UBS posted a second-quarter profit of $28.88 billion, beating analysts' estimates of $12.8 billion in the bank's first quarterly report since acquiring Credit Suisse. UBS shares jumped over 4% on the earnings beat and announcement that the bank will cut over 3,000 jobs as it integrates Credit Suisse operations. The bank aims to realize $10 billion in annual cost savings by 2026 from the merger. It will fully absorb Credit Suisse's Swiss banking division by 2024.
