Shares fell after the bank posted results on Tuesday, trading down as much as 3.4%. Pre-tax profit at the key wealth management unit came in well below estimates, and the investment bank posted its third loss in a row.
UBS Group AG will buy back up to US$1 billion ($1.35 billion) in shares this year, as the bank seeks to keep investors focused on the upside of its complex integration of Credit Suisse.
The Zurich-based bank said the repurchase program will commence following the legal merger of the two banks, which is scheduled for the second quarter. Expenses related to the integration in the final three months of 2023 helped push the bank to its second-straight quarterly loss.
