UBS reports record profit from Credit Suisse acquisition, announces thousands of job cuts despite Swiss concerns

UBS reported a $29 billion quarterly profit thanks to accounting gains from acquiring Credit Suisse at a discount.
Credit Suisse reported a multibillion dollar loss for 2023 as its business continued to struggle before the acquisition.
UBS aims to cut costs by over $10 billion through 2026, including eliminating 3,000 jobs in Switzerland.
Analysts and shareholders reacted positively to UBS's earnings report and plans to integrate Credit Suisse.
There are concerns in Switzerland about systemic risk, job losses, and reduced competition following the merger.