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Stock Market Today: Dow Futures Waver, UBS Posts a Loss

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Stock futures ticked lower early Tuesday. Investors got updates from UBS and Saudi Aramco.

UBS posted a sizable net loss in its first full quarter combined with Credit Suisse, but said wealthy customers are flocking to the bank with new investments and deposits. The $785 million net loss for the quarter was higher than some analysts were expecting, and reflected the jump in costs from the two banks combining. UBS shares rose about 3% in morning trading in Zurich, keeping them well above the pre-Credit Suisse takeover level from March.

Costs of $11.6 billion, nearly double the $5.9 billion at UBS alone in third-quarter 2022. Putting together the two global banks pushed up costs across UBS, including to pay departing staff and retain some of those staying. Here are some cost highlights: Integration costs were $2 billion of the total $11.6 billion. Integration-related personnel expenses for severance and to support retention were around $1 billion. Higher salaries and variable compensation added around $2.

 

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