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...

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...

GENEVA (AP) — Swiss bank UBS announced Thursday plans to save $10 billion in costs as it moves ahead with “full integration” of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown. The announcement came as the Zurich-based bank reported a whopping $29 billion in pre-tax profit in the second quarter. But underlying profit before taxes came in at $1.1 billion, which excludes some $29 billion in negative goodwill, integration costs and other...

Mozambique’s former Finance Minister Manuel Chang is scheduled to appear in a federal court in New York on Thursday to face US charges over his role in a $2 billion bond fraud scandal that embroiled Credit Suisse Group AG, court records show. South Africa said in a statement Wednesday that it had surrendered Chang to the custody of US authorities earlier in the day. Chang had been in South African custody since Dec. 29, 2018, when he was was detained on an arrest warrant issued by federal prosecutors in Brooklyn,...