"UBS Exceeds Earnings Expectations, Plans $1 Billion Share Buyback"

Swiss banking giant UBS narrowly beat fourth-quarter earnings expectations, posting a net loss of $279 million, and announced plans for up to $1 billion in share buybacks in the second half of the year. The bank also reported a quicker than expected return of client inflows to Credit Suisse's wealth management business since the takeover, with net new assets totaling $77 billion. UBS CEO Sergio Ermotti highlighted the progress in the integration of fallen rival Credit Suisse, which included cutting around 3,000 jobs as part of a wider restructure.