took in fresh money from the globe’s rich, the bank reported on Tuesday, helping to soften the blow of a $785-million quarterly loss to cover the costs of swallowing stricken rival Credit Suisse.
With the takeover, UBS now oversees more than $5-trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse. It is also trying to retain clients that would have had funds in both banks and may now look to spread risk.“UBS has made clear progress since the close of the deal – but it continues to face a huge task, including client & key staff retention,” Vontobel analyst Andreas Venditti said.
It warned of an investigation into “weaknesses” and “deficiency” in Credit Suisse’s financial reporting in 2021 and 2022, the result of which it said would be outlined in its own annual report. UBS said it employed 115,981 people at the end of September, down from 119,100 full-time equivalents working at the combined bank at the end of June.
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