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.
