UBS Blows Past Profit Expectations After Buying Credit Suisse
Headline from Investopedia
UBS shares jumped more than 5% in early trading Thursday after the Swiss banking giant posted second-quarter earnings that blew past analysts' expectations after its acquisition of ailing rival Credit Suisse.
Investopedia's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
UBS expects to shed around 3,000 jobs in Switzerland to help it cut $10 billion in costs as it undertakes a sweeping overhaul following its emergency rescue of Credit Suisse earlier this year.
UBS chief executive Sergio Ermotti addressed one of the major outstanding questions: how many of Credit Suisse’s tens of thousands of employees would be retained.
UBS shares jumped more than 5% in early trading Thursday after the Swiss banking giant posted second-quarter earnings that blew past analysts' expectations after its acquisition of ailing rival Credit Suisse.
The huge gain stems from the bank’s acquisition of its rival Credit Suisse this spring for about $3.2 billion, a steep discount that is skewing its quarterly results.
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
UBS on Thursday posted a second-quarter profit of $28.9 billion in its first quarterly earnings since Switzerland’s largest bank completed its takeover of stricken rival Credit Suisse.
UBS's plans for its recently-swallowed rival Credit Suisse -- particularly the fate of its investment bank and Swiss retail banking operations -- are top on investors' minds when it announces second quarter earnings - Copyright AFP Kazuhiro NOGINathalie OLOF-ORSBanking giant UBS said Thursday it wou…
The Swiss bank provided a clearer picture of its future form, saying it would keep Credit Suisse’s large domestic arm in Switzerland rather than spin it off.
UBS paid far too little for the assets of its cross-town rival when it agreed to a shotgun wedding for the bargain basement price of just $3.4 billion.
Not only has UBS notched a huge profit during the second quarter by buying its rival Swiss bank, but it looks like it will keep the best bits of it no matter what politicians say.
