According to a Financial Times report on Sunday, amid complexities with regard to its takeover of Credit Suisse, UBS is considering delaying its quarterly financial report until at least the end of August.
UBS had been scheduled to release its April-June report on July 25th. However a notice on the bank’s website now says the anticipated date of the report’s release may be subject to change.
The notice says, “Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse.”
UBS has not responded to requests for comment from news media.
The report says the executives at Switzerland’s biggest bank are considering delaying both the publication of their quarterly report, as well as an update on the bank’s domestic business plans, according to people familiar with the matter, which the outlet did not name.
In March, UBS agreed to acquire its smaller rival, after Credit Suisse appeared on the verge of collapse following months of scandals, regulatory failures, and waves of deposit outflows by investors who feared for the future of the bank. Fearing contagion of the US banking crisis into Europe, the Swiss government stepped in and brokered the acquisition of Credit Suisse by its bigger competitor, UBS, offering various guarantees of capital and loans to make the deal more palatable. Since agreeing to the deal, UBS has said it is seeking to close the deal quickly.
Last week UBS CEO Sergio Ermotti warned there were painful decisions in the offing regarding job cuts which would follow on the heels of the takeover, which he said he hoped would be completed in the following days.