UBS, which bought Credit Suisse, made a loss for the first time since 2017

Swiss banking giant UBS announced a loss for the first time in 6 years due to the negative impact of the Credit Suisse acquisition.

Switzerland’s largest bank, UBS, posted its first quarterly loss in almost six years as it revealed the costs of integrating Credit Suisse.

UBS, 2 billion regarding the integration of Credit Suisse dollar It announced that it had a net loss of $785 million in the third quarter after including expenses of 785 million dollars. Analysts were expecting a loss of $444 million.

The deal is expected to be a major win for UBS in the long term and strengthen its position as a global asset management powerhouse. But the banking sector’s most complex takeover since the 2008 financial crisis also brings risks.

THE COST OF INTEGRATION IS HIGH

According to the bank’s statement today, a net loss of $785 million resulted from the Credit Suisse acquisition. The fact that the bank assumed 2.2 billion dollars of expenses depending on the agreement played a role in the loss being above expectations.

“We are optimistic about our future as we build a stronger and more secure version of UBS,” said Sergio Ermotti, the bank’s CEO.

You May Be Interested Inİşbank’s net profit exceeded expectations in the third quarterYou May Be Interested InShipwreck containing 570 billion TL treasure created a crisis