UBS Shares Rise as Lender Wins Back Credit Suisse Clients

UBS says net new money at Credit Suisse turned positive
Swiss lender records $2 billion in integration-related costs

WATCH: UBS posted its first quarterly loss in almost six years. Tom Metcalf reports.Source: Bloomberg

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By Myriam Balezou and Marion Halftermeyer

November 7, 2023 at 5:52 AM UTC

Updated on

November 7, 2023 at 10:13 AM UTC

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UBS Group AG reported stronger-than-expected client inflows in its wealth-management business, boosted by the first signs of stabilization at Credit Suisse as it carries out an expensive and complex integration of its former rival.

The unit saw net new money of $22 billion in the third quarter, compared with an estimate of $14 billion. About $3 billion of that was at Credit Suisse’s wealth arm, its first positive client flows in a year and a half.