© Reuters. Swiss bank UBS suffers its worst quarterly losses in 6 years. Why?
Arabictrader.com – UBS Bank revealed its quarterly business report during the third quarter of this year, today, Tuesday, announcing a net loss of 785 million (about 637 million euros), which was worse than the Reuters survey’s expectations that the Swiss bank would incur losses of 444 million. Only a dollar.
UBS also showed that it achieved total profits – before deducting taxes – of $844 million, but the costs of the acquisition of its troubled counterpart, Credit Suisse, last June amounted to about $2.2 billion, which prompted UBS to incur losses, the highest since 2017, according to the report. For The Guardian newspaper.
In this regard, the CEO of the Swiss bank, Sergio Ermot, said that UBS Group AG (NYSE:) is about to announce a new strategy for the merged banks next February, expressing UBS’s optimism about the bank’s future policies.
Commenting on the business results, Ermut explained that UBS was able to improve operational performance across wealth management, asset management, personal and corporate banking in Switzerland, noting the recovery in the performance of these departments.
Also, the CEO explained that UBS is facing difficult investment conditions in light of the Credit Suisse acquisition deal. Despite this, UBS has achieved strong cash flows from clients while making significant progress in its merger plans with Credit Suisse.
In terms of trading on Tuesday, UBS Bank shares listed on the Swiss Stock Exchange rose by about 2.70% to 22.47 francs, and by 2.85% to settle near $25.05 in trading before the opening of the US stock market session.
2023-11-07 13:43:00
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