UBS reaps windfall gain from Credit Suisse deal after Swiss bank buys rival for $29 billion discount

In a move that could be considered the deal of the decade, UBS, having rescued rival Credit Suisse from a liquidity crisis prompted by the collapse of Silicon Valley Bank, has announced extraordinary gains for the second quarter. UBS’s CEO, Sergio Ermotti, revealed that the bank raked in a staggering $29 billion in net profit, a remarkable 14-fold increase solely attributable to this emergency acquisition. “We are very proud to see that clients are entrusting us and really believing in the story,” he said, citing wealth management customers placing more...