UBS Group AG shares fell 5% Tuesday after the banking giant missed its 2019 financial targets and lowered its goals to reflect tough market conditions. Chief Executive Sergio Ermotti, under pressure to improve the bank’s profits and share price after nine years on the job, said European banks were hobbled by policy makers “obsessed” with ensuring banks aren’t too big to fail—a stance he said isn’t displayed in the U.S. or Asia. He said European banks need to consolidate to grow, rather than trying to “shrink to greatness.”...

Source: Wall Street Journal January 21, 2020 11:09 UTC