UBS Records $785 Million Loss Amid Credit Suisse Integration
UBS faces a substantial $785 million loss following the integration of Credit Suisse, despite attracting substantial customer deposits in the first full quarter
UBS incurred a significant loss during its first complete quarter following the acquisition of Credit Suisse, despite attracting billions of dollars in new customer deposits. On Tuesday, the Swiss bank announced a net loss of $785 million for the June-to-September quarter, primarily due to expenses associated with the integration of Credit Suisse.
UBS reported a significant increase in assets and clients, resulting in a substantial net inflow of $22 billion into its global wealth management division. This includes positive flows into Credit Suisse's wealth management unit, which marks a turning point after 18 months of negative flows. UBS CEO Sergio Ermotti expressed gratitude for the continued trust and confidence placed by their clients, leading to strong inflows in both wealth management and their Swiss franchise. He also expressed optimism for the future, emphasizing their commitment to building a stronger and more secure UBS that all stakeholders can be proud of, particularly in light of their role in stabilizing the financial system in March.
This is a developing story and will be updated.
