By RICHARD KIRBYThe banks are buying UBS and Bank of America in a bid to boost profitability.
ReutersThe three largest UBS financial services companies are among those buying Swiss-based UBS AG and Swiss bank UBS, Reuters reported on Friday.UBS and UBS SA, the world’s second- and third-largest U.S. banks by assets, were the latest big U.K.-based financial firms to announce the buyout deals, which are expected to add to the $16 trillion in assets held by the U.ks largest financial firms.
A Reuters report said that the banks were targeting a return to profitability in 2019, when the three banks are expected continue to expand their financial activities.
U.S.-based Bank of New York Mellon Corp. and London-based JPMorgan Chase & Co. also are among the big UBS-UBS buyers, the report said.
The buyout of the three UBS banks is expected to boost earnings per share to between 1.4 percent and 2.2 percent this year, according to analysts polled by Reuters.
The deal follows a January $2.1 trillion deal by UBS to buy the UBS Group AG and the UMB.
The two banks will continue to operate independently until 2019.
A spokesperson for Bank of London & M& Co. said the two banks remain active and “continue to build and scale our businesses and operations”.