UBS posts first quarterly loss since 2017 on Credit Suisse costs

UBS, Switzerland's largest bank, reported a larger-than-expected loss of $785 million in the third quarter, its first quarterly drop since 2017. However, the bank stated that it had stabilized Credit Suisse, which it acquired earlier this year, and generated $22 billion in net new money in its wealth management business. UBS shares rose more than three percent following the announcement. UBS plans to absorb Credit Suisse's Swiss division and cut 3,000 jobs by the end of 2026.

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