UBS Reports Loss Due to Credit Suisse Takeover
TL;DR Summary
UBS reported a net loss of $785 million in the third quarter, largely due to costs associated with its takeover of Credit Suisse. However, the bank saw strong inflows of client funds, with $22 billion flowing into its global wealth management business, including positive flows into Credit Suisse's wealth management unit for the first time in 18 months. UBS attracted net new deposits of $33 billion, with two-thirds coming from legacy Credit Suisse clients. CEO Sergio Ermotti expressed optimism about the bank's future and plans to unveil a growth strategy early next year.
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- UBS Posts First Loss Since 2017 on Credit Suisse Integration Bloomberg
- UBS reports pre-tax loss in 3Q but says benefits of Credit Suisse merger gather steam The Washington Post
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