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ZURICH, Aug 29 - UBS will publish on Aug. 31 its first earnings report since a hastily arranged takeover of its Swiss rival Credit Suisse, shedding new light on the deal's impact and the inner workings of the new banking giant.
That will further shrink the assets managed by the subsidiary from 500 billion francs at the end of March. Now that the two have merged, that effect could reverse, banking analysts say. Deutsche Bank analyst Benjamin Goy said he expected to see outflows of up to 100 billion Swiss francs over time.SWISS BANK'S FUTURE Many bank watchers are waiting to see what UBS does with Credit Suisse's"crown jewel" - its Swiss arm.
UBS, however, may be able to shrug off this pressure after it has declared it would not use the government's financial guarantees granted for the deal to happen, thus letting taxpayers off the hook. A full integration of Credit Suisse's domestic arm could affect up to 10,000 jobs in Switzerland alone.
The huge figure largely reflects a one-off boost to the bottom line from UBS buying Credit Suisse for a fraction of its value. Analysts discount it as an example of how the complex merger can distort the true picture and say their focus will be elsewhere.
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