UBS attracted $28bn of latest cash within the first three months of the yr because the Swiss financial institution benefited from shoppers switching their accounts from rival Credit score Suisse.

UBS, which agreed to rescue Credit score Suisse final month, reported $1bn of internet revenue for the primary quarter on Tuesday morning.

It adopted Credit score Suisse reporting $69bn of outflows within the first three months of the yr on Monday.

“Our strong underlying efficiency and robust inflows this quarter show that we proceed to be a supply of stability for our shoppers in periods of great uncertainty,” mentioned not too long ago returned UBS chief govt Sergio Ermotti.

This can be a creating story.