Banks Cost Cutting

The bank's first strategy update in almost a decade marks an inflection point for Venkat as he tries to improve returns after a period of management turmoil and underwhelming results

Swiss bank UBS announced Thursday plans to save USD 10 billion in costs as it moves ahead with full integration of longtime rival Credit Suisse's domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown. The announcement came as the Zurich-based bank reported a whopping USD 29 billion in pre-tax profit in the second quarter. But underlying profit before taxes came in at USD 1.1 billion, which excludes some USD 29 billion in negative goodwill, integration costs and other impacts of the Credit Suisse takeover. In a separate statement, Credit Suisse, calling itself a UBS subsidiary following the completion of the deal on June 12, announced a loss of 8.9 billion Swiss francs (USD 10.1 billion) as it wrapped up its accounting for all of 2023. UBS appeared to make no mention of one of the major outstanding questions: how many of Credit Suisse's 50,000 employees would be kept on. But it

Earlier, an average BC, providing a business of Rs 0.5-0.7 million a month, would earn as much as Rs 5,000-7,000 as commission