The latest annual results from UBS provide yet another reminder that acquisition costs invariably turn out to be much higher than any headline fee reported.
Take UBS Global Wealth Management (GWM), the Swiss bank’s main revenue and profits generator, and arguably the division best-placed to benefit from the bargain-basement priced acquisition of Credit Suisse.
Reported, ie unadjusted, pre-tax profits fell from the $4.98 billion reported for 2022, the year prior t...
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