UBS's profit surged to $29bn during the second quarter after booking so-called negative goodwill from its integration of Credit Suisse as it announced plans to fully integrate the Swiss business of its domestic rival.

In its first results since its full takeover of Credit Suisse, UBS said that absorbing the domestic Swiss business of its cross-town rival was the "best outcome for UBS, our stakeholders and the Swiss economy" after a 40-strong task force analysed possible scenarios for the group, and would result in a similar number of job losses than spinning it off or listing it as a separate entity.