UBS loses crown as continental Europe’s most valuable bank to Santander amid U.S. tariffs

UBS loses crown as continental Europe’s most valuable bank to Santander amid U.S. tariffs


Key Points
  • UBS had a market cap of 79.5 Swiss francs ($97.23 billion) as of the Wednesday close, according to FactSet data, with Banco Santander at 91.3 billion euros ($103.78 billion).
  • Santander and UBS’ shares have diverged over recent months, with the Swiss lender shedding 17.2% in the year to date, while Santander has gained nearly 35%.
  • Both banks have suffered since the imposition of the White House’s protectionist trade policies, given the shrinking growth outlook for tariff-struck European countries and the prospect of a U.S. recession.



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