(CNBC) UBS on Tuesday reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse. Analysts polled by Reuters had anticipated the Swiss banking giant would record quarterly net loss of $444 million in a company-compiled poll. The loss was driven by $2 billion in expenses related to the Credit Suisse integration, with the bank recording an underlying operating profit before tax of $844 million.
UBS posts bigger-than-expected quarterly loss as Credit Suisse integration costs pile up
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