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Integration Costs

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UBS Reports Q3 Loss Amid Credit Suisse Integration Expenses

Originally Published 2 years ago — by CNBC

UBS reported a larger-than-expected net loss of $785 million in the third quarter, driven by $2 billion in expenses related to the integration of fallen rival Credit Suisse. The Swiss banking giant's total group revenues increased by 23% to $11.7 billion. UBS completed its takeover of Credit Suisse in June and aims to fully integrate its Swiss banking unit while targeting gross cost savings of at least $10 billion by 2026.

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JPMorgan's First Republic takeover leads to $3 billion boost in net interest income.

Originally Published 2 years ago — by Reuters

JPMorgan Chase & Co expects its net interest income to rise to $84 billion from higher interest payments in 2023, increasing an earlier forecast of $81 billion, after it bought First Republic Bank. Integration costs from the deal will add $3.5 billion to its expenses this year, adding to an earlier forecast of $81 billion. The bank also restated its 17% target for return on tangible common equity.

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