UBS reports pre-tax loss in 3Q but says benefits of Credit Suisse merger gather steam

UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse. Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis. UBS, which is striving to rid of overlap between the two former rival banks, said underlying operating expenses of $1.2 billion in non-core, legacy operation stemmed from efforts to reduce headcount and outsourcing costs.