UBS Reaps $28 Billion in New Money Amid Credit Suisse Fallout

UBS Reaps $28 Billion in New Money Amid Credit Suisse Fallout
A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich on March 19, 2023. Michael Buholzer/Keystone via AP
The Associated Press
Updated:

GENEVA—Swiss banking giant UBS said Tuesday that it took in $28 billion in new money from wealthy clients in the first three months of the year, with $7 billion of that coming in the 10 days after the announcement it was taking over ailing rival Credit Suisse.

Zurich-based UBS, which is set to become Switzerland’s single banking titan after the merger closes in the coming months, said it also drew $14 billion in new money to its asset management business.