Swiss banking group has cut 13,000 jobs this year as it recovers from rushed rescue deal
UBS has reported a $785m (£637m) quarterly loss, its first in nearly six years, as the Swiss banking group counted the costs of rescuing its rival Credit Suisse earlier this year.
The loss was nearly double the $444m that analysts had forecast, with UBS saying it would have reported profits worth $844m in the third quarter had it not been for the $2bn in expenses linked to the emergency takeover.
Efforts to merge the two banks have involved brutal job cuts, designed to cut costs and to avoid duplicating roles across the new group. UBS bosses confirmed they had slashed more than 4,000 jobs between July and September, bringing total job losses to 13,000 so far this year.
However, UBS said it had attracted new customer cash into its wealth business.
