9.5 billion. Net income grew nearly 14 times to a record $28.9 billion.
UBS also said it plans to keep the Credit Suisse brand for the unit operating inside Switzerland. Losses of Credit Suisse for the quarter were estimated at $10.6 billion. Earlier media reportedthat UBS may be ditching Credit Suisse’s international brand. UBS plans to complete the integration of Credit Suisse into its business by 2026.
Back in May UBS declaredexpects a one-time $34.8 billion gain from the Credit Suisse acquisition, and a $17 billion merger cost that will far outweigh them. Today, UBS also announced that it plans to reduce costs by $10 billion by the end of 2026 (previously it was $8 billion), for this, among other things, it is going to reduce the staff in the next few years, laying off about 3 thousand employees.
UBS shares rose 5% on Thursday, the highest since 2008.
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