UBS Rebounds Amid Credit Suisse Takeover and Strong Profit Growth
UBS Group reported $22 billion in net new money in its wealth management arm, as it attracted new customers, helping to offset a $785 million quarterly loss incurred from the takeover of Credit Suisse. Credit Suisse also saw money flow into its business for the first time since early 2022. UBS shares rose around 4% as investors reacted positively to the news. However, analysts cautioned that UBS still faces challenges in retaining clients and key staff. The bank is in the early stages of integrating Credit Suisse, which has been plagued by scandals and litigation. UBS has continued to cut staff and warned of an investigation into weaknesses in Credit Suisse's financial reporting.
