Integration of Credit Suisse could take as long as four years
The inflows at UBS are “a sign of confidence of our clients,” Ermotti said in an interview with Bloomberg TV. The money didn’t come just from Credit Suisse clients, with the US being a main driver, he said.
In the investment bank, where traders and dealmakers also had to contend with volatility from the banking crisis and uncertainty about the direction of interest rates, income from equities trading fell 23 per cent from a year earlier, compared with 14 per cent at the biggest US firms. Fixed-income trading gained 0.8 per cent, ahead of the 1 per cent decline on Wall Street.
To finance the deal and shore up capital during the integration, UBS has put its share buy-backs on hold and recently won approval to use stock repurchased over the past year to pay for Credit Suisse. It had also launched a buyback of euro-denominated notes issued just before it agreed to take over its troubled rival, though most investors chose to hold on to the debt in a vote of confidence for the lender.
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