UBS on Tuesday said it swung to a loss in the third quarter, after recording $2 billion worth of integration expenses from acquiring Credit Suisse.
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said it lost $785 million in the third quarter, after a profit of $1.74 billion in the year-earlier period and a huge $29 billion profit in the second quarter after it closed the Credit Suisse deal.
Revenue rose 42% to $11.7 billion, in a period that included $3.47 billion of Credit Suisse revenue.
UBS said on an underlying basis before tax, its pretax profit fell by 59% to $844 million, on rising operating expenses and net credit losses of $306 million. That topped analyst expectations for an underlying pretax profit of $206 million.
The bank said it brought in net new deposits of $33 billion during the quarter, including the first positive net new money for Credit Suisse’s wealth management division in a year and a half.
UBS said it’s cut more than 3,000 jobs already since the end of the quarter.
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