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...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2381455841?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-11-07 14:02","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2381455841","market":"us","top_or_hot":-1,"title":"UBS Reports Q3 Loss Amid Integration Expenses","media":"StreetInsider","content":"<div>\n<p>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...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=22369087\">Source Link</a>\n\n</div>\n","source":"highlight_streetinsider","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS Reports Q3 Loss Amid Integration Expenses</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS Reports Q3 Loss Amid Integration Expenses\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-07 14:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=22369087><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=22369087\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UBS","symbol_name":"瑞银","start_time":0,"source_url":"https://www.streetinsider.com/dr/news.php?id=22369087","article_id":"2381455841","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2381455841","pubTimestamp":1699336953,"sourceInfo":{"source_id":"highlight_streetinsider","name":"StreetInsider"},"weMediaInfo":null,"summary":"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","collect":0,"end_time":0,"defaultTopTitle":"streetinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UBS":"瑞银"},"translate_title":"瑞银报告第三季度整合费用亏损","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UBS":1},"content_text":"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 million loss attributed to shareholders that analysts estimated in a UBS poll.Excluding takeover-related impact, UBS reported an underlying profit of $844 million.\"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,\" said Chief Executive Sergio Ermotti.Since the shotgun marriage - the first merger of two global systemically important banks - was completed in June, UBS has wrestled to stabilise its purchase.The bank reported a combined $18 billion of net new money in wealth management, with $3 billion from Credit Suisse.Analysts at Goldman Sachs had expected $14 billion for the group, with the Swiss bank already disclosing $8 billion for the months of July and August.With the takeover, UBS now oversees more than $5 trillion in assets. 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":null,"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":"4.29.2","shortVersion":"4.29.2","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"}