| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
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 the franchise and have made tremendous progress in the integration,” he said.
Why It Matters: UBS has been actively working on its image and growth strategy following the takeover of Credit Suisse. The bank recently launched its biggest branding campaign to drive growth and boost its image.
UBS has also been making strategic investments to strengthen its position in the wealth management sector. In December, Swedish activist investor Cevian Capital AB made a major investment in UBS, targeting the bank’s potential to surpass Morgan Stanley in global wealth management.
Despite the ongoing challenges, UBS has been vocal about its stability. In November 2023, UBS CEO Ermotti claimed that the bank is one of the world’s safest large institutions.
Image via Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Posted In: UBS
