UBS reports $785m loss as Credit Suisse integration costs swell to $2bn

Quarterly results

UBS suffered a $785m loss in the third quarter of 2023, largely due to the integration of Credit Suisse within the group.

The group said its first quarterly loss in nearly six years was "driven by integration-related expenses", which swelled to $2bn throughout the quarter. Group of Credit Suisse bondholders plan lawsuit against Swiss government Integration-related expenses made up $431m of the firm's $4.8bn in operating expenses in Q3, but in some arms of the business the proportion was much higher. 17.3% ($125m) of the group's asset management operating expenses came from integrating Credit Suisse. In its asset management arm, net new money declined by $1.5bn, and by $8.3bn excluding money market flo...