2023-06-04 11:17:13
(Archyde.com) – UBS plans to push back the release of its quarterly results until at least the end of August as the Swiss banking giant grapples with the complexities of taking over Credit Suisse, the Financial Times reported on Sunday. .
The bank, which planned to present its results for the April-June period on July 25, however specified on its website that the timing of the publication might be modified depending on the closing date of the acquisition of Credit Suisse. .
UBS did not immediately respond to a request for comment.
Executives at Switzerland’s largest bank are considering delaying its earnings release and updating plans for Credit Suisse’s domestic business, the Financial Times reported, citing people familiar with the matter.
UBS agreed in March to buy its rival as part of a bailout orchestrated by Swiss authorities.
UBS chief executive Sergio Ermotti warned on Friday of “painful” job cut decisions following the Credit Suisse takeover he hopes will be finalized in the coming days.
(Edited by Mrinmay Dey in Bangalore; French version Kate Entringer)
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