Deals
UBS Investors Left Wanting More After Targets Underwhelm
- Bank announces $2.1 billion buyback; first in about a decade
- Analysts question ambition of UBS targets including group ROTE
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UBS Group AG announced its first share buyback since the credit crisis and laid out fresh financial targets. Investors were unimpressed.
The stock fell the most since July after the Zurich-based bank set less ambitious goals for profitability, costs and net new money than some analysts had anticipated. What’s more, the plan to repurchase 2 billion Swiss francs of shares ($2.1 billion) over three years fell short of key U.S. rivals.