UBS reaps $28B in new assets in 1Q; Credit Suisse deal looms

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Swiss bank UBS says it took in $28 billion of net new money for its wealth management business in the first quarter, with $7 billion of that coming after the announcement of its government-backed takeover of ailing rival Credit Suisse. The Zurich-based bank, which is set to become Switzerland’s banking titan after the merger closes in coming months, said underlying pretax profit dropped 22% and underlying revenues fell 8% compared with a year earlier. UBS said a share-buyback program has been temporarily suspended ahead of the closing of the takeover of Credit Suisse announced on March 19.