Ank Kumar
The indicator reached $1.14 billion, exceeding the bank's forecast of $528 million as per experts' consensus.
One year prior, UBS achieved a historic net income of $27.33 billion due to a one-off profit of $29 billion from the purchase of Credit Suisse.
UBS is streamlining its portfolio by reducing non-core assets, merging divisions, and cutting jobs to incorporate Credit Suisse's operations.
The bank plans to reach $13 billion in yearly cost reductions from the Credit Suisse agreement by 2026, in contrast to 2022 figures.
UBS's updated prediction is that savings will hit $7 billion by the end of 2024, instead of the previously estimated $6.5 billion.
source: ft.com
One year prior, UBS achieved a historic net income of $27.33 billion due to a one-off profit of $29 billion from the purchase of Credit Suisse.
UBS is streamlining its portfolio by reducing non-core assets, merging divisions, and cutting jobs to incorporate Credit Suisse's operations.
The bank plans to reach $13 billion in yearly cost reductions from the Credit Suisse agreement by 2026, in contrast to 2022 figures.
UBS's updated prediction is that savings will hit $7 billion by the end of 2024, instead of the previously estimated $6.5 billion.
source: ft.com
