The announcement came as the Zurich-based bank reported $29 billion in net and pre-tax profit in the second quarter, its first earnings release since the government-orchestrated merger to help stave off a possible global financial meltdown
Underlying profit before taxes came in at $1.1 billion, which excludes some $29 billion in negative goodwill, integration costs and other impacts of the takeover. Goodwill is an accounting technique, and the figure stems from the difference between the $3.25 billion that UBS paid for Credit Suisse and the underlying value of its assets.
“Let me emphasize, the vast majority of the cost reductions will come from natural attrition, retirements and internal mobility. Around 1,000 redundancies will result from the integration of Credit Suisse ,” Ermotti said. UBS said it planned to “substantially complete” the integration of Credit Suisse’s operations by the end of 2026 and to “achieve gross cost reductions of over $10 billion over that time.”
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