Share buybacks

In recent years investment firm MBB has spent heavily on share buybacks in its own subsidiaries. But as the persistently high multiples in the M&A market fall, it is once again focused on new takeovers.

UBS promises more dividends and higher returns, but the share price initially falls. The dilemma: If the bank promises too much, it damages its credibility; if it promises too little, it frustrates its shareholders.