{"id":10545,"date":"2023-11-07T08:57:23","date_gmt":"2023-11-07T08:57:23","guid":{"rendered":"https:\/\/infundpros.com\/business\/ubs-posts-785-million-loss-due-to-credit-suisse-integration\/"},"modified":"2023-11-07T08:57:24","modified_gmt":"2023-11-07T08:57:24","slug":"ubs-posts-785-million-loss-due-to-credit-suisse-integration","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10545","title":{"rendered":"UBS posts $785 million loss due to Credit Suisse integration"},"content":{"rendered":"
\n

\n UBS made a hefty loss in the first full quarter since it acquired Credit Suisse, even as the bank <\/strong>attracted <\/strong>billions of dollars in new deposits from customers.\n <\/p>\n

\n The Swiss lender reported a net loss of $785 million for the June-to-September quarter Tuesday, partly driven by expenses related to integrating Credit Suisse.\n <\/p>\n

\n UBS (UBS) said it had gained new assets and clients, leading to net flows of $22 billion into its global wealth management business. That figure includes flows into Credit Suisse\u2019s wealth management unit, which turned positive for the first time in 18 months.\n <\/p>\n

\n \u201cOur clients have continued to place their trust and confidence in us, contributing to strong inflows across wealth management and our Swiss franchise,\u201d UBS CEO Sergio Ermotti said in a statement. \u201cWe are optimistic about our future as we build an even stronger and safer version of the UBS that was called upon to stabilize the financial system in March and one that all of our key stakeholders can be proud of.\u201d\n <\/p>\n

\n \u2014 This is a developing story and will be updated.<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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