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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