UBS reports pre-tax loss but benefits of Credit Suisse merger gathering steam
Swiss banking giant UBS reported a 255 million US dollar (£206 million) pre-tax loss in the third quarter as it shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows while moving forward with its government-orchestrated merger with rival Credit Suisse.
The Zurich-based bank said underlying profit before taxes came in at 884 million dollars (£714 million) in the first full quarter since the merger was completed in June.
