UBS Plans $4.5 Billion Buyback After Wealth Management Surge
- Bank beats targets some analysts said weren’t ambitious enough
- Sees higher activity continued into first quarter of this year
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UBS Group AG plans to buy back as much as 4 billion francs ($4.5 billion) of shares over the next three years, bolstering shareholder returns after income from managing client assets and investment banking propelled gains at the world’s largest wealth manager.
The lender is doubling the size of a previous program and said it expects to repurchase up to $1.1 billion of shares in the first quarter, according to a statement on Tuesday. The bank finished off the year strongly, with fourth-quarter net income of $1.7 billion that beat analyst estimates and the Zurich-based firm meeting or beating all its targets in 2020.