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

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…