UBS shares jump to 2008 highs after profit beat, job cuts announcement
Publishing timestamp: 2023-08-31 11:09:36
Summary
UBS reported a second-quarter profit of $28.88 billion, primarily reflecting negative goodwill on the acquisition of Credit Suisse. The bank also announced thousands of layoffs as it plans to fully absorb Credit Suisse's Swiss bank. The fate of Credit Suisse's flagship Swiss bank was a focal point of the acquisition, with UBS confirming its integration and the possibility of heavy job losses. UBS aims to achieve gross cost savings of at least $10 billion by 2026.
Sentiment: MIXED
Tickers: UBSG-CH,
Keywords: banks, markets, breaking news: europe, business news, wall street, switzerland, investment strategy, earnings, ubs group ag,