UBS Group saw its first-quarter profits halve after it set aside money to end its involvement in toxic US mortgages
Sergio Ermotti, brought back as UBS chief executive to steer the takeover, said it aims to close the deal with fellow Zurich-based bank Credit Suisse by May but warned that it could take four years for a full integration.
Shares in UBS were down 1.46% at 0956 GMT following news of the attempt by Switzerland's biggest bank to make a clean sweep of problems dating back 15 years to the global financial crisis. Net profit of $1 billion was well below the $1.7 billion consensus average from a UBS-conducted poll.Its flagship wealth management division received $28 billion in net new money, a quarter of which came in the last ten days of March after the Credit Suisse rescue takeover deal.
Investment bank revenue fell 19% year-on-year, in line with forecasts, and profit before tax for the division slumped 49%. UBS is still waiting for formal approval from European antitrust regulators after getting an initial green light earlier this month. The European Central Bank is also expected to sign off on the deal after its U.S., British and Swiss counterparts gave their approval in April, Ermotti said.
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