Swiss bank UBS reports pretax loss in 4Q, strategies share buybacks after Credit Suisse offer covers up

UBS has reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continues to incorporate its longtime competitor Credit Suisse after a government-orchestrated merger

GENEVA — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to incorporate its longtime competitor Credit Suisse after a government-orchestrated merger.

The Zurich-based loanprovider reported losses before tax of $751 million in the quarter, which consistedof losses of more than a half-billion dollars connected to an financialinvestment in SIX Group, which runs Switzerland’s primary stock market. The internet loss in the quarter came in at $278 million.

UBS stated it anticipates to total the merger of Credit Suisse by the end of the 2nd quarter this year, and the merger of the 2 banks’ Swiss operations by the end of the 3rd quarter. The business strategies to boost its dividend for the 2023 monetary year by 27 percent, and stated it would resume share buybacks in the 2nd half of the year.

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