Looks like UBS got a reasonable deal taking over Credit Suisse.
---------------------------------------------------------------------------------------------------------------------------------------UBS breaks industry record with $29bn profit after Credit Suisse takeover
Swiss bank plans to complete integration and make $10bn of cost cuts by 2026
UBS has reported the biggest ever quarterly profit for a bank, after recording a $29bn gain linked to its takeover of Credit Suisse.
The Swiss lender announced the figures on Thursday as it said it would press ahead with absorbing Credit Suisse’s domestic business despite local and political opposition to a deal expected to result in thousands of job cuts and branch closures.
UBS agreed to rescue its ailing rival five months ago and its record $29bn pre-tax profit was almost entirely thanks to the accounting gain it recorded on the $3.4bn takeover.
The previous largest quarterly bank profit was $14.3bn, reported by JPMorgan at the start of 2021.
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