UBS made a hefty loss in the first full quarter since it closed a deal to rescue its stricken rival Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers. UBS (UBS) saw $22 billion of net new money flow into its global wealth management business, as it gained new clients and won back assets from those who had pulled funds immediately after the takeover. That figure includes flows into Credit Suisse’s wealth management unit, which turned positive for the first time in 18 months. Across the group as a whole, UBS attracted net new deposits of $33 billion, with two-thirds of that coming from legacy Credit Suisse clients. CEO Sergio Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the Swiss government-orchestrated deal being announced.

Source: CNN November 07, 2023 09:44 UTC