The potential payout relates to an earlier deal over tax evasion by U.S. clients of Credit Suisse, the rival Swiss bank that UBS acquired in 2023.

UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse's violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax,

UBS analysts upgrade Bank of America (BAC) to Buy from Neutral and lift their price target to $53 from $43. The analysts called Bank of America "an underrated beneficiary of deregulation" with many on Wall Street expecting further banking deregulation to come under President-elect Donald Trump's return to the White House.