UBS announced a new share repurchase program of up to $2 billion, with up to $1 billion expected to take place this year. The bank stated that they plan for share repurchases to exceed pre-acquisition levels by 2026. This follows the completion of the 2022 buyback, where 298.5 million shares were purchased, representing 8.62% of its stock worth $5.2 billion.
Buybacks reduce the portion of shares in investors’ hands and allow companies to return cash to shareholders. UBS is currently integrating Credit Suisse’s business and former CEO Sergio Ermotti returned for a second spell. Ermotti earned 14.4 million Swiss francs in 2023. Despite a quarterly loss in February, the bank continues to deliver strong underlying operating profits.
UBS shares are up more than 6% this year.
UBS announced a new share repurchase program of up to $2 billion, with $1 billion expected to take place this year. The bank aims to exceed pre-acquisition levels by 2026. This follows the completion of the 2022 buyback, during which 298.5 million shares were purchased. UBS is currently integrating Credit Suisse’s business, with former chief Sergio Ermotti returning as CEO. Despite recent quarterly losses, the bank continues to deliver strong underlying operating profits. Shares are up more than 6% so far this year.
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