Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March.
Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time.
UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024.
Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June.
"It's difficult to combine a blowout result like that and then to announce layoffs at the same time.
Persons:
Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete
Organizations:
Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC
Locations:
Swiss, Zurich, 2Q23, Switzerland