Shares of Swiss bank UBS reached their highest level since late 2008
Économie

Shares of Swiss bank UBS reached their highest level since late 2008

Shares of UBS rose to their highest level since October 2008 on Thursday, continuing a sharp rise that put the Swiss bank well ahead of its European rivals following its March takeover of struggling rival Credit Suisse.

UBS rose more than 6% in Zurich, poised for its biggest one-day increase since March after the group said it would fully acquire Credit Suisse’s home bank and raise its cost-cutting ambitions beyond $10 billion.

“It is clear that the group remains a building site in the near term, but we believe that this series of results and announcements should give confidence in the medium-term bullish scenario,” Deutsche Bank analysts said in a note.

The stock is up 36% so far in 2023, compared to a 13.5% gain for the broader European banking index.

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