UBS reports pre-tax loss in 3Q but says benefits of Credit Suisse merger gather steam

GENEVA — UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse.

UBS tallied $33 billion in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients. Deutsche Bank analysts Benjamin Goy and Sharath Kumar, who affirmed their “buy” rating on UBS shares, said the pre-tax figures topped the consensus analysts' expectations and said: “UBS reported another good quarter in our view.”

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