UBS Group AG (NYSE:UBS) on Tuesday announced a share buyback of up to $1 billion, following a better-than-expected fourth-quarter performance, despite ongoing challenges related to the integration of Credit Suisse.
What Happened: UBS reported a net loss of $279 million for the quarter, attributed to the costs of integrating Credit Suisse, its fallen rival, reported CNBC. This was the bank’s second consecutive loss, but it was narrower than the $372 million loss expected by analysts.
Despite the loss, UBS plans to propose a dividend per share of $0.70, marking a 27% year-on-year increase. The bank also reported a quicker-than-expected return of client inflows to Credit Suisse’s wealth management business since the takeover in June.
See Also: PLTR, NVDA, LLY, SYM, TSLA: Top 5 Trending Stocks Today
UBS CEO Sergio Ermotti acknowledged the bank’s progress in integrating Credit Suisse.
“Thanks to the exceptional efforts of all of our colleagues, we stabilized …
Leave a Reply