UBS resumes buybacks, seeks more cost savings from Credit Suisse takeover
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UBS posts 'messy' results, shares fall
February 6, 2024 5:13 AM ESTShares of UBS Group (NYSE: UBS) fell 3.5% in premarket trading Tuesday after the bank unveiled its FQ4 2023 results and announced it would reinitiate share buybacks of up to $1 billion.
Most notably, the Swiss lender reported a net loss attributable to shareholders of $279 million for the quarter, marking its second consecutive quarterly loss caused by costs of integrating collapsed rival Credit Suisse.
Still, the loss was notably lower than the $372 million expected by analysts. UBS reported operating profit before tax of $592 million, below the consensus of $762 million.
The lender posted a... More
