UBS posts 17% profit $2.8B, plans up to $3B buyback
Business
UBS, the Swiss banking giant, crushed expectations this quarter with a 17% jump in net profit, hitting $2.8 billion.
The boost came from strong results in both wealth management and investment banking, even as the bank handled costs from merging with Credit Suisse.
UBS also announced a plan to buy back up to $3 billion of its own shares, which usually signals confidence to investors.
Credit Suisse integration saves UBS $12.6B
UBS's wealth management arm pulled in $36 billion in new assets (with $1 billion coming from the Americas).
Investment banking was not far behind.
Meanwhile, integrating Credit Suisse has saved UBS $12.6 billion so far and led to cutting 2,500 jobs this quarter, moves aimed at keeping the bank competitive for the long run.