UBS Gets Everything It Wants From Credit Suisse

UBS booked a record $29 billion net profit in the second quarter after it integrated Credit Suisse into its books. PHOTO: Stefan Wermuth/Bloomberg Not only has On Thursday, the Swiss bank reported its highest profit ever for the second quarter of the year. Net earnings came in at $29 billion, almost all of it attributable to $29 billion of “badwill”—the difference between UBS’s fresh estimate of Credit Suisse’s book value and the paltry $3.6 billion it paid to acquire the bank earlier this year. UBS executives maintained the cautious tone...