UBS Announces Share Buybacks as It Navigates Credit Suisse Integration
The Swiss banking giant UBS has announced plans to buy back up to $1 billion in shares, despite reporting a fourth-quarter loss attributed to the costs of integrating Credit Suisse.
- UBS reported a fourth-quarter net loss of $279 million, attributed to the costs of integrating Credit Suisse.
- The bank plans to buy back up to $1 billion in shares, signaling confidence in its financial health.
- UBS aims for $13 billion in cost savings by 2026, including job cuts, as it absorbs Credit Suisse.
- Despite the loss, UBS has seen $77 billion in net new assets since the acquisition of Credit Suisse.
- UBS expects to complete the merger of Credit Suisse by the end of the second quarter of 2024.
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