MW UBS says savings from Credit Suisse deal reach $9.1 billion as profit tops forecast

By Steve Goldstein

UBS on Wednesday said it's now achieved $9.1 billion of gross savings from its purchase of Credit Suisse as the Swiss banking giant reported stronger-than-forecast second-quarter earnings.

UBS says the $9.1 billion of savings - which includes the decommissioning of more than 1,000 apps and turning off half of its servers - is 70% of its end-2026 target. UBS acquired Credit Suisse in 2023, with the backing of the Swiss government, which now wants to increase the bank's capital requirements.

UBS says under the Swiss proposal, it would need a capital buffer of up to 19% of assets, up from the 12% it will have to hold under current law by 2030 and its peer average of 11%.

UBS (UBS) (CH:UBSG) said its second-quarter profit doubled to $2.4 billion, as revenue rose 2% to $12.1 billion, with both top and bottom lines beating analyst expectations.

Excluding parts of the bank it's winding down or selling, its core pretax profit rose 25% on an 8% increase in revenue, with the bank highlighting an 11% rise in global wealth management transaction income and a record second quarter for investment bank revenue.

-Steve Goldstein

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July 30, 2025 02:03 ET (06:03 GMT)

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