UBS reports loss in Q3 2023

UBS reported a $785 million net loss in the first full quarter after its Credit Suisse rescue deal, attributed to $2 billion in related costs. Nevertheless, the bank attracted $33 billion in net new deposits, with $22 billion going to its global wealth management, including Credit Suisse’s unit. Investors responded positively, pushing UBS’s shares up 3.4% in Zurich due to strong client inflows and effective cost reduction efforts.