UBS may delay results after Credit Suisse rescue

 UBS may reportedly decide to push back its quarterly results as it works on the takeover of Credit Suisse.

The bank is due to report its results on July 25.

Due to the financial and political complexities of taking over Credit Suisse, results may be delayed until the end of August, according to The Financial Times.

Parts of the deal have already been challenged by politicians and lawyers. UBS executives had hoped to complete the deal by the start of June.

Among the complex issues UBS is facing is combining the two banks’ accounting systems, which each follow different standards. 

UBS follows the International Financial Reporting Standards, while Credit Suisse uses the Generally Accepted Accounting Principles, which are more common among U.S. companies.  

UBS’s original merger plan has caused alarm within Switzerland due to fears over branch closures and job cuts. 

FOX Business has reached out to UBS for comment.

UBS decided in March to bring back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with the take-over of Credit Suisse.

Ermotti was the bank's top executive for nine years and led a turnaround following the 2008 global financial crisis.

Ermotti has insisted that Swiss taxpayers are "exceptionally unlikely" to suffer losses on the takeover.

The $3.25 billion deal for Credit Suisse was quickly put together as two U.S. banks collapsed and jitters about long-running troubles at Credit Suisse led shares of the bank to tank and customers to pull out their money.

Ticker	Security	Last	Change	Change %
UBS	UBS GROUP AG	19.97	+0.45	+2.31%
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Swiss authorities urged UBS to take over its smaller rival after the central bank’s plan to let Credit Suisse borrow $54 billion did not reassure investors and customers.

https://www.foxbusiness.com/markets/ubs-may-delay-results-after-credit-suisse-rescue-report