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UBS considers delaying results after Credit Suisse rescue - FT

Published Jun 04, 2023 12:21AM ET Updated Jun 04, 2023 01:31AM ET
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© Reuters. The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd Wiegmann

(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, 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.

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.

UBS considers delaying results after Credit Suisse rescue - FT
 

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Comments (1)
Santosh Oak
Santosh Oak Jun 04, 2023 2:01AM ET
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I think UBS has bitten more than they can chew.
 
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