UBS on Tuesday mentioned it swung to a loss within the third quarter, after recording $2 billion value of integration bills from buying Credit Suisse.
UBS
UBS,
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mentioned it misplaced $785 million within the third quarter, after a revenue of $1.74 billion within the year-earlier interval and an enormous $29 billion revenue within the second quarter after it closed the Credit Suisse deal.
Revenue rose 42% to $11.7 billion, in a interval that included $3.47 billion of Credit Suisse income.
UBS mentioned on an underlying foundation earlier than tax, its pretax revenue fell by 59% to $844 million, on rising working bills and internet credit score losses of $306 million.
That topped analyst expectations for an underlying pretax revenue of $206 million.
The financial institution mentioned it introduced in internet new deposits of $33 billion throughout the quarter, together with the primary optimistic internet new cash for Credit Suisse’s wealth administration division in a 12 months and a half.
Source web site: www.marketwatch.com
