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UBS reports huge 2Q profit skewed by Credit Suisse takeover, foresees $10B in cost cuts
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FILE - A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland, on March 19, 2023. Swiss bank UBS announced Thursday plans to save $10 billion in costs as it moves ahead with “full integration” of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown. - photo by Michael Buholzer/Keystone via AP, File
GENEVA (AP) — Swiss bank UBS announced Thursday plans to save $10 billion in costs as it moves ahead with “full integration” of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown. The announcement came as the Zurich-based bank reported a whopping $29 billion in pre-tax profit in the second quarter. But underlying profit before taxes came in at $1.1 billion, which excludes some $29 billion in negative goodwill, integration costs and other impacts of the Credit Suisse takeover.