UBS-Owned Credit Suisse Piles Up Loss of Over $4B In Q2: Report
Portfolio Pulse from Shanthi Rexaline
Credit Suisse, a subsidiary of UBS, Inc. (NYSE:UBS), reported a Q2 loss of $4 billion, in line with its April forecast. The loss is attributed to its exit from non-core businesses, restructuring, and financing costs. UBS had previously announced a deal to take over Credit Suisse for 3 billion Swiss francs ($3.25 billion) after the latter suffered from rapid client withdrawal of funds and a spike in its credit default swaps.
August 27, 2023 | 3:58 pm
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UBS, Inc. reported a Q2 loss of $4 billion for its subsidiary Credit Suisse. The loss is due to restructuring and financing costs, as well as the exit from non-core businesses.
The reported loss of $4 billion for Credit Suisse, a subsidiary of UBS, is a significant financial event that could negatively impact UBS's stock price in the short term. The loss is in line with the forecast, which means it was expected, but it's still a substantial amount that could affect investor sentiment.
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