UBS made many billions from the emergency takeover of Credit Suisse. In the coming years, the subsidiary is to be fully integrated into the major Swiss bank.
The major Swiss bank UBS achieved a record profit in the second quarter after the emergency takeover of its failed rival Credit Suisse.
Since the purchase price for the former second-largest Swiss bank was well below book value, UBS earned a bottom line of 28.9 billion dollars, as announced in Zurich today.
Credit Suisse brand before disappearing
The Credit Suisse brand is to disappear completely in the coming years: UBS wants to fully integrate the subsidiary’s Swiss business into its own group. It is still unclear how many jobs will be lost.
Experts expect that the big bank will cut thousands of jobs in order to reduce duplicate structures and save. Years of integration work await group boss Sergio Ermotti, who was brought back to the top of the group especially for this task.
Eighth in Europe
In a European comparison, the newly formed UBS remains comparatively small after the takeover of Credit Suisse. It ranks eighth in terms of total assets – and is just over half the size of the UK leader HBSC.
At the same time, UBS’s balance sheet total is more than twice the gross domestic product of its home country of Switzerland. A weight that is unique in the world.