Credit Suisse

Swiss banking giant UBS reported better-than-expected earnings on Wednesday as the integration of Credit Suisse led to lower costs.

The group reported a net profit of more than $1.1 billion for the quarter from April to June, well above the median analyst forecast of $608 million.

Last year's financing by Greek banks for shipping increased by 12.25%, expanding their share in the sector compared to international banks, which reduced their positions. 

The fourteenth iteration of the "Global Wealth Report", published on Wednesday by Credit Suisse and UBS, illustrates that the European south has recovered from the effects of the pandemic.

The report also claims that there are 79,000 millionaires (in US dollars) in Greece. 

Greek enterprises face a significant increase in credit risk from their transition toward the green economy, Deloitte Greece said in its "Transition Risk Exploratory Impact Assessment Exercise for Greek Large Corporates" risk advisory survey conducted by its Climate & Environmental Credit Analytics group.

UBS is set to finalise the takeover of Credit Suisse today, but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.

On June 5, the two Zurich-based banks announced that the merger should be completed on June 12.

A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.

Switzerland's biggest bank UBS on June 7 pushed back the publication of its quarterly results by over a month as it completes its acquisition of fallen rival Credit Suisse.

The bank pushed the publication of second quarter results initially planned for July 25, to Aug. 31.

More than $68 billion was withdrawn from Credit Suisse in the first three months of 2023, the bank said Monday in what are likely its final quarterly results before it is swallowed by rival UBS.    

Switzerland's long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone.    

In the 2015 movie "The Big Short," a disenchanted Wall Street banker portrayed by Steve Carell discovers that the until then roaring US housing market rests on flimsy foundations, years of precarious loan-giving, creating a bubble. Our banker, utterly disappointed by the inner rot of the "system," duly proceeds to bet against it and, in doing so, wins a fortune.

When Credit Suisse's unveils what are likely its final quarterly results Monday, investors will be seeking clues to the magnitude of the challenges awaiting UBS, after it was strongarmed into taking over its stricken rival.

The European Union on Tuesday proposed making it harder for states to pour billions of euros of aid into an ailing bank, as Italy did with Monte dei Paschi di Siena six years ago.

Proposals from the EU's executive seek to ensure that banks hold enough resources, in particular debt that can be written down to release cash in a crisis, to avoid taxpayer handouts.