UBS to reward shareholders as Credit Suisse-linked losses narrow

Swiss banking giant UBS said Tuesday it would hand shareholders up to $1 billion in share buybacks as it posted a smaller-than-expected quarterly loss stemming from the costs of absorbing fallen rival Credit Suisse.

Presenting its fourth-quarter and full-year earnings, the bank reported a net loss of $279 million in the final three months of 2023 — far less than the nearly $500 million analysts had been bracing for.

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