UBS reports pre-tax loss in 3Q as merger proceeds

UBS reported a $255 million pre -tax loss, shed some 4,000 jobs globally, cut costs faster than expected and reaped billions in asset inflows in the third quarter as the giant Swiss bank moves forward with its government-orchestrated merger with rival Credit Suisse. Underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal along with corporate executives to stave off a collapse of Credit Suisse and avert a banking crisis.