06:12 AM EDT, 08/14/2024 (MT Newswires) -- UBS (UBS) has agreed to sell Credit Suisse's US Mortgage Servicing business, UBS Chief Financial Officer Todd Tuckner said during the company's Wednesday earnings call.

Tuckner said the transaction is expected to close in Q1 2025 and is estimated to reduce annualized costs by about $250 million.

No transaction terms were disclosed.

Price: 30.00, Change: +0.75, Percent Change: +2.56