UBS net profit drops 52% in the first quarter due to hit from U.S. legal battle

UBS reported its first outcomes because the deal to purchase Credit score Suisse.

Fabrice Coffrini | Afp | Getty Photographs

UBS reported $1.03 billion of internet revenue attributable to shareholders for the primary quarter, down 52% year-on-year amid legacy litigation matter. These are the Swiss financial institution’s first outcomes since saying its takeover of rival Credit score Suisse.

Analysts had estimated it will put up a internet revenue of $1.75 billion for the quarter, in response to Refinitiv.

UBS shares have jumped greater than 10% because the information that it was shopping for its embattled Swiss competitor final month. On the time, UBS stated that the deal, brokered by Swiss regulators, would create a “main world wealth supervisor” with greater than $5 billion in whole invested property.

Nonetheless, analysts at Barclays stated that the market is “considerably underestimating” the complexity of integrating Credit score Suisse inside UBS, Reuters reported.

Within the wake of the deal, UBS introduced that Sergio Ermotti, who served as CEO between 2011 and 2020, would return within the put up from April 5.

This can be a breaking information story and will likely be up to date shortly.

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