UBS has reported its second consecutive quarterly losses since it stepped in to rescue Credit Suisse and reinstated share buybacks.
The cost of absorbing Credit Suisse led to a net loss of $279m in Q4 2023, according to the bank's results published today (6 February). Sergio Ermotti, CEO of UBS, described 2023 as "a defining year in UBS's history with the acquisition of Credit Suisse" and thanked the efforts of his staff to "stabilise the franchise", adding it has made "tremendous progress in the integration" of the two firms. Swiss regulator pledges 'very strong' focus on UBS - reports Part of this next stage of the merger for UBS is the return of a share buyback programme in the second half of 2024, with up t...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
