UBS Bank

Swiss multinational investment bank and financial services company UBS on Wednesday announced the opening of its new GCC here, marking a significant step in strengthening its presence in the city and reaffirming its long-term commitment to India. With the new facility, UBS plans to add nearly 3,000 professionals over the next two years, the Swiss firm said in a release. The state-of-the-art centre further reinforces Hyderabad's growing position as a global hub for high-value financial technology, operations and GCC (global capability centre) leadership, it said. At the inauguration, Telangana Minister for IT and Industries D Sridhar Babu said the city has emerged as a preferred location for the world's most respected financial institutions, and the UBS choosing to deepen its presence here reflects the city's credibility as a global talent and innovation hub. "The decision of UBS to establish its new centre in Hyderabad reflects the confidence global industries place in our ...

The Zurich-based bank said the decision will resolve all of the outstanding payments owed from a settlement on the matter originally made by Credit Suisse in 2017

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The bank will begin migrating clients booked in Luxembourg and Hong Kong in the coming weeks, and Singapore slightly later, and other countries would follow later in 2024 and next year

The net profit of $1.1 billion for the April-June period beat the $528 million forecast in a company-provided poll

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The losses from the loan portfolios won't affect UBS's third-quarter results because the impact was previously taken into account, according to Andreas Venditti, an analyst

Swiss bank UBS announced Thursday plans to save USD 10 billion in costs as it moves ahead with full integration of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown. The announcement came as the Zurich-based bank reported a whopping USD 29 billion in pre-tax profit in the second quarter. But underlying profit before taxes came in at USD 1.1 billion, which excludes some USD 29 billion in negative goodwill, integration costs and other impacts of the Credit Suisse takeover. In a separate statement, Credit Suisse, calling itself a UBS subsidiary following the completion of the deal on June 12, announced a loss of 8.9 billion Swiss francs (USD 10.1 billion) as it wrapped up its accounting for all of 2023. UBS appeared to make no mention of one of the major outstanding questions: how many of Credit Suisse's 50,000 employees would be kept on. But it