From CNBC:

Swiss bank UBS beat fourth-quarter earnings expectations and plans to recommence share buybacks worth up to $1 billion. Despite a net loss of $279 million, it’s an improvement from previous losses. The bank also announced a proposed dividend per share of $0.70, up 27% from last year.

UBS reported a stronger than expected underlying operating profit before tax of $592 million for the fourth quarter. The return of client inflows and the completion of the first phase of integrating fallen rival Credit Suisse have been quicker than expected.

The bank is moving forward with a strategic integration, including cutting around 3,000 Credit Suisse jobs. Despite challenges, UBS CEO Sergio Ermotti expressed optimism, citing $77 billion of net new assets since the acquisition.

UBS shares have been down 1.5% since the start of the year. Total group revenues were $10.86 billion, and the CET1 capital ratio was 14.5%. Net new assets in Global Wealth Management totaled $77 billion.

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Read more: UBS beats earnings expectations, announces up to $1 billion share buyback