UBS Shares Jump as Earnings Beat Fuels Boost to Buyback, Targets

UBS Group AG surged to the highest level in four years after the bank surprised analysts by pledging to buy back as much as $5 billion of shares and posted ambitious profit and cost targets.

Switzerland’s largest lender, which also reported fourth-quarter profit and revenue that beat estimates, gained as much as 7.5% to the highest level since early 2018 and was trading 7% higher at 18.29 francs as of 12:09 p.m. in Zurich. The buyback was more than analysts had expected, while new goals for profitability and the cost-to-income ratio were seen as ambitious by analysts, particularly as ...