GENEVA (AP) — UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse.
The Zurich-based bank said underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June.
Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis.
UBS tallied $33 billion in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients.
Political Cartoons View All 1234 Images“We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," UBS chief executive Sergio Ermotti said in a statement.
Persons:
—, Sergio Ermotti, Benjamin Goy, Sharath Kumar, ”
Organizations:
GENEVA, — UBS, Credit Suisse, The, UBS, Six Swiss, Deutsche Bank, ” UBS
Locations:
Swiss, The Zurich, Bern shepherded, Zurich