- UBS is contemplating postponing its second-quarter results for as much time as possible. The bank is facing financial and political challenges related to its rescue of Credit Suisse. While the bank is scheduled to release its results on July 25, executives are considering pushing back the publication until the end of August. During this delayed release, they might also offer investors an update regarding their strategies for Credit Suisse's domestic operations.
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UBS executives planned to finalize the deal in early June, after receiving EU approval. The Credit Suisse rescue, led by Swiss authorities, is the most significant banking merger since the financial crisis. However, challenges from politicians and lawyers remain, and Swiss government support details are still pending. Integrating the banks' different accounting systems adds further complexity.
Why it matters
UBS's plan to merge with Credit Suisse has sparked concerns in Switzerland over branch closures and job cuts. UBS is exploring all options and expects to make a final decision by the end of August. They have not commented on the potential delay of their second-quarter results. Credit Suisse has enlisted Deloitte to prepare its accounts for the merger with UBS.
