UBS shares jump to 2008 highs after profit beat, job cuts announcement


General view of the UBS building in Manhattan on June 5, 2023 in New York City.

Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images

UBS shares reached their highest point since late 2008 during early trade in Zurich on Thursday, after the Swiss banking giant posted a mammoth profit beat and announced thousands of layoffs as it plans to fully absorb Credit Suisse’s Swiss bank.

UBS posted second-quarter profit of $28.88 billion in its first quarterly earnings report since Switzerland’s largest bank completed its takeover of stricken rival Credit Suisse.

Analysts had projected net profit of $12.8 billion for the three months to the end of June, according to a Reuters poll.

UBS said…

Source cnbc.com

0 0 votes
Article Rating

China’s property market is going in 2 directions, says ex-PBOC advisor

Previous article

Credit crunch worries at 10-year plus high, New York Fed survey says

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Earnings