<\/p>\n
Profit comes in above estimate of $760M as Switzerland\u2019s largest bank records high profits for 3rd consecutive quarter.<\/p>\n
Switzerland\u2019s largest bank UBS Group AG announced a $1.43 billion in profit in the third quarter of the year on Wednesday, well above the estimated $740 million.\u00a0<\/span><\/p>\n The high profit was attributed to the bank\u2019s cost reduction efforts and increased investment banking income.<\/p>\n Last year, the bank posted a $715 million loss in the third quarter due to high integration costs after it acquired the 167-year-old Credit Suisse for $3.8 billion\u2014 the largest bank purchase since the 2008 global financial crisis.<\/p>\n This year, the bank announced a $1.8 billion in profit in the first quarter, above the $600 million profit estimate, and a $1.14 in billion profit in the second quarter.<\/p>\n The profits of the last two quarters were due to high transaction volumes in investment banking, as wealthy customers\u2019 transactions resulting in higher revenues despite the bank\u2019s interest income.<\/p>\n Meanwhile, the bank\u2019s operating income climbed 5.5% on an annual basis to $12.3 billion.<\/p>\n At the same time, the UBS Group plans layoffs until 2026 to reduce its costs by $13 billion.<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Profit comes in above estimate of $760M as Switzerland\u2019s largest bank records high profits for 3rd consecutive quarter. Switzerland\u2019s largest bank UBS Group AG announced a $1.43 billion in profit in the third quarter of the year on Wednesday, well above the estimated $740 million.\u00a0 The high profit was attributed to the bank\u2019s cost reduction […]<\/p>\n","protected":false},"author":1,"featured_media":2786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/UBS-3-1140x445.jpeg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/UBS-3-463x348.jpeg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/UBS-3-300x200.jpeg",300,200,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/10\/UBS-3-scaled.jpeg",2560,1708,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=2785"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2785\/revisions"}],"predecessor-version":[{"id":2787,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/2785\/revisions\/2787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/2786"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=2785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=2785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=2785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}