UBS Profits Surge as Credit Suisse Integration Advances

The Swiss banking giant reports a $1.4 billion net profit, surpassing expectations amid cost reductions and strategic integration of Credit Suisse.

UBS's net profit of $1.4 billion in the third quarter nearly doubles analyst forecasts, reversing a loss from the previous year.
Revenue increased by 5% to $12.3 billion, with significant contributions from wealth management and investment banking sectors.
The bank is ahead of schedule on its cost reduction plans, expecting $7.5 billion in savings by year-end, part of a $13 billion target by 2026.
UBS has completed the first wave of client migrations from Credit Suisse, with further transitions planned for Singapore and Japan by the end of the year.
Swiss authorities are considering stricter capital requirements for UBS, prompting concerns about potential impacts on the bank's competitiveness.