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UBS takes a hit as it downs Credit Suisse expenses.

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TLDR:

  • UBS Group shares have fallen after the bank announced plans to cut more costs as it works to absorb Credit Suisse
  • UBS reported a net loss of $279m for Q4, following a previous loss of $785m in Q3
  • The bank is targeting $13bn in savings by the end of 2026

UBS Group shares have tumbled after the bank revealed plans to cut billions more in costs as it continues to integrate Credit Suisse. The bank reported a net loss of $279m for the fourth quarter, following a previous loss of $785m in the third quarter. UBS stated it is aiming to make $13bn in savings by the end of 2026 and plans to focus on restructuring and optimizing its combined businesses. The bank reduced its combined workforce by 4,000 in Q4 2023 and has made 17,000 reductions in total for the year. UBSG shares fell 4.5% to $28.43 per share in response to the news.

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