UBS Dominates Second Quarter with $29 Billion Profit Amid Credit Suisse Takeover

UBS, Switzerland's largest bank, reported a second-quarter profit of $28.88 billion, surpassing analysts' expectations, in its first earnings report since completing its takeover of Credit Suisse. The profit was primarily driven by negative goodwill on the acquisition. UBS CEO Sergio Ermotti stated that the bank is focused on regaining client trust, reducing costs, and creating economies of scale for future growth. The integration of Credit Suisse's domestic banking unit into UBS is expected to be completed by 2024. The acquisition was part of an emergency rescue deal mediated by Swiss authorities.