UBS Plans More Share Buybacks as Wealth Management Shines

UBS Plans More Share Buybacks as Wealth Management Shines
The logo of Swiss bank UBS at its headquarters in Zurich on Oct. 25, 2022. Arnd Wiegmann/Reuters
Reuters
Updated:

ZURICH—UBS struck a confident tone on Tuesday, reaffirming key financial targets and pledging more share buybacks next year, buoyed by higher interest rates and strong wealth management inflows.

The world’s biggest wealth manager reported a smaller-than-expected 24 percent slide in third-quarter net profit, with lower costs and rising interest income helping to mitigate the impact of turbulent financial markets.