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UBS CEO Ermotti buys $13.1M of shares after investor day

UBS Chief Executive Officer Sergio Ermotti bought $13.1 million of shares in Switzerland’s largest bank shortly after its investor day.

A spokeswoman for the bank confirmed the purchase after Switzerland’s SIX Exchange reported Monday that an executive had bought 1 million shares on Oct. 26, the day after the event in London.

Sergio Ermotti, chief executive officer of UBS Group AG, speaks during a Bloomberg Television interview on the sidelines of the China Development Forum in Beijing, China, on Saturday, March 24, 2018.
Sergio Ermotti, chief executive officer of UBS Group AG, speaks during a Bloomberg Television interview on the sidelines of the China Development Forum in Beijing, China, on Saturday, March 24, 2018. UBS is considering small acquisitions to complement its focus on organic growth as it reverses a shrinking of assets following the financial crisis. Photographer: Giulia Marchi/Bloomberg
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Reuters reported the news earlier.

Management purchases are generally seen as a sign of confidence in a company and the news may buoy UBS after its shares dropped by about a quarter this year, in line with a wider banking-sector decline.

Ermotti last week rejiggered UBS’s key financial targets for the second time this year and outlined how the bank is seeking to win over American billionaires by boosting recruitment in the U.S. and expanding a push into Asia.