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.
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.because of the deal's complexities - investors will be poring over any additional information for clues on how the biggest banking rescue since the global financial crisis is playing out.
That will further shrink the assets managed by the subsidiary from 500 billion francs at the end of March.Rich clients often kept accounts at both UBS and Credit Suisse, so as not to place all their eggs in one basket. Now some could decide to move part of their money elsewhere to spread their risk. UBS's Chief Executive Sergio Ermotti has promised a decision by the end of summer. Many analysts expect an announcement this week.
Thursday's results should show how much Credit Suisse's headcount, which was 48,000 at the end of March, has already shrunk. Although much of staff departures so far have been voluntary, bankers are bracing themselves for waves ofAnalysts expect UBS to report net profit of $33.45 billion for the second quarter, according to a poll conducted by the Swiss bank.
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