Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

UBS considers delaying results after Credit Suisse rescue - FT

Published 04/06/2023, 05:21
Updated 04/06/2023, 06:31
© Reuters. The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd Wiegmann
CSGN
-

(Reuters) - UBS is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse (SIX:CSGN), the Financial Times reported on Sunday.

The bank is scheduled to report its April-June results on July 25. A notice on the bank's website says the anticipated date may change.

"Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says.

UBS did not immediately respond to a request for comment on the report.

Executives at Switzerland's biggest bank are weighing delaying the publication of results along with an update on the plans for Credit Suisse’s domestic business, the report said, citing people familiar with the matter whom the newspaper did not name.

© Reuters. The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd Wiegmann

UBS, which agreed in March to take over its smaller rival as part of a rescue orchestrated by Swiss authorities, has said it aims to close the deal quickly.

Chief Executive Sergio Ermotti last week warned of painful decisions about job cuts following the takeover which he said he hoped would be formalised in the coming days.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.