ZURICH - UBS reported net income of $1.8 billion for January-March, its first quarterly profit since it took over fallen rival Credit Suisse.
UBS also said on Tuesday that it had achieved an additional $1 billion in gross cost savings in the first quarter, taking total savings to $5 billion. It is aiming to achieve another $1.5 billion in savings by the end of the year.
This year is expected to be a pivotal year for UBS as it tackles some of the trickier stages of integration such as combining separate IT systems and legal entities, as well as migrating clients from Credit Suisse to UBS.Want a great growth stock to buy and hold for decades? You may want to consider this ridiculously undervalued growth stock. The post 1 Ridiculously Undervalued Growth Stock Down 65% to Buy Hand Over Fist appeared first on The Motley Fool Canada.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse CEO Koerner to Leave UBS in Coming Weeks, FT SaysCredit Suisse Chief Executive Officer Ulrich Koerner is set to leave UBS Group AG in the coming weeks after the completion of the merger of the two former Swiss rivals, the Financial Times reported.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
UBS Plans Next Round of Layoffs in Credit Suisse IntegrationUBS Group AG is planning another round of job cuts as the firm continues to trim headcount following its rescue of Credit Suisse, according to people with knowledge of the matter.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
UBS to face tougher rules in Swiss response to Credit Suisse rescueThe ‘too big to fail’ plan will come under close scrutiny in Switzerland and beyond because if UBS were to unravel, there are no local rivals left that could absorb it
Source: globebusiness - 🏆 31. / 66 Read more »
UBS to face tougher rules in Swiss response to Credit Suisse rescueExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »
UBS Weighs Credit Suisse China Stake Swap With Beijing GovernmentUBS Group AG is in discussions to attain full ownership of its China platform by swapping its holding in Credit Suisse’s onshore securities venture with a Beijing government investment fund, according to people familiar with the matter.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
UBS SuMi to Acquire Credit Suisse’s Wealth Business in JapanUBS Group AG’s joint venture firm in Japan will acquire Credit Suisse’s wealth management business in the country, according to people familiar with the matter, following the lender’s takeover of its smaller Swiss rival last year.
Source: BNNBloomberg - 🏆 83. / 50 Read more »