UBS and Credit Suisse face financial challenges amidst legal costs and rescue efforts.
TL;DR Summary
UBS has set aside $665 million to cover litigation costs relating to past sales of US mortgage-backed securities, halving its profit for the first quarter just weeks before it expects to complete the emergency takeover of Credit Suisse. UBS CEO Sergio Ermotti acknowledged the enormity of the task of merging the two banks while continuing to serve customers on a daily basis. UBS expects the transaction to close in the current quarter, although fully integrating the two businesses is expected to take more than three years.
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