U B S, A. G., American Depositary Receipts, Columbus/ Starkville/ West Point, Mississippi USA, UBR - UBRAT - UBRE - UBRN - UBRT - UBSBF - UBSC - UBSCP - UBSH - UBSI. [175] In November 2014, regulators including the FCA and CFTC hit UBS with fines, along with other banks, for currency manipulation. The following is a visual illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:[185], Eidgenössische Bank(est. [235], In 2018, UBS held 0.72% of shares in HikVision[236] (surveillance cameras), a subsidiary of the Chinese military conglomerate CETC, sanctioned by the US Department of Commerce for participating to mass surveillance in the predominantly Muslim populated Chinese autonomous region of Xinjiang. ", "UBS architect Ospel leaves battered bank", "UBS Organizational Structure: How we are organized", "Exclusive: Swiss prosecutors seek widening of secrecy law to...", "FINRA.org: Customer Information Protection", "Fighting tax evasion: EU and Switzerland sign historic tax transparency agreement", "How do I open a Swiss bank account, and what makes them so special? [97] The bank's investments had been in the conservative asset management and life insurance businesses; further, 60% of the bank's profits came from its even more conservative Swiss banking operations. Fill out, securely sign, print or email your ubs beneficiary designation form instantly with SignNow. On 19 December 2012, UBS was fined $1.5 billion for its role in the Libor scandal[174] over accusations that it tried to rig benchmark interest rates. UBS's global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment products and services. [72] Prior to the merger, Swiss Bank Corporation was considered to be further along than Union Bank of Switzerland in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read was considered to be the more established platform. [249] UBS won the top prize again in 2018. [67][68] According to a 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks. [40], UBS's Personal & Corporate Banking division delivers financial products and services to retail,[41] corporate and institutional clients[42] in Switzerland. [253] In 2017, UBS not only retained its leading position taken in 2016 in the main category best private banking services overall at the Euromoney's Private Banking Awards,[254] but also received recognition as Western Europe's best bank for advisory 2017. Initially, the business was given the divisional name UBS PaineWebber but in 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA. UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses. 1895 as G.A. [201] The transfer of assets to these bunkers is selective as a multi-stage security clearance is required and is not available to all UBS clients. SBC, which had entered the 1950s with 31 branch offices in Switzerland and three abroad, more than doubled its assets from the end of the war to CHF 4 billion by the end of the 1950s and doubled assets again in the mid-1960s, exceeding CHF 10 billion by 1965. ", "Leading banks in Europe as of June 2017, by total assets", "Wealth management boosts UBS profit but future uncertain", "Betting On The Future Of Wealth Management With UBS", "Hillary Helps a Bank—and Then It Funnels Millions to the Clintons", "UBS Deal Shows Clinton's Complicated Ties", "Les fonds américains rachètent la Suisse", "UBS Group AG and UBS AG Annual Report 2018", "Our clients & businesses - UBS Global topics", "UBS begins global wealth management shift by merging teams", "SCORPIO PARTNERSHIP GLOBAL PRIVATE BANKING BENCHMARK 2016 | Scorpio Partnership", "UBS retains positions as world's biggest private bank: study", "Zeltner leaves UBS Wealth as the clear global leader", "Our financial results for the third quarter of 2014", "UBS Wealth Managements Americas. With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately 190 offices (100 of which are in Switzerland). [71] In 1960, Union Bank of Switzerland acquired an 80% stake in Argor SA, a Swiss precious metals refinery founded in 1951 in the canton of Ticino. UBS is the largest wealth manager in the world. 2000), Chairman Marcel Ospel did not apply for re-election at the annual general meeting of shareholders held on 23 April 2008, and was succeeded by Peter Kurer, who was general counsel. Therefore, UBS is no longer an acronymbut is the company's brand. [71] In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein, a joint-stock company replacing the original Bankverein consortium. In late 2005, Costas headed a new hedge fund unit within UBS known as Dillon Read Capital Management. Blyth & Co.est. [108] Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$910 billion in assets under management. [16] In late 2016, UBS established a blockchain technology research lab in London to advance its cyber security and encryption of client activities. [237], In October 2019, UBS joined UN's Global Investors for Sustainable Development Alliance (GISD). Temporary Mail Service Disruptions to Certain Countries Due to the COVID-19 Pandemic. [28] UBS maintains a leading position in the retail and corporate loan market in Switzerland; in fact, it serves one in three pension funds, more than 85% of the 1,000 largest Swiss corporations and 85% of banks that resides within the nation. [210] After a US$2.56 billion lawsuit was filed against UBS and other Swiss banks on behalf of the Jewish victims of the Holocaust, a settlement was reached that totalled US$1.25 billion in August 1998. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution in the world. [28] As of the end of 2018, around 23,600 people worldwide were employed by Global Wealth Management. [89] UBS confirmed that a large number of accounts had gone unclaimed as a result of the bank's policy of requiring death certificates from family members to claim the contents of the account. Following SBC's later merger with Union Bank of Switzerland, the SBC part was dropped from the name; in 2000 when the new UBS got restructured the Dillon Read name was dropped, although it was brought back in 2005 as Dillon Read Capital Management, UBS's ill-fated hedge fund operations. [55], UBS's main competitors in this division are BlackRock, Vanguard Group, State Street Global Advisers (SSGA), Fidelity Investments and Allianz Asset Management (AAM).[56]. UBS Full Form is University Business School. (a) Full name of discloser: UBS Asset Management * (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. [204] Within the U.S., the bank is prohibited from disclosing client activities and information both internally and through regulation imposed by the Financial Industry Regulatory Authority (FINRA), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), U.S. Treasury, Securities and Exchange Commission (SEC), and various U.S. state regulators. [71] After the new bank started with an initial commitment of CHF 30 million and CHF 6 million of share capital, it soon experienced growing pains when heavy losses in Germany caused it to suspend its dividend until 1879. [202] UBS, then known as the Swiss Bank Corporation, received large influxes of capital from Europe for safe keeping during the war. 1986), Chase Investors Management Corporation(est. Based on regional deal flow and political influence, UBS is considered one of the "biggest, most powerful financial institutions in the world". As of December 2018, UBS is present in all major financial centres worldwide, having offices in 50 countries, with about 31% of its approx. 1992), S. G. Warburg & Co.(est. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. What is the full form of UBS ? [96] The rapid growth was punctuated by the 1967 acquisition of Interhandel, which made UBS one of the strongest banks in Europe. [53][20] With the aim to generate systematic products and solutions for client, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business within a new area named Investments. The impact of the stock market crash of 1929 and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in 1936. [261][263], In 2019, UBS was listed as one of the Top 50 World's Most Attractive Employers Global Business Ranking 2019 by Universum Global Survey.[264]. [239], In August 2016, UBS announced that it will team up with BNY Mellon, Deutsche Bank, Banco Santander, brokerage company ICAP and the fintech company Clearmatics, to promote UBS's "Utility Settlement Coin" (USC). "Top UBS Banker Has 'Very Aggressive Plan for U.S. "UBS Chairman Says a 'Massive' Bitcoin Correction Is Possible", "Commerzbank, other banks join UBS and IBM trade finance blockchain", "Axel Weber to Succeed UBS Chairman Villiger in 2013 After Bundesbank Role", "Axel Weber to be nominated for election to UBS Board of Directors in 2012 and to be appointed Chairman in 2013", "Results of the Annual General Meeting of UBS AG", "UBS CEO Gruebel resigns in wake of rogue trades", "UBS Hires Credit Suisse Executive for Efficiency Drive", "UBS investment bankers fear for future as their star departs", "UBS CEO Ermotti to step down in November", "HSBC files: how a 1934 Swiss law enshrined secrecy,", "Swiss Federal Law on Banks and Savings Banks", "Financial Regulation: The Concise Encyclopedia of Economics | Library of Economics and Liberty", "These are the 10 biggest tax havens on the planet", "Switzerland to Allow Its Banks to Disclose Hidden Client Accounts", "Identification Rules for Swiss Banks: UBS", Bundesgesetz über die Banken und Sparkassen (Bankengesetz, BankG), Swiss Law:, Article 47 (in German), "Nach elf Jahren hat Christoph Meili genug von den USA: "Ich komme heim in die Schweiz – für immer, "Jewish Groups Fight for Spoils of Swiss Case", "Secret Alpine Gold Vaults Are the New Swiss Bank Accounts", "The Sinister Face Of 'Neutrality' | Frontline | PBS", "Got gold? [46] At the time of the acquisition, the business managed in excess of US$30 billion in assets. [137][138] Wuffli would be joined by many of his fellow managers in the next year, most notably the bank's chairman Marcel Ospel. (A version of this article appears in print on June 9, 2011, on page A1 of the New York edition with the headline: After Leaving City, Big Bank Mulls a Return. 1946, acq. This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in the local markets and into one of the ten global leaders in the sector. "UBS." [201] Soon after, Zurich authorities opened a judicial investigation against Meili for suspected violations of the Swiss laws on banking secrecy. Körner's task was to cut administrative expenses and boost profits. [85] Although the bank suffered in the aftermath of World War I and the Great Depression, it was able to make several smaller acquisitions; in 1937 it established Intrag AG, an asset management business responsible for investment trusts, (i.e. "[208], UBS, along with other Swiss banks, owns and operates undisclosed or otherwise secretive bank vaults, storage facilities or underground bunkers for gold bars, diamonds, cash, or other valuable physical assets. [189], With Oswald Grübel's resignation as CEO in 2011 and Sergio Ermotti's interim appointment on 24 September 2011, The Wall Street Journal reported that the succession process appeared to be a two-person race between Ermotti from EMEA and Kengeter from the investment bank. The American division also offers its own credit card not sponsored by another bank unlike many of its competitors. 1995), J.C. Bradford & Co.(est. UBS's main competitor in this division is Credit Suisse. [217], The strict banking secrecy policies and bank-client confidentiality agreements at UBS have frequently been used to avoid, evade or otherwise escape foreign direct taxation. [71] In 1961, SBC acquired Banque Populaire Valaisanne, based in Sion, Switzerland and the Banque Populaire de Sierre. [153][154] [123][128], At the beginning of 2007, UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop. (For comparison, the peak employment level in 2007 before the 2008 financial crisis was 83,500). Union Bank of Switzerland (UBS) was a Swiss investment bank and financial services company located in Switzerland. Switzerland has an underground bunker just for you", "Feds Sue UBS for All American Customer Names", "Statement on Indictment of UBS Executive", "Germany Probes UBS Staff on Tax-Evasion Allegations", "French Criminal Tax Probe of UBS – Talk About Déjà Vu", "European court rejects UBS appeal against bail in French tax case", "Three Ex-UBS Officials Said to Face Arrest in French Tax Probe", "UBS introduces new code of business conduct", "Wie die UBS ihre Reputation schützen will", "Viele Investoren wollen keine Umwelt- und Sozialrisiken mehr. [184], As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date back to the 19th century. Former Bundesbank president Axel A. Weber was nominated in mid-2011 for election to the board at the annual meeting 2012 and, at that time, intended to be elected as a chairman of the board after Villiger's retirement in 2013. 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