{"id":43404,"date":"2023-11-07T06:45:42","date_gmt":"2023-11-07T06:45:42","guid":{"rendered":"https:\/\/prosfunds.com\/news\/ubs-posts-bigger-than-expected-quarterly-loss-as-credit-suisse-integration-costs-pile-up\/"},"modified":"2023-11-07T06:45:45","modified_gmt":"2023-11-07T06:45:45","slug":"ubs-posts-bigger-than-expected-quarterly-loss-as-credit-suisse-integration-costs-pile-up","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=43404","title":{"rendered":"UBS posts bigger-than-expected quarterly loss as Credit Suisse integration costs pile up"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">UBS<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Tuesday reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse.<\/p>\n<p>Analysts polled by Reuters had anticipated the Swiss banking giant would record quarterly net loss of $444 million in a company-compiled poll. <\/p>\n<p>The loss was driven by $2 billion in expenses related to the Credit Suisse integration, with the bank recording an underlying operating profit before tax of $844 million.<\/p>\n<p>Here are some other highlights:<\/p>\n<ul>\n<li>Total group revenues were $11.7 billion, up 23% from $9.54 billion in the second quarter.<\/li>\n<li>CET1 capital ratio, a measure of bank liquidity, was 14.4%, unchanged from the previous quarter.<\/li>\n<\/ul>\n<p>UBS completed its takeover of its stricken domestic rival in June and announced in August that it had ended a 9 billion Swiss franc loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place when the emergency rescue was agreed in March.<\/p>\n<p>The bank&#8217;s shares soared to their highest point since late 2008 in August after its second quarter earnings results reported a $28.88 billion net profit as a result of negative goodwill on the Credit Suisse acquisition.<\/p>\n<p>Negative goodwill represents the fair value of assets acquired in a merger over and above the purchase price. UBS paid a discounted 3 billion Swiss francs ($3.33 billion) to acquire Credit Suisse in March, in a deal mediated by Swiss authorities to prevent the collapse of the storied but scandal-plagued lender.<\/p>\n<p>The stock price has since moderated slightly, but remains up more than 27% on the year.<\/p>\n<p>UBS is also in the process of fully integrating Credit Suisse&#8217;s Swiss banking unit \u2014 a key profit center \u2014 and is expected to cut a hefty proportion of the legacy bank&#8217;s workforce.<\/p>\n<p>The bank also announced earlier this year that it is targeting gross cost savings of at least $10 billion by 2026, when it hopes to have completed the integration all of Credit Suisse Group&#8217;s businesses.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/07\/ubs-q3-2023-earnings.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UBS on Tuesday reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse. Analysts polled by Reuters had anticipated the Swiss banking giant would record quarterly net loss of $444 million in a company-compiled poll. The loss was driven by $2 billion in expenses related to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":43405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-43404","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UBS posts bigger-than-expected quarterly loss as Credit Suisse integration costs pile up | Prosfunds<\/title>\n<meta name=\"description\" content=\"UBS on Tuesday reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse.Analysts polled\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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