UBS made a hefty loss in the first full quarter since it acquired Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers.
The Swiss lender reported a net loss of $785 million for the June-to-September quarter Tuesday, partly driven by expenses related to integrating Credit Suisse.
UBS (UBS) said it had gained new assets and clients, leading to net flows of $22 billion into its global wealth management business. That figure includes flows into Credit Suisse’s wealth management unit, which turned positive for the first time in 18 months.
“Our clients have continued to place their trust and confidence in us, contributing to strong inflows across wealth management and our Swiss franchise,” UBS CEO Sergio Ermotti said in a statement. “We are optimistic about our future as we build an even stronger and safer version of the UBS that was called upon to stabilize the financial system in March and one that all of our key stakeholders can be proud of.”
— This is a developing story and will be updated.
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