Group AG said profit growth from managing money for the rich is giving it firepower to return more money to shareholders and take on competitors in digital wealth advice.
The Swiss bank raised some financial targets Tuesday and said it is aiming to buy back up to $5 billion in shares this year, after spending $2.6 billion on buybacks in 2021. It made a $1.35 billion net profit in the fourth quarter, down 18% from fourth-quarter 2020 because of a $740 million legal charge.
Chief Executive
Ralph Hamers
on Tuesday said UBS wants customers to have more choice on how they interact with the bank, and that it plans to target more people globally with digital wealth products after agreeing to buy Wealthfront in the U.S. last week.
He…
