The bumper figure was almost entirely due to buying Credit Suisse’s assets cheaply after fears it would collapse.
But the bank will shed 3,000 staff in the coming years in a bid to cut costs
But the bank will shed 3,000 staff in the coming years in a bid to cut costs
Credit Suisse had faced a litany of problems and banking failures in the US dealt a final blow to confidence, forcing it to seek a buyer.
UBS has announced it plans to fully absorb Credit Suisse’s domestic bank operation, which made a profit last year, rather than spinning it off as a separate entity.
“Our analysis clearly shows that a full integration is the best outcome for UBS, our stakeholders and the Swiss economy,” chief executive Sergio Ermotti said in a statement.
The integration will take place next year, with full migration of clients set to be completed in 2025, he added.
Frances Coppola, a banking analyst, said UBS’s huge profits reflected the fact that it had clinched “one of the best deals in history” having bought Credit Suisse’s assets at effectively a “whopping discount”.
But the bank will shed 3,000 staff in the coming years in a bid to cut costs
The bumper figure was almost entirely due to buying Credit Suisse’s assets cheaply after fears it would collapse.
Credit Suisse had faced a litany of problems and banking failures in the US dealt a final blow to confidence, forcing it to seek a buyer.
But the bank will shed 3,000 staff in the coming years in a bid to cut costs
But the bank will shed 3,000 staff in the coming years in a bid to cut costs
Credit Suisse had faced a litany of problems and banking failures in the US dealt a final blow to confidence, forcing it to seek a buyer.
UBS has announced it plans to fully absorb Credit Suisse’s domestic bank operation, which made a profit last year, rather than spinning it off as a separate entity.
“Our analysis clearly shows that a full integration is the best outcome for UBS, our stakeholders and the Swiss economy,” chief executive Sergio Ermotti said in a statement.
The integration will take place next year, with full migration of clients set to be completed in 2025, he added.
Frances Coppola, a banking analyst, said UBS’s huge profits reflected the fact that it had clinched “one of the best deals in history” having bought Credit Suisse’s assets at effectively a “whopping discount”.
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