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A ‘historic' result but still a ‘construction site': Analysts react to blowout UBS earnings

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UBS shares rallied to 15-year highs on the back of what analysts branded a “historic” earnings report, though Deutsche Bank said the lender may remain a “construction site” for some time.

Verstraete suggested that severing any financial dependence on the Swiss government and central bank had freed up UBS to take the decision on absorbing Credit Suisse's domestic banking unit without being subject to any political pressure. The prospect of further mass layoffs may be unpopular among some portions of the political and public sphere in Switzerland.

UBS on Thursday announced plans to further wind down non-core units of Credit Suisse's ailing investment bank, wealth management and asset management divisions, which it said are"not aligned with our strategy and policies."

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