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UBS reports stronger than expected profit in first quarter

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UBS reports stronger than expected profit in first quarter

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UBS has reported its first quarterly profit since taking over Credit Suisse as the Swiss lender begins to reap the benefits of rescuing its former rival.

The group on Tuesday reported $1.8bn in net profit for the first three months of the year, up from a $279mn loss in the previous quarter and almost three times the $602mn expected by analysts.

Its wealth management business was again a powerhouse, attracting $27bn in net new assets as clients returned to the lender after pulling money from both UBS and Credit Suisse last year amid the turmoil triggered by the rescue.

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Revenues increased 15 per cent from the previous quarter to $12.7bn, while UBS also trimmed expenses by 5.5 per cent. It generated an additional $1bn in cost savings during the quarter, having eliminated $5bn in costs last year. UBS has said it aims to reduce costs by $13bn by the end of 2026, with a further $1.5bn of savings over the course of 2024.

“This quarter marks the return to reported net profits and further capital accretion — a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimising our financial resources,” said chief executive Sergio Ermotti.

While UBS agreed to buy Credit Suisse in March 2023, the deal was not completed until last June. UBS executives have warned of a bruising and lengthy integration process that will take time to bed in. Ermotti, who was parachuted in for a second stint as CEO to oversee the takeover, has previously said that 2024 would be the “pivotal year” for the integration during which most costs would hit.

UBS shares are up 42 per cent over the past year but have fallen more than 12 per cent in the past month since the Swiss finance department proposed significantly increasing the group’s capital requirements.

Swiss finance minister Karin Keller-Sutter has since suggested this could lead to $15bn-$25bn of additional capital for UBS, which has “seriously concerned” the bank, according to its chair Colm Kelleher.

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UBS reported $78bn of common equity tier one capital on Tuesday. The bank’s CET1 ratio, which compares its core capital with its risk-weighted assets and indicates its financial resilience, was 14.8 per cent.

The bank said it was on track to meet its 2024 capital return targets and has promised to buy back $2bn of shares from investors.

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What the Supreme Court did on the final day of its term

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What the Supreme Court did on the final day of its term

The U.S. Supreme Court

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The Supreme Court Tuesday upheld the long-established right of children born on U.S. soil to automatic American citizenship, regardless of their parents’ immigration status. In so doing, the court rejected President Trump’s most aggressive attempt to limit immigration in the United States.

Writing for the court majority, Chief Justice John Roberts traced birthright citizenship back to the founding of the nation. Just as the colonists demanded “the rights of Englishmen” more than 250 years ago, he said, Congress, after the Civil War, amended the Constitution to specify automatic citizenship for any child born on U.S. soil.

“Citizenship then and now was the right to have rights”—and the framers of the 14th amendment extended that promise to every free born person in this land. He concluded: “We keep that promise today.”

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The vote was 6-to-3, depending on how you count it. Altogether, five justices signed on to the Roberts’ majority opinion. A sixth, Justice Brett Kavanaugh, agreed only that federal legislation enacted in the 1950s grants automatic citizenship for children born in the U.S.

Justice Clarence Thomas wrote the lead dissent, a 91-page opus that agreed with Trump’s assertion that the 14th amendment only applied to former slaves and their descendants. The Thomas dissent added ominously that he “was not sure that “today’s opinion will stand the test of time.” The dissent was joined by Justice Neil Gorsuch, with Justice Samuel Alito writing a separate dissent.

Justice Ketanji Brown Jackson, who, like Thomas is African American, responded to some of the themes in the Thomas dissent.

“Despite his longstanding endorsement of a colorblind society,” she wrote, “Justice Thomas now surprisingly suggests that the citizenship clause was a race-conscious remedial measure relating only to freed slaves.”

Cecillia Wang, legal director of the ACLU, who successfully argued the case at the Supreme Court, said President’s Trump failed attempt to limit birthright citizenship was transparent.

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Rep. Tom Kean returns to Congress, says depression is why he went missing for months

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Rep. Tom Kean returns to Congress, says depression is why he went missing for months

Rep. Thomas Kean Jr., R-N.J., arrives at the U.S. Capitol with his wife Rhonda Kean on June 30.

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New Jersey Republican Thomas Kean Jr. said it was struggles with depression that kept him away from Congress for nearly four months with no explanation to his constituents.

Kean last voted on March 5th, missing numerous votes and other appearances on Capitol Hill since. In April, House Speaker Mike Johnson told reporters he had spoken to Kean and that he was dealing with an undisclosed medical issue. Kean was not spotted until recently at his New Jersey home.

Speaking from the House floor on Tuesday, the second term lawmaker said he had checked into a hospital for testing several months ago after health concerns, and was subsequently diagnosed with depression.

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“Talking about myself has never come naturally,” Kean said. “But I believe that I owe an explanation to the people of New Jersey’s seventh district, to my colleagues in this chamber and to the American people for my absence.”

Kean said he originally did not think his diagnosis would result in a long-term absence. Doctors recommended he remain in the hospital to address the illness, and it was his fastest route to recovery, he said.

“It is physical. It is emotional,” he said. “And until you experience it yourself, it is difficult to fully understand how powerful this illness could be.”

Kean said he miscalculated how long he would be away, estimating it would be a matter of weeks. However, he said like the roughly 48 million Americans who have battled the illness, he learned there is no timeline for recovery.

“I am grateful that I accepted help,” Kean said. “Today I stand before you healthier, stronger and excited to return to the work that I love.”

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Kean’s absence proved a struggle for House Republicans, who contend with a razor thin majority to pass party priorities. For weeks, Kean and his office declined to share additional details on why he was away, feeding rumors and speculation and raising interest in a member known for his privacy.

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Michigan governor threatens to pull troops from D.C. if used for Trump task force

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Michigan governor threatens to pull troops from D.C. if used for Trump task force

Members of the National Guard stand in front of a large image of U.S. President Donald Trump that hangs from the the Robert F. Kennedy Department of Justice Building on May 18, 2026 in Washington, D.C.

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WASHINGTON, D.C. — In a strongly worded letter to the head of Michigan’s National Guard, Gov. Gretchen Whitmer reiterated troops from her state are only to be used for operations surrounding America 250 celebrations in Washington, D.C., and not for President Trump’s long-running — and controversial — joint task force to fight crime. She said that she would pull her troops from the city if that is not the case, in the letter obtained by NPR.

“Please take all necessary measures to ensure the Michigan National Guard is only supporting the narrow and limited America 250 Mission and is in no way supporting the D.C. Safe and Beautiful Mission,” wrote Gov. Whitmer, referencing the official name for the federal task force.

Trump deployed hundreds of troops to Washington, D.C., in August of 2025, in what experts said was a stunning departure from governing norms. He said he did so to address rampant crime, despite declining crime rates at the time. The number of troops in the city has increased over time to more than 4,800 from Washington, D.C. and almost two dozen states, which until recently were exclusively Republican-led.

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Michigan — which has 161 guard members currently in the city — is one of four Democratic-led states that sent members of their National Guard to D.C. in recent weeks, ahead of an influx of tourists for America 250 celebrations. North Carolina and Kentucky each sent one member of their guard, while Minnesota sent more than a hundred last week.

Kentucky confirmed to NPR Monday that it had recalled its one guard member over the weekend, after that member was “diverted to the task force by the federal government without the knowledge or consent of Gov. Beshear of the Kentucky Guard,” Scottie Ellis, a spokesperson for Gov. Beshear, wrote to NPR in an email.

When contacted by NPR, spokespeople for each respective Democratic governor’s office made it clear that their guard members were sent to help specifically with America 250, not for law enforcement purposes as part of the larger ongoing federal joint task force operation. All four states have been clear about their opposition to the Trump administration’s ongoing deployment of National Guard troops to D.C., filing an amicus brief in support of litigation challenging it as recently as May.

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