UBS has reported strong performance in the third quarter, exceeding market expectations despite global economic concerns.
The bank's CEO, Sergio Ermotti, acknowledged the potential impact of the upcoming US presidential election on investor behavior in the final quarter of 2024.
While investors are cautious due to the election, the US economy remains resilient.
However, the economic outlook for other regions is less positive.
UBS's financial results were boosted by its integration with Credit Suisse, resulting in significant cost savings.
The bank aims to achieve $13 billion in savings through this merger.
The integration process has faced challenges, particularly in migrating clients' accounts and data.
UBS also faces regulatory challenges related to the collapse of Credit Suisse.
Despite the positive financial results, UBS shares experienced a decline, reflecting cautious investor sentiment.
UBS's ability to manage the integration and regulatory changes will be crucial, and its strategic decisions will be closely monitored by investors and analysts.