UBS to make $35bn in Credit Suisse takeover – but lose $17bn in rushed deal

Unlike a standard deal, where parties have months to do due diligence, UBS’s Credit Suisse deal was hammered out in 48 hours. Photograph: Michael Buholzer/AP

UBS is in line to make an almost $35bn (£28bn) gain after its emergency takeover of Credit Suisse – but has said it will take a $17bn hit from costs related to the rushed rescue deal.

The Swiss lender has said it will make gains of $34.8bn after taking on Credit Suisse, based on an initial assessment of data until the end of last year, according to a regulatory filing. The accounting gain will be one of the biggest ever reported by a bank in a single quarter.