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UBS expects $35bn gain amid $4bn hit to cover Credit Suisse acquisition costs
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fnlondon.comSwiss bank UBS said that it has set aside $4bn to cover potential legal and regulatory costs from its acquisition of Credit Suisse, and that it is expecting to record other asset write-downs.
UBS on 17 May released an updated version of a merger prospectus that was first published three weeks ago. The new document showed that UBS expects to book a $34.8bn gain on negative goodwill, which is when a company acquires assets for less than their worth — typically in a distressed situation.
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