Finance
UBS Buyback Plans Fail to Cheer Investors Awaiting Capital Rule
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UBS Group AG shares slumped on Tuesday, signaling that uncertainty over an upcoming government decision on capital requirements is overshadowing the bank’s progress in integrating Credit Suisse.
The Zurich-based bank said it aims to buy back up to $3 billion of its own shares this year, and posted $770 million in net profit, aided by a big beat at the investment bank. Shares nevertheless dropped more than 6%, leading declines among European banks.