UBS said its Global Wealth Management unit brought in $16 billion in net new money, marking its highest second-quarter haul in more than a decade.

The Swiss bank also posted Thursday a record $29 billion profit for the second quarter alongside fresh details about its acquisition of longtime rival Credit Suisse. UBS continues to operate Credit Suisse as a separate entity and its results were broken out separately. UBS plans to simplify its legal structures and merge the two businesses in 2024.

In his first quarter at the helm of UBS Group AG, Sergio Ermotti posted a profit for the history books after the bank’s emergency acquisition of Credit Suisse. Now comes the hard part: Winning back over $200 billion in assets that Credit Suisse clients had pulled in the quarters preceding its takeover by UBS. “We are counting on taking back as much as possible of the 200 billion that we lost in the last few quarters,” Ermotti said in an interview with Bloomberg TV. Ermotti, who returned to UBS in...

In a move that could be considered the deal of the decade, UBS, having rescued rival Credit Suisse from a liquidity crisis prompted by the collapse of Silicon Valley Bank, has announced extraordinary gains for the second quarter. UBS’s CEO, Sergio Ermotti, revealed that the bank raked in a staggering $29 billion in net profit, a remarkable 14-fold increase solely attributable to this emergency acquisition. “We are very proud to see that clients are entrusting us and really believing in the story,” he said, citing wealth management customers placing more...

Euro-area inflation stopped slowing in August, presenting European Central Bank officials with a quandary as they weigh whether pressures are too persistent to risk a pause in interest-rate hiking. Consumer prices rose 5.3% from a year earlier, stuck more than 2 1/2 times above the goal sought by policymakers, because of energy. Economists had anticipated weakening. An underlying measure stripping out volatile items slowed as expected to reach exactly the same level as the headline gauge. Traders continued to pare bets on further increases in ECB borrowing costs, focusing on...

UBS booked a record $29 billion net profit in the second quarter after it integrated Credit Suisse into its books. PHOTO: Stefan Wermuth/Bloomberg Not only has On Thursday, the Swiss bank reported its highest profit ever for the second quarter of the year. Net earnings came in at $29 billion, almost all of it attributable to $29 billion of “badwill”—the difference between UBS’s fresh estimate of Credit Suisse’s book value and the paltry $3.6 billion it paid to acquire the bank earlier this year. UBS executives maintained the cautious tone...

The Swiss bank’s sharply discounted takeover of Credit Suisse led to a paper gain that gave it the biggest quarterly profit by a bank in history. When UBS agreed to buy its archrival, Credit Suisse, for a little over $3 billion this spring at the Swiss government’s behest, analysts and investors said that price represented a steep discount. UBS’s latest financial results reflect just how much of a steal it was. Today, the bank reported a $29 billion profit — yes, you read that right — for the second quarter,...

Granted, it was more an accounting quirk rather than hard money entering its coffers, but UBS’s $28.88 billion profit in the second quarter was one for the record books. It was reportedly the largest that any bank has ever reported. According to data compiled by FactSet, the UBS UBS, profit was the second highest of any New York Stock Exchange or Nasdaq-listed company for the most recent quarter, trailing only Berkshire Hathaway’s BRK.B, $35.91 billion, and topping Microsoft’s MSFT, $20.1 billion profit. Here’s how other companies fared this period. Net...

UBS on Thursday reported a huge profit bump in the second quarter from acquiring Credit Suisse, as the Swiss banking giant decided to integrate the local banking operation it had previously considered spinning off. UBS said its net profit soared to $28.88 billion, up from $2.11 billion in the previous quarter. The profit was entirely driven by the $28.93 billion of negative goodwill from buying Credit Suisse for about $3 billion with the backing of the Swiss government. Its underlying pretax profit of $1.14 billion missed analyst expectations by about...

Shares in UBS jumped after the Swiss bank reported solid results for the second quarter and said it would integrate the domestic bank of Credit Suisse. At 0731 GMT, shares traded 5.0% higher at CHF23.26, after gaining more than 7% earlier in the session. The integration of Credit Suisse's Swiss bank was widely anticipated, and the move allows UBS to retain the crown jewel and consistent moneymaker of its former rival, according to analysts. "We believe this is the best outcome," Citi analyst Andrew Coombs said in a note. UBS...

Shares in UBS ( CH:UBSG ) are scaling fresh multiyear highs, after the bank posted a record $29 billion profit following its shotgun takeover of Credit Suisse, and said it would keep the latter's domestic arm.

If that level holds through the day, UBS shares would register their highest close since the global financial crisis.

FactSet data shows the shares haven't closed above 23 francs since October 2008.

UBS's U.S.-listed stock (UBS) traded more than 4% higher ahead of the market open.