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Stock impact report

UBS Swings to Net Loss, Restarts Buybacks -- Update [MarketWatch]

Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) 
Company Research Source: MarketWatch
plans to restart share buybacks this year after completing the first integration phase of the deal. The Swiss bank said Tuesday that it reported a net loss of $279 million in the three months to the end of December. This was narrower than the net loss of $785 million the quarter before, but compared with a net profit of $1.65 billion in the same period a year earlier. Advertisement Revenue was $10.855 billion compared with $8.03 billion in the fourth quarter of 2022. The Zurich-based bank beat analysts' estimates of a net loss of $285 million but missed analysts' estimates of a revenue at $11.04 billion, according to consensus figures provided by the bank. The company said it had completed the first phase of the strategic integration of its once-rival Credit Suisse and that it plans to reinstate share buybacks, distributing up to $1 billion to shareholders in the second half. Advertisement The repurchase will commence after the legal merger of subsidiaries UBS AG and Cre Show less Read more
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