UBS beats earnings expectations, announces share buyback of up to $1 billion

Fabrice Gaffrini | Afp | Good pictures

Swiss banking giant UBS on Tuesday beat fourth-quarter earnings expectations by far and announced it would buy back $1 billion worth of stock in the second half of the year.

The group posted a net loss attributable to shareholders of $279 million in the quarter, its second straight loss due to the consolidation of collapsed rival Credit Suisse. However, analysts polled by LSEG expected a wider net loss of $372 million.

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