UBS Shares Gain on Credit Suisse Integration News, Second-Quarter Update

Shares in UBS jumped after the Swiss bank reported solid results for the second quarter and said it would integrate the domestic bank of Credit Suisse. At 0731 GMT, shares traded 5.0% higher at CHF23.26, after gaining more than 7% earlier in the session. The integration of Credit Suisse's Swiss bank was widely anticipated, and the move allows UBS to retain the crown jewel and consistent moneymaker of its former rival, according to analysts. "We believe this is the best outcome," Citi analyst Andrew Coombs said in a note. UBS...