UBS reaps windfall gain from Credit Suisse deal after Swiss bank buys rival for $29 billion discount

UBS chief executive Sergio Ermotti (Credit: Fabrice Coffrini—AFP/Getty Images)

In a move that could be considered the deal of the decade, UBS, having rescued rival Credit Suisse from a liquidity crisis prompted by the collapse of Silicon Valley Bank, has announced extraordinary gains for the second quarter.

UBS's CEO, Sergio Ermotti, revealed that the bank raked in a staggering $29 billion in net profit, a remarkable 14-fold increase solely attributable to this emergency acquisition.