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		</div><p>Swiss banking giant UBS reported a 255 million US dollar (£206 million) pre-tax loss in the third quarter as it shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows while moving forward with its government-orchestrated merger with rival Credit Suisse.</p>
<p>The Zurich-based bank said underlying profit before taxes came in at 884 million dollars (£714 million) in the first full quarter since the merger was completed in June.</p>
<p>Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis.</p>
<p>UBS, which is striving to get rid of overlap between the two former rivals, said underlying operating expenses of 1.2 billion dollars (£97 million) in its non-core, legacy operation stemmed from efforts to reduce headcount and outsourcing costs.</p>
<p>The bank said it is one quarter ahead of schedule in reaping savings from the restructuring operations, and headcount was down more than 4,000 during the third quarter.</p>
<p>UBS tallied 33 billion dollars (£26.7 billion) in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients.</p>
<p>UBS chief executive Sergio Ermotti said in a statement: “We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition.”</p>
<p>Shares in the bank rose more than 3% in Tuesday morning trading on the Six Swiss Exchange in Zurich, and have gained more than 32% so far this year.</p>
<p>Deutsche Bank analysts Benjamin Goy and Sharath Kumar, who affirmed their “buy” rating on UBS shares, said the pre-tax figures topped the consensus analysts’ expectations and said: “UBS reported another good quarter, in our view.”</p>
<p>UBS has said the two banks will operate separately until a planned legal merger next year, and the Credit Suisse brand will remain “until we complete the migration of clients to our system, which we expect in 2025”.</p>
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