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UBS Profit Beats, Reaffirms $1 Billion Buyback Plan | Bloomberg The Pulse 08/14/24
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August 14, 2024
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43:09Now PlayingUBS shares rose as much as 3% on Wednesday morning in Europe, topping as the best-performing stock in the STOXX 600 Financial Services Index, after second-quarter profit at the Swiss lender beat expectations. The Zurich-based bank said net income was $1.1 billion, about double analyst estimates. Growth in deal-making revenue at the investment bank beat many Wall Street peers, while a lower than expected loss at the unit dedicated to winding down Credit Suisse legacy assets helped offset a miss in the wealth management division. CEO Sergio Ermotti said the bank has entered technical discussions with the government and regulators over plans to overhaul Switzerland’s rules around bank capital and liquidity. The revamp is one of the political consequences of the Credit Suisse collapse last year.
Today's guests: Charlotte Ryland, CCLA Investment Mgmt; Sanam Vakil, Chatham House
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