Sergio Ermotti
UBS earnings exceed forecasts as it absorbs 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.
Up to 30 pct of jobs may go in UBS-Credit Suisse merger: Reports
The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported yesterday.
The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown, following fears of contagion from the collapse of banks in the United States.