10 Firms Fall Amid Disappointing Earnings Performance

6. UBS Group AG (NYSE:UBS)

Investment banking firm UBS Group dropped for the sixth consecutive day on Tuesday, losing another 7.24 percent to end at $32.41 each as investor sentiment was dragged down by news that it laid off 10,000 jobs since taking over Credit Suisse in 2023. Investors discounted news of higher profits in the fourth quarter of 2024.

On Tuesday, UBS Group said its global headcount as of the end of 2024 stood at 108,648, down from 119,100 at the end of June 2023 when the group bought Credit Suisse.

The Swiss-based bank made the deepest job cuts following the takeover, initially slashing the workforce by 3,000 in the third quarter of the year.

According to a report by Bloomberg, several hundreds of employees were given notice in recent weeks.

In the fourth quarter of 2024, UBS Group said it achieved a net income of $770 million,  smashing the $483 million analyst estimates. The lender also announced a share buyback program worth $3 billion.