UBS Mulls About Delaying Quarterly Results Till August
According to media reports, UBS is thinking about delaying its results till the end of August. This development comes after UBS's takeover of Credit Suisse and the financial troubles that preceded it.
For now, UBS's schedule for the April-June quarter results is set for July 25. However, the bank's official website says the date could change.
According to the note, the publication date for the results could change as it depends on the closing of the Credit Suisse deal. When UBS was approached for a comment about this report, they were not immediately available for a response.
UBS Plans To Close The Credit Suisse Deal
For now, it appears that there's a high chance of Switzerland's biggest bank delaying the publication of the results. In addition, the bank is also expected to issue an update about its plans for the domestic business of Credit Suisse.
In March 2023, UBS took over Credit Suisse as part of a deal developed by the Swiss authorities. It's been several months now, and it appears that the deal is still far from over.
But the people who are familiar with the matter said the financial institution wants to close the deal as quickly as possible.
Earlier, Sergio Ermotti (CEO of UBS) also made it clear that job cuts are on the cards after the takeover. For that, he cited it as a painful decision while also expressing optimism that the deal with be formalised in the next few days.
On the surface, it appears that UBS only wants to post its quarterly results once the deal has been completed. This will allow the bank to present more accurate figures in its quarterly results.
After all, the takeover of Credit Suisse was not a small deal that could have an insignificant effect on UBS. In reality, it was the exact opposite, as one financial giant took over another one in order to avoid a full-blown meltdown.