UBS Reports Q3 Loss Amid Integration Expenses

StreetInsider2023-11-07

UBS Group reported a $785 million third-quarter loss on Tuesday after booking $2.1 billion in expenses tied to the Swiss bank's takeover of fallen rival Credit Suisse.The figure compared with the $444...

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It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It is also trying to retain clients that would have had funds in both banks and may now look to spread risk.It has also forged ahead with the integration by cutting down its headcount.UBS said it employed 115,981 people at the end of September, down from the 119,100 full-time equivalents working at the combined bank at the end of June.UBS has said it would axe a number of jobs including 3,000 in Switzerland alone, to achieve cost savings following the takeover.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2381455841"}