UBS Records Bumper Q2 Profit Of $29B Thanks To Goodwill, Aims Cost Savings Of $10B Starting With Axing 3K Swiss Jobs
Portfolio Pulse from Vandana Singh
UBS Group reported a Q2 EPS of $8.99, up from $0.61 a year ago and $0.32 in Q1 FY23, following its takeover of Credit Suisse. The company's adjusted EPS stood at $(0.01), excluding goodwill of $28.925 billion. Sales increased 7% Y/Y to $9.54 billion, beating the consensus of $8.57 billion. UBS also announced plans for cost savings of at least $10 billion by 2026, starting with the elimination of 3,000 jobs in Switzerland. UBS shares are up 5.10% at $26.58 during the premarket session on the last check Thursday.
August 31, 2023 | 1:19 pm
News sentiment analysis
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POSITIVE IMPACT
UBS reported strong Q2 earnings following its takeover of Credit Suisse and announced plans for significant cost savings. This news, along with the planned job cuts, could have a positive impact on the company's stock in the short term.
The strong Q2 earnings report and the announcement of significant cost savings are positive news for UBS. The planned job cuts, while unfortunate for the employees affected, are likely to be viewed positively by investors as a sign of the company's commitment to improving its financial performance. This could lead to increased investor confidence and a rise in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100