UBS blames Credit Suisse acquisition as it delays climate targets by a decade

UBS has pushed back a target to cut its greenhouse emissions to net zero by a decade, blaming its acquisition of crosstown rival Credit Suisse for the delay. The Swiss bank revised its target to decarbonise its own operations from 2025 to 2035, according to a disclosure in its latest sustainability report published on Monday. UBS said the delay reflected its “enlarged corporate real estate portfolio” following the state-orchestrated takeover of Credit Suisse in 2023. The bank previously said it would take a $400 million (CHF352 million) hit from real estate costs tied to its acquisition of its defunct rival. The move comes after HSBC also pushed back its timeline to decarbonise its own operations last month, delaying its own target by 20 years to 2050. Banks and other large companies have been reassessing their commitment to climate goals following Donald Trump’s election as US president in November. Several Wall Street lenders, including JPMorgan, Goldman Sachs and Citigroup, have ...