UBS considers delaying results after Credit Suisse rescue

​UBS 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, the Financial Times reported yesterday.

The bank is scheduled to report its April-June results on July 25. A notice on the bank’s website says the anticipated date may change.

“Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse,” the notice says.

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 agreed to buy Credit Suisse in March for $3.4bn (€3.17bn) in stock and to assume up to $5.5bn (€5.13bn) in losses that would stem from winding down part of the business, in a shotgun merger engineered by Swiss authorities amid a global turmoil.

The Swiss bank said last month that it expects a financial hit of about $17bn from the takeover of Credit Suisse Group AG, according to a regulatory presentation.

UBS estimates a negative impact of $13bn from fair value adjustments of the combined group’s assets and liabilities.

It also sees $4bn in potential litigation and regulatory costs stemming from outflows.

UBS, however, also estimated it would book a one-off gain stemming from the so-called “negative goodwill” of $34.8bn (€32.45bn) by buying Credit Suisse for a fraction of its book value.

Chief executive Sergio Ermotti last week warned of painful decisions about job cuts after the takeover, which he said he hoped would be formalised in the coming days.

“We won’t be able to create, short-term, job opportunities for everybody. Synergies is part of the story,” Mr Ermotti told a financial conference in Bern. “We need to take a serious look at the cost base of the standalone and combined organisations and create a sustainable outcome. It will be painful.”

Switzerland’s No 1 bank has said it aimed to close the deal quickly – with Mr Ermotti saying on Friday he hoped it could be done in the next few days.

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