UBS expects $17bn hit from Credit Suisse purchase
By Frank Prenesti
Date: Wednesday 17 May 2023
(Sharecast News) - UBS has revealed that the cost of taking over scandal-ridden rival Credit Suisse will result in a financial hit of around $17bn.
The bank said it expected a $13bn loss from fair value adjustments of UBS and Credit Suisse's combined assets and liabilities, along with a $4bn for potential litigation and regulatory costs.
UBS agreed in March to take over its doomed rival for $3.2bn as it struggled with huge losses and a series of scandals after getting involved with a series of corporate collapses that rattled clients who started to withdraw their cash.
Reporting by Frank Prenesti for Sharecast.com
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