UBS reports $785m loss due to costs of Credit Suisse integration

Swiss banking group has cut 13,000 jobs this year as it recovers from rushed rescue deal

UBS has reported a $785m (637m) quarterly loss, its first in nearly six years, as the Swiss banking group counted the costs of rescuing its rival Credit Suisse earlier this year.

The loss was nearly double the $444m that analysts had forecast, with UBS saying it would have reported profits worth $844m in the third quarter had it not been for the $2bn in expenses linked to the emergency takeover.