London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal.
It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year.
On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter.
UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued.
He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.
Persons:
Sergio Ermotti, Johann Scholtz, ”, Ermotti, Karin Keller, Suter
Organizations:
London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s
Locations:
Swiss, Zurich, Switzerland