When UBS Group reports earnings on Thursday, the key question investors hope the global bank will answer is how is the Credit Suisse acquisition going so far?
Analysts polled by FactSet expect UBS to report second quarter earnings per share of 51 cents. That would be a decrease of 4 cents over the same quarter last year. Eleven of 21 analysts surveyed by FactSet rate the stock a buy or overweight; seven rate it a hold, and three rate it a sell. And in a key move earlier this month, UBS said it was voluntarily terminating agreements with the Swiss government, under which the government provided a backstop against losses from the Credit Suisse acquisition.
Political and public goodwill could be important should UBS decide to retain Credit Suisse’s Swiss Bank, which would give it a significant share of the Swiss market and possibly raise antitrust concerns, according to analysts. The Swiss bank provides financial and banking services to corporations, institutions, and retail customers ranging from the mass affluent to the ultrawealthy.
Investors will also want confirmation that UBS is reining in expenses. That may entail layoffs at the newly acquired Credit Suisse. The Deutsche Bank analysts expect restructuring costs to be spread out over years, but reductions in head count during the second quarter may give investors a clearer picture of the speed of cost-cutting at UBS.
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