S&P Global Market Intelligence: UBS is least efficient bank in Europe in Q3 2023. A hefty $785 million loss paired with a 91% surge in operating expenses due to Credit Suisse. Those Credit Suisse bags are HEAVY!

by Dismal-Jellyfish

Source: www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/ubs-is-least-efficient-bank-in-europe-in-q3-2023-79149692

The Swiss bank recorded a third-quarter cost-to-income ratio of 99.56%, representing a 10.61-percentage-point increase from the previous quarter.

UBS posted a third-quarter net loss attributable to shareholders of $785 million, compared to a $1.73 billion profit booked a year ago. Operating expenses surged 91% to $11.64 billion due to the ongoing integration of Credit Suisse, which the bank is aiming to complete and transition to a single US intermediate holding company by the first half of 2024.

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