UBS Reports Q3 Loss Amid Credit Suisse Integration Expenses
TL;DR
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.
- UBS q3 2023 earnings CNBC
- UBS Posts First Loss Since 2017 Amid Credit Suisse Integration Bloomberg
- UBS reports Q3 loss amid integration expenses Reuters
- Live news: UBS posts $785mn loss due to Credit Suisse integration costs Financial Times
- UBS reports strong flows, significant integration progress and accelerated wind-down of non-core assets in 3Q23 (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules) Business Wire
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