UBS considers delaying results after Credit Suisse rescue - FT (updated)

Credit Suisse AG

04/06/2023 05:36

(Adds details in paragraphs 1 and 3, background in 2, 4-5)
       June 4 (Reuters) - UBS  UBSG.S  is considering delaying
its quarterly results at least until the end of August, as the
Swiss banking giant deals with complexities over its takeover of
Credit Suisse  CSGN.S , the Financial Times reported on Sunday. 
    The bank is scheduled to report its April-June results on
July 25.
    UBS did not immediately respond to a request for comment on
the report.
    Executives at Switzerland's biggest bank are weighing
delaying the publication of results along with an update on the
plans for Credit Suisse’s domestic business, the report said,
citing people familiar with the matter whom the newspaper did
not name.
    UBS, which agreed in March to take over its smaller rival as
part of a rescue orchestrated by Swiss authorities, has said it
aims to close the deal quickly.
    Chief Executive Sergio Ermotti last week warned of painful
decisions about job cuts following the takeover which he said he
hoped would be formalised in the coming days.

 (Reporting by Mrinmay Dey in Bengaluru; Editing by William
Mallard)
 ((Mrinmay.Dey@thomsonreuters.com;))