Because of their abject lack of self-awareness at how wretched this is -
UBS on Thursday posted the biggest-ever profit for a bank in the second quarter, following its takeover of rival Credit Suisse earlier this year. The Swiss lender's $29 billion gain was a result of the difference in value between what it paid for Credit Suisse ($3.8 billion) and the value of its balance sheet. CEO Sergio Ermotti also confirmed the bank would cut about 3,000 jobs in Switzerland as part of the integration, which is expected to be just a fraction of its total reduction in headcount globally in the years ahead.
Crapitalism at its worst
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