Tag: $UBS

UBS’s chief executive said on Tuesday that the momentum is pretty positive at the Swiss bank, which manages $5.5 trillion in assets since merging with former rival Credit Suisse earlier this year.

UBS shares reached their highest point since late 2008 during early trade in Zurich on Thursday, after the Swiss banking giant posted a mammoth profit beat and announced thousands of layoffs as it plans to fully absorb Credit Suisse’s Swiss bank.

UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc publicly liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.

UBS Group is looking to cut more than half of Credit Suisse’s workforce from next month as a result of the bank’s takeover, Bloomberg News reported on Tuesday.

UBS expects to complete its takeover of Credit Suisse “as early as June 12”, which will create a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.

UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse, according to a regulatory filing, and said the rushed deal may have affected its due diligence.

UBS Chief Executive Sergio Ermotti said on Friday that the situation at Credit Suisse has stabilized and he did not think outflows at the embattled bank were continuing.