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UBS shares jump to 2008 highs after profit beat, job cuts announcement - TL;DR CNBC

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: banksmarketsbreaking news: europebusiness newswall streetswitzerlandinvestment strategyearningsubs group ag

Source: https://www.cnbc.com/2023/08/31/ubs-posts-29-billion-second-quarter-profit-in-first-results-since-credit-suisse-takeover.html


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