New York, June 5, 2026, 08:01 EDT
- Nu Holdings traded up 4.1% Thursday to close at $12.12. NYSE trading is set to resume Friday.
- Nubank is allowing up to $1 billion in Class A stock buybacks over the next 12 months.
- A CFO switch and some analyst downgrades have kept the rebound from looking clean.
Nu Holdings Ltd. shares are set for Friday’s U.S. trade with a $1 billion buyback in place, while investors still want clarity on management. The ADRs last changed hands at $12.12, up 4.1% at Thursday’s close after the buyback announcement.
Timing is key. Nubank shares dropped earlier this week after the company named Rob Livingston, who used to be at Visa, as its new CFO. He takes over from longtime finance boss Guilherme Lago on July 13. BofA Securities’ Mario Pierry downgraded Nubank to Underperform, slashing his price target to $10 from $16. Pierry said in a note that Lago “was one of the company’s most important executives” and the move “adds uncertainty.” Investing.com
Markets are open Friday, but regular trading hasn’t started as of the dateline. The NYSE plans its next full close on June 19 for Juneteenth, according to its 2026 holiday calendar. Normal hours for June 5 are 9:30 a.m. to 4:00 p.m. New York time.
Nu said in a filing on June 4 that its share repurchase program will last until June 3, 2027 unless the company ends it before then. The buyback could happen on the open market, through derivatives, or in private deals. In a buyback, a company purchases its own stock, which can lift earnings per share if it reduces the total share count.
The company said how much stock it buys, when, and at what price will hinge on price, market moves, legal limits and other possible uses for its cash. It added there’s no obligation to buy any set amount of shares, and the program can be changed, paused or dropped at any time.
Nu is still putting money into growth, keeping spending steady for Brazil, Mexico, Colombia and the U.S. That goes for growth investments and for regulatory capital buffers — extra capital set aside against losses. The company said those are funded and unchanged.
Nu Holdings is launching the buyback after posting strong first-quarter numbers. Revenue was over $5 billion for the first time. Net income hit $871 million and return on equity came in at 29%. Return on equity is profit divided by shareholder capital.
Nu CEO David Vélez said in May the company isn’t just adding AI tools, but is “rebuilding banking around AI.” He highlighted NuFormer models used for credit decisions and the AI Private Banker for its 15 million-plus monthly active users. Vélez also said Mexico hit break-even and had 15 million customers. Business Wire
Nu’s CFO switch is at the center of the story. Vélez called Livingston “the right person to lead the team through what comes next.” Livingston said he would stay focused on “optimizing capital allocation” and help drive Nu’s next growth phase. Lago, who came on in 2019 when Nu had 20 million Brazil customers, exits as finance chief with the company now counting 135 million customers in three countries. MarketScreener
Nu’s credit book is in focus. The firm reported its 15-90 day non-performing loan ratio climbed to 5.0% in the first quarter, up from the previous quarter. Credit-loss allowances increased 33% from the last quarter to $1.79 billion. Risk-adjusted net interest margin dropped to 9.5% versus 10.5%.
Competition adds pressure. MercadoLibre’s Mercado Pago is out in Latin America with more financial products and credit. MercadoLibre saw 49% growth in first-quarter net revenue and financial income, but Reuters said its profit slipped after more spending on logistics, credit growth, and free shipping. It’s the same investor question facing Nu: fast growth versus cost.
Nu has a U.S. play in progress. In January, the Office of the Comptroller of the Currency gave conditional approval for the group to set up Nubank, N.A. The full charter would let the company handle deposits, cards, lending, and digital asset custody. Cristina Junqueira, co-founder, is set to run the U.S. business.
Downside risks remain for Nu, though. Brazil credit quality could slip, Mexico might need more time to reach scale and profits, or investor faith in the finance transition could fade. The buyback would struggle to cover that. Right now, Nu gives itself some extra space, but that’s all.
