UBS profits hit by legacy legal costs as it nears Credit Suisse merger
Publishing timestamp: 2023-04-25 07:45:25
Summary
UBS has reported a 52% annual drop in net profit amid legacy litigation matter, but maintained it is a "source of stability" for its clients during periods of high uncertainty. The Swiss bank increased its provisions of $665 million following a residential mortgage-backed securities litigation matter. UBS also said that it attracted $28 billion in net new money in its global wealth management unit, of which $7 billion were registered in the last 10 days of March after the announcement of its acquisition of Credit Suisse.
Sentiment: MIXED
Tickers: CSG.N-CH, UBS, UBSG-CH,
Keywords: breaking news: europe, ubs group ag, economy, banks, politics, business news, earnings, europe news, dividends, credit suisse group ag,
Source: https://www.cnbc.com/2023/04/25/ubs-q1-2023-results-post-deal-to-buy-credit-suisse.html