UBS Group in Switzerland boasted the largest quarterly profit on record for a financial lender. This comes after its emergency takeover of Credit Suisse at a cost of $3.8 billion. This bodes well for financial stocks.
UBS reported a $29 billion profit, topping JP Morgan’s $14.3 billion previous first quarter of 2021 record of US and European banks. This news had UBS shares trading at their highest since 2008 in Zurich, and showed positive news of the integration of the two companies.
Credit Suisse is likely to be fully absorbed into the parent company by 2025, with the Credit Suisse brand being made obsolete. This includes UBS Group AG’s targets to cut 3000 domestic jobs and more than $10 billion in cost savings.
