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.