Union Bank of Switzerland and Swiss Bank Corporation merged in. In Switzerland, these services are also offered to retail clients. In comparison to other European banks, UBS suffered among the largest losses during the subprime mortgage crisisand it was required to raise large amounts of outside capital.

UBS is a joint-stock company "Aktiengesellschaft" pursuant to Swiss laws. Its shares are listed at the SIX Swiss Exchangeand the New York Stock Exchange NYSE. The bank has its major presence in the United States. The company's global business groups are i wealth managementii investment banking and iii asset management. Additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in In Novemberthe shares in UBS Group AG were listed and started trading as a new holding company on the NYSE and SIX Swiss Exchange.

Upon application and with the effect as of 14 Januarythe shares of the USB AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. UBS' structure includes six divisions in total: Starting already on 9 Juneall UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under the UBS moniker following company's start of operations as a unified global entity.

All logistics and support services are also located with this division and include operations, information technology, human resources, communications, physical security and information security. UBS's wealth management division offers high-net-worth individuals around the world with the exception of those served by the division of Wealth Management Americas [17] a range of advisory and investment products and services.

UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services.

The business is further divided geographically with separate businesses focused on the U. With its headquarters in Switzerland, UBS Wealth Management is present in nearly 50 countries with approximately offices of which are in Switzerland. In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes checkingsavingscredit cardsand mortgage products for individuals. The subsidiary consists of the former subsidarys of GermanyItalyLuxembourgAustriaDenmarkSwedenSpain and the Netherlands.

UBS Europe will operate in markets through a network of its branches. The step is said to help the bank simplifying its governance structure and increase operational efficiency and therefore lead to cost savings.

UBS Wealth Management in the U. The business was initially renamed UBS Paine Webber in March after it was acquired by UBS. The subsidiary was again renamed UBS Wealth Management USA in June The division offers a fully integrated set of wealth management solutions for ultra-high net worth and high net worth clients. The products that this UBS division offers range from cash accountspayments, savings and retirement solutions to investment fund products, residential mortgages and advisory services.

The retail and corporate distribution network comprises not only customer service centers, but 1, teller machines and self-service terminals, as well as digital banking services. UBS Asset Management offers equity, fixed incomecurrencyhedge fundreal estate, infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies.

The UBS-SBC merger and subsequent restructuring resulted in the combination of three major asset management operations: The investment teams were merged in and in the brands were consolidated to become UBS Global Asset Management.

In FebruaryUBS Group AG and the Northern Trust Corporationan American international financial services company, announced an agreement for the acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland. 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.

At the end of the transaction, expected for the second half ofthe American company will administrate a total of CHF billion in assets. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients. UBS Investment Bank provides services covering securities, other financial products, and research in equitiesrates, creditforeign exchange, precious metals and derivatives. As of the end ofthe personnel employed at UBS Investment Bank totalled 4, present in over 35 countries with principal offices in Hong Kong, London, New York, Singapore, Sydney, Tokyo and Zurich.

Within the UBS Investment Bank division, the Investment Banking Department IBD provides a range of advisory and underwriting services including mergers and acquisitionsrestructuringequity offeringsinvestment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement of equitydebtand derivatives. In Juneit was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking for office spaces in Midtown and in the rebuilt World Trade Center [38] [39].

Since the early s, UBS Investment Bank has been among the top fee-generating investment banks globally. On a global scale, UBS competes with the large global investment banksand it is regularly compared against its fellow Swiss banking giant, Credit Suisse. UBS is one of the major providers of young professional training in Switzerland, offering various programs, depending on applicants' level of education. UBS, as it exists today, is the result of a complex history representing a merger product of the Union Bank of Switzerland and the Swiss Bank Corporation in June SBC.

Although the merged company's new name was originally supposed to be the "United Bank of Switzerland," the officials opted to call it simply UBS because of a name clash with the separate Swiss company United Bank Switzerland — a part of the United Bank Limited 's Swiss subsidiary. Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion.

UBS also comprises a number of well-known securities firms that have been acquired by the bank and its predecessors. UBS, through Swiss Bank Corporationtraces its history to when six private banking firms in Basel, Switzerland pooled their resources to form the Bankvereina consortium that acted as an underwriting syndicate for its member banks. SBC subsequently experienced a period of growth, which was only interrupted by the onset of World War Iin which the bank lost investments in a number of large industrial companies.

The impact of the stock market crash of and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in The bank saw its assets fall from a peak of CHF 1. InSBC adopted its three-keys logodesigned by Warja Honegger-Lavatersymbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS.

On the eve of World War II inSBC, like other Swiss banks, was the recipient of large influxes of foreign funds for safekeeping. Just prior to the outbreak of the war, SBC made the timely decision to open an office in New York City. InSBC acquired the Basler Handelsbank Commercial Bank of Baselwhich was one of the largest banks in Switzerland, but became insolvent by the end of the war.

SBC remained among the Swiss government's leading underwriters of debt in the post-war years. InSBC acquired Banque Populaire Valaisannebased in Sion, Switzerland and the Banque Populaire de Sierre. InSBC acquired Brinson Partnersan asset management firm focused on providing access for U.

Brinson ran SBC's asset management business and later when SBC merged with UBS was named chief investment officer of UBS Global Asset Management. The acquisition of S. After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read.

Following SBC's later merger with Union Bank of Switzerlandthe SBC part was dropped from the name; in when the new UBS got restructured the Dillon Read name was dropped, although it was brought back in as Dillon Read Capital ManagementUBS's ill-fated hedge fund operations.

The Union Bank of Switzerland emerged in when the Bank in Winterthur fused with the Toggenburger Bank. The new company was initially traded under the English name Swiss Banking Associationbut in it was changed to Union Bank of Switzerland UBS to mirror its French name, Union de Banques Suisses.

In German, the bank was known as the Schweizerische Bankgesellschaft SBG. The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after the war, when it was demonstrated that UBS likely took active roles in trading stolen gold, securitiesand other assets during World War II. The issue of "unclaimed property" of Holocaust victims became a major issue for UBS in the mids, and a series of revelations in brought the issue to the forefront of national attention in and 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.

UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.

In JanuaryChristoph Meilia night watchman at the Union Bank of Switzerland, found employees shredding archives compiled by a subsidiary that had extensive dealings with Nazi Germany. The shredding was in direct violation of a then-recent Swiss law adopted in December protecting such material. UBS acknowledged that it had "made a deplorable mistake", but an internal historian maintained that the destroyed archives were unrelated to the Holocaust.

Both proceedings were discontinued by the District Attorney in September Meili was suspended from his job at the security company that served UBS, following a criminal investigation. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in to 81 offices by the early s.

ByUnion Bank of Switzerland reached CHF 6. Chemiewhich made UBS one of the strongest banks in Europe. By the s, Union Bank of Switzerland established a position as a leading European underwriter of eurobonds.

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Union Bank of Switzerland entered the s as the largest and most conservative of the three large Swiss Banks. InCredit Suisse outbid Union Bank of Switzerland for Switzerland's Swiss Volksbankthe fifth largest bank in Switzerland which had run into financial difficulties in the early s.

During the mids, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force a major restructuring of the bank's operations.

On 8 DecemberUnion Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively. Also referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the Bank of Tokyo-Mitsubishi.

Union Bank of Switzerland's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's Marcel Ospel was named chief executive officer. Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities. Long Term Capital Management LTCM was a U. Its collapse in led to a bailout by major banks and investment houses, and resulted in massive losses for UBS at a time when it had merged with Swiss Bank Corporation.

UBS had initially been reluctant to invest in LTCM, rebuffing an investment in and, again shortly thereafter. UBS, suffering criticism for its conservative business model, was looking for ways to catch up to its key Swiss rivals and viewed LTCM as the type of client that could help accelerate the bank's growth.

Following the merger, Swiss Bank managers were surprised to discover the massive exposure to LTCM at UBS. Following its involvement with LTCM, UBS issued a statement: On 3 NovemberUBS merged with Paine Webberan American stock brokerage and asset management firm led by chairman and CEO Donald Marron.

The acquisition pushed UBS to the top wealth and asset management firm in the world. Initially, the business was given the divisional name UBS PaineWebber but in the year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA. Costasa former bond trader and co-head of Fixed income at Credit Suisse First Boston and head of Fixed Income Trading at Union Bank of Switzerland inwas appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December The arrival of former Drexel Burnham Lambert investment banker Ken Moelis marked a major coup for Costas.

In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited, along with Costas, with the build-out of UBS's investment banking operation in the United States.

However, by the end ofUBS began to experience changing fortunes. In lateCostas headed a new hedge fund unit within UBS known as Dillon Read Capital Management. His former position was taken over by Huw Jenkinsa long-time legacy UBS investment banker.

After Moelis, other notable departures included investment banking co-head Jeff McDermott in early and, as the financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early and Ben Lorello in At the beginning ofUBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop. In MayUBS announced the closure of its Dillon Read Capital Management DRCM division.

Before that time, there was little understanding of the troubles at DRCM or the massive expansion of risk engineered by the investment banking division under the leadership of the newly placed CEO Huw Jenkins. DRCM, which was a large internal hedge fundhad been started with much publicity in and invested money both on behalf of UBS and some of its clients.

DRCM had been formed in large part to keep some of the bank's traders from defecting to hedge fundsas well as to create a position for John Costaswho had been instrumental in creating UBS's successful investment banking business in the U.

DRCM hired a large team of 60 sec binary option broker dummies, many of whom were attracted from the investment bank with large compensation packages. In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank, Peter Wuffli unexpectedly stepped down as CEO of the firm during the second quarter of However, the bank's problems continued through the end ofwhen the bank reported its first quarterly loss in over five years.

UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company. This ultimately proved very costly to UBS. Heralded as a "neat" package by the New York Timesthe UBS structure guaranteed clarity for UBS investors by making an outright sale. By the spring ofUBS announced another management restructuring and initiated a plan to return to profitability.

Jerker Johanssonthe head of the investment bank division, resigned forex money management calculator excel April and was replaced by Alex One day lyrics by trading yesterday and Carsten Kengeter.

Additionally, the bank's chairman, Peter Kurerwould no longer receive any extra variable compensation, only a cash salary and a fixed allotment of shares that could not be sold for four years. By the summer ofUBS was showing increased signs of stabilization. In AugustUBS launched a new advertising campaign featuring the slogan: After the elimination of almost 5, jobs, UBS announced on 23 August that it was further cutting another 3, positions in order to "improve operating efficiency" and save CHF 1.

UBS Stock Price & News - UBS Group AG - Wall Street Journal

The firm has seen profits fall due to the rise of the Swiss franc. On 30 OctoberUBS work from home jobs in bullhead city az that it was cutting 10, jobs worldwide in an effort to slim down its investment banking operations, of which 2, would be in Switzerlandfollowed by the United States and Great Britain.

This percent staff cut would make overall staff count come down from 63, to 54, For comparison, the peak employment level in before the financial crisis was 83, In Novemberregulators including the FCA and CFTC hit UBS with fines, along with other banks, for currency manipulation.

In Maymedia reports revealed UBS is planning to sell its Australian private banking division to some of its management after a review of underperforming businesses was conducted at the company. As it exists today, UBS represents a conglomeration of dozens of best ways to make money in old school runescape firms, many of which date back to the 19th century.

Over the years, these firms merged to form the bank's three major predecessors, Union Bank of SwitzerlandSwiss Bank Corporationand Paine Webber. 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: Bank in Winterthur est. Chase Investors Management Corporation est. The Board of directors is the most senior corporate body with ultimate responsibility for the strategy and the management of the company and for the appointment and supervision of its executive management.

As of 26 Mayits members were: Chairman Marcel Ospel did not apply for re-election at the annual general meeting of shareholders held on 23 Apriland was succeeded by Peter Kurerwho was general counsel. On 15 AprilPeter Kurer was succeeded by Kaspar Villiger.

Former Bundesbank president Axel A. Weber was nominated in mid for election to the board at the annual meeting and, at that time, intended to be elected as a chairman of the board after Villiger's retirement in Ermotti, who had spent many years at what is now Bank of America Merrill Lynchhad joined UBS in April from UniCredit Group ; Kengeter is a German national who joined UBS from Goldman Sachs in and who had reportedly disagreed with some UBS investment bankers over pay and other matters, the currency converter japan yen also said.

Scully and Dieter Wemmer were elected as new members of the Board. This will be effective on 1 September The most significant shareholders of UBS are GIC Private LimitedBlackRock Inc and Norges Bank with 7. In during the subprime mortgage crisisGIC Private Limited invested CHF 11 billion into UBS to help bail it out, thus becoming the largest single shareholder.

UBS Makes The Bull Case For Stocks

Articles 4, 5, and 7 made the destruction or withholding of documents relating to orphaned assets illegal. Meili took some of the bank files home, then handed them over to a local Jewish organization, which brought the documents to the police and eventually to the press that subsequently revealed the document destruction.

After Meili and his family reported receiving death threats, they fled to the United States and were granted political asylum. In his book Imperfect JusticeStuart Eizenstat claimed the "Meili Affair" was important in the decision of Swiss banks to participate in the process of reparations for victims of Nazi looting during World War II. He wrote that the affair "did more than anything to turn the Swiss banks into international pariahs by linking their dubious behavior during and after the war to the discovery of a seemingly unapologetic attempt to cover it up now by destroying documents.

Federal Reserve for illegally transferring funds from an account set up by the Federal Reserve at UBS to IranCubaand other countries under U. The Indian securities regulator Securities and Exchange Board of India SEBI alleged that UBS had played a role in the "Black Monday" stock market crash which followed the National Democratic Alliance government's defeat in the general elections. SEBI's ruling of 17 May barred UBS from issuing or renewing participatory notes for one year.

SEBI challenged SAT's order in the Supreme Court of India. In AprilUBS lost the landmark discrimination and sexual harassment case, Zubulake v. The plaintiff, Laura Zubulake, was a former institutional equities salesperson at the company's Stamford office. The jury found that her manager, Matthew Chapin, had denied her important accounts and mocked her appearance to co-workers.

She claimed that several sexist policies in place, such as entertaining clients at strip clubsmade it difficult for women to socialize and foster business contacts with clients. On 18 Octoberthree African-American employees filed a class action lawsuit against the company in the United States District Court for the Southern District of New York alleging racial discrimination fpa forex gold trader hiring, promotion, and other employment practices.

The three plaintiffs in Freddie H. UBS Financial Services, Inc.

The lawsuit belajar forex di kota kinabalu claimed that offices operating in LargoMaryland and FlushingNew York were illegally created to serve African-Americans and Asian Americans respectively, and that the firm's management frequently ridiculed the Largo branch office and its staff, referring to it as a "diversity" office. On 23 AprilU.

District Judge, Peter J. Messitte, granted plaintiff's request to dismiss the class allegations without prejudice. As a result of this dismissal, the case now comprises the individual claims of three plaintiffs.

InBradley Birkenfelda Geneva-based employee who worked in the bank's North American wealth management business, claimed that UBS's dealings with American clients violated an agreement between the bank and the U. The bank could then shift the blame to its employees. InBirkenfeld, a U. Department of Justice DOJ what he knew about UBS's practices. Birkenfeld also met with the Securities and Exchange Commissionthe IRS, and the U.

In Junebased on Birkenfeld's revelations, the U.

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Federal Bureau of Investigation made a formal request to enter Switzerland to probe a multimillion-dollar tax evasion case involving UBS. In response to the report and the FBI investigation, UBS announced that it would cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July The day after settling its criminal case on 19 Februarythe U.

The Swiss Financial Market Supervisory Authority FINMA had provided to the United States government the identities of, and account information for, certain United States customers of UBS's cross-border business as part of its criminal investigation in On 12 AugustUBS announced a settlement deal that ended its litigation with the IRS.

It was not until June that Swiss lawmakers approved a deal to reveal client data and account details of U. In FebruaryUBS announced to be investigated by the federal government over new charges stating that UBS facilitated tax evasion by its U.

The focus of the investigation lies on the possible sale of bearer bondsa type of unregistered security that provides anonymity to the owner. UBS employees allegedly discussed the legal ramifications of the use of bearer bonds with their clients, a type of security that has been virtually illegal in the U. The government investigation is trying to determine whether there was a criminal conspiracy to evade taxes and conceal what had allegedly already been done.

The agreement lapsed in October Should UBS have violated the forum trade binary options free paper, the federal government can make new allegations against UBS on charges stemming from the violation.

In such a case, prosecutors would likely ask for significant fines and for UBS to be put under regulatory oversight. However, UBS's management was subsequently criticized for its "lapses" by the Government of Singapore Investment Corporationthe bank's largest shareholder, in a rare press statement on 20 September On 5 OctoberFrancois Gouws and Yassine Bouhara, co-heads of UBS's Global Equities franchise, also resigned.

The scale of UBS's losses led to renewed calls for the global separation of commercial banking from investment bankingwhile media commentators suggested UBS should consider downsizing its investment bank and potentially rebranding it under the resurrected S. In Switzerland, where the Government had bailed out UBS inparticular concern was voiced about the nature of the alleged trading which, it was suggested, might have been directed against the interests of the Swiss economy.

In AugustUBS settled a class action lawsuit filed by holders of Lehman notes. The lawsuit alleged that UBS's depiction of the financial condition of Lehman Bros. Department of Justice in In Julythe three employees were convicted of conspiracy in the muni market fraud: In addition to conspiracy, Ghavami and Heinz also were convicted of wire fraud. Federal prosecutors had asked for much harsher sentences, but U. District Judge Kimba Wood rebuffed the request. Wood american put options dividends that the criminal behavior of the three was an aberration from their normal law-abiding lives.

UBS was implicated in a money laundering case involving Saudi arms dealer Adnan Khashoggi and an Indian citizen introduced to UBS by Khashoggi. InHasan Ali Khanowner of a Pune, India stud farmwas arrested by India's Enforcement Directorate and charged with serving as a front man for Khashoggi. Khan and Kolkata businessman Kashinath Tapuriah were charged under the Prevention of Money Laundering Act. Introduced to UBS by Khashoggi inKhan enabled the arms dealer to launder funds held in American accounts through UBS Geneva.

The figures were reported to be verified by India Todaybased on a letter written by UBS Zurich. The government of India reportedly verified the existence of this account in UBS. UBS denied Indian media reports alleging that it maintained a business relationship with or had any assets or accounts for Hasan Ali Khan.

Commodity Futures Trading Commission alleging that UBS engaged in a criminal conspiracy to rig the London Interbank Offered Rate Libor benchmarks used on loans via company's Japan -based subsidiary.

UBS has also been charged by British and Swiss financial regulators for its Libor manipulation scheme. In settling the case, the bank acknowledged wrongdoing. UBS Chief Executive Sergio Ermotti said, "We are taking responsibility for what happened," and said that all the employees linked to the scam had already left the bank.

The UBS scheme involved multiple banks, brokers and traders to manipulate interest rates to generate a profit on trades. The scheme lasted for six years before it was broken up. UBS entered into a deferred prosecution agreement with the U.

Department of Justicefollowing which it was not a subject of criminal charges, except for company's subsidiary, UBS Securities Japan, which was not exempt. The subsidiary pleaded guilty to wire fraud. The scheme's ringleader was former UBS trader Ubs stock market Hayes, who was indicted by U. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders.

At the center of the investigation were the transcripts of electronic chatrooms in which senior currency traders discussed with their competitors at other banks the types and volume of the trades they planned to place. The electronic chatrooms had names such as "The Cartel," "The Bandits' Club," "One Team, One Dream" and "The Mafia".

In JulyUBS settled a lawsuit filed against it and 17 other banks by Federal Housing Finance Agency FHFAthe U. At the time of the settlement, the agency already settle with two other institutions, but UBS settlement was the first where the amount paid was released to public. On behalf of Fannie and Freddie, the FHFA had sued UBS and 17 other banks in July over mortgage-backed securities sold to the two government-sponsored enterprises that buy mortgages in the secondary market and repackage them as securities to boost liquidity in the mortgage business.

The ResCap RMBS were issued before the sub-prime mortgage crisis, and the lawsuit dates from The lawsuit alleged that the prospectuses and registration statements issued by UBS, Citigroup and Goldman Sachs did not adequately disclose the risks of the RMBS and were, in fact, misleading to investors, who sustained heavy losses.

The lawsuit alleged that the behavior of the three defendants violated securities laws. InFrance launched an investigation into UBS France's alleged abetting of tax evasion by French taxpayers. UBS France executive Patrick de Fayet was among three local branch executives being investigated. UBS wealth management bankers allegedly broke the law by enabling French taxpayers to hide their assets in UBS-controlled offshore assets to stock market bse satyam computers paying taxes.

The bankers undertook to direct their French clients' assets to UBS's Switzerland operation, rather than keep the money in France. UBS is facing fines of up to five billion euros for its alleged role in tax fraud, according to the French newspaper Le Temps. In Julythe bank was required to post a bond of 1. UBS appealed the ruling to the European Court of Human Rights on the basis that the bond, by potentially prejudicing the outcome of the case, violated its rights.

In FebruaryU. Department of Justice approved the request for Birkenfeld, who is still on parole after being convicted of one count of conspiracy to abet tax evasion by his UBS client Igor Olenicoffto visit France to testify in the UBS case. Federal Judge William Zloch granted Birkenfeld permission to travel to France from 27 February to 1 March to appear before the French court. InUBS accused the French government of engaging in a "highly politicized process" in its investigation of the bank and its French subsidiary.

The crackdown on UBS France that began in mid where it came to light that Jerome Cahuzacwho served as budget director in the government of President Francois Hollandehad a secret Swiss bank account. UBS Deutschland AG came under investigation by prosecutors in MannheimGermany, after a tax probe revealed suspicious funds transfers from Germany to Switzerland allegedly facilitated by UBS Deutschland's Frankfurt office.

Prosecutors have investigated UBS's abetting of tax evasion by German taxpayers from to The investigation was expected to lessen the chances of a German-Swiss tax treaty.

UBS Deutschland's Frankfurt office was raided by tax investigators in Mayand overcomputer files and records were seized for evidence. The bank, which claims it is cooperating with the investigators, said that "an internal investigation into the specific allegations has not identified any evidence of misbehavior by UBS Deutschland AG.

It is alleged that UBS Belgium actively recruited rich Belgians, proposing to funnel funds to secret Swiss accounts, enabling tax avoidance. UBS is one of several major banks found guilty in a scheme to manipulate foreign currencies around the world.

UBS was the first among other fraudulent banks to report the misconduct and was thus able to escape prosecution by the US Department of Justice. This agreement was dependent on the bank adhering to US laws and staying out of trouble with the US authorities for two years. The deal was struck inand forex investigations started less than a year later, resulting in the non-prosecution status being scrapped. As of MayUBS is in a three-year probation period with the justice department.

UBS sold a lot of the Puerto Rico funds, which were mostly concentrated in the debt of the Caribbean island's government. Losses began in mid and were linked to a general weakness in municipal bond markets and Puerto Rican debt. The bond funds had already landed UBS Puerto Rico in trouble before in Several banks UBS, Barclays, HSBC, Deutsche Bank and many high-profile names have been involved in a recently disclosed scandal concerning secret offshore financial dealings in the so-called Panama Papers scandal.

In JanuaryUBS issued a new code of conduct and business ethics which all employees were encouraged to sign. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, demotionsor dismissal. InUBS expanded its global compliance database to include information on environmental and social issues provided by RepRisk[] a global research firm specialized in environmental, social and corporate governance ESG risk analytics and metrics.

In for the fourth consecutive year UBS was named one of the Best Companies for Working Mothers living in the U. It is a member of the Stonewall Diversity Champions scheme and has active gay and lesbian, ethnic minority, and women's networking groups. UBS was included on Business Week's The Best Places to Launch a Careerand ranked No. On 2 FebruaryUBS topped the charts for the ninth year in a row in Institutional Investor's annual ranking of Europe's most highly regarded equity analysts.

In a year of extremes for equity markets, money managers say that no firm did a better job than UBS to keep them informed about which European sectors, countries, and industries offered the greatest potential. On 4 MayUBS Investment Bank was voted the leading pan-European brokerage firm for equity and equity linked research for a record tenth successive year.

A Thomson Reuters Extel survey ranked UBS number one in all three of the key disciplines of research: Research tenth year ; Sales ninth year running ; and Equity Trading and Execution up from second place in UBS was also named as the number one leading pan-European brokerage firm for economics and strategy research.

On 31 OctoberUBS Wealth Management was voted the Best Global Private Bank by Professional Wealth Management[] retaining the title in while also being recognised as the Best Private Bank for Philanthropy Services, and Best Global Brand in Private Banking. UBS is particularly active in sponsoring various golf tournaments, cross-country skiing in Switzerland, ice hockeyand a range of other events around the world.

UBS was the sponsor of the Alinghi sailing ship, winner of the Americas Cup in UBS has been or currently is a sponsor of the following sporting events and organizations:. UBS's cultural sponsorships are typically related to classical music and contemporary artalthough the company also sponsors a range of film festivalsmusic festivalsand other cultural events and organizations.

UBS has previously been or currently is a sponsor of the following cultural events and organizations:. Effective on 15 Januarythe Swiss National Bank SNB discontinued the minimum targeted exchange rate for the Swiss franc versus the euro of 1. This resulted in a massive strengthening of the Swiss franc against the EuroUS dollarBritish poundJapanese yen and several other currencies, as well as a reduction in Swiss franc interest rates.

A significant portion of UBS's foreign operations and Basel III risk-weighted assets RWA are denominated in foreign currencies. The UBS's Basel III capital ratio concerned benefited from the appreciation of the Swiss franc. At the same time, since the portion of UBS's operating income denominated in foreign currencies is greater than the portion of operating expenses so denominated, [17] the UBS was also adversely affected, with further implications emanating from changes in interest rates as applied to equity and capital.

From Wikipedia, the free encyclopedia. For other uses, see UBS disambiguation. Swiss Bank Corporation and Union Bank of Switzerland. The Basel offices of Swiss Bank Corporation c. Bank in Winterthurest. Toggenburger Bankest. UBS Tax Evasion Controversy.

Alinghi Arnold Palmer Invitational Athletissima Escalade Race cross-country Faldo Series Asia Formula One Greifenseelauf Hong Kong Rugby Football Union Murten to Fribourg: Art Basel Art Basel Miami Beach Art Gallery NSW Basel Sinfonietta Boston Symphony Orchestra Bregenz Festival Cy Twombly exhibition Fondation Beyeler Fondation Pierre Gianadda International Mozarteum Foundation Lake Thun Festival [] Locarno International Film Festival London Symphony Orchestra Lucerne Festival Lucerne Symphony Orchestra Lugano Festival Montreux Jazz Festival Open-air cinemas Kino am See Ravinia Festival [] Singapore Sun Festival Utah Symphony Verbier Music Festival Zurich Ballet [] Zurich Opera.

Retrieved 29 May Retrieved 27 July Moneyhouse - Commercial Register and Business Information. A member of the NZZ media group. Retrieved 26 March Telegraph Media Group Limited. Retrieved 31 March Private clients - Tailored money solutions. Corporate customers - The right solution for every need.

UBS in the world". Why invest with us. Helping you solve your global investment challenges". Retrieved 1 June A version of this article appears in print on June 9,on page A1 of the New York edition with the headline: After Leaving City, Big Bank Mulls a Return.

The New York Times. The Wall Street Journal. Retrieved 11 April Retrieved 22 January Retrieved 23 January Retrieved 21 March Retrieved 29 March Morgan Stanley and S. Bank Secrecy Was Bern's Wartime 'Weapon'. A bill for the relief of Michel Christopher Meili, Giuseppina Meili, Mirjam Naomi Meili, and Davide Meili ; private bill sponsored by Senator Alphonse D'Amatosigned into private law by president Bill Clinton on 29 July The Age of Turbulence: Adventures in a New World.

The Rise and Fall of Long-Term Capital Management. How Deceit and Risk Corrupted the Financial Markets. Introducing UBS PaineWebber, Post Merger.

Archived from the original on 13 August Calculating UBS's Loss of Banker Benjamin Lorello ". Moelis's Troops at UBS Begin to Disperse". Some wonder if the high-profile investment banker will launch his own firm in L. Bloomberg, 20 August Retrieved 26 May Time for Some More Swissness? Retrieved 17 May Retrieved 19 May Retrieved 10 May Meili - Mission zwischen Moral und Milliarden in German. Accessed 21 March Jewish Groups Praised The Deal But Said A Larger Battle Was Not Over.

Retrieved 23 October The Hindu Business Line. Archived from the original on 1 May Retrieved 24 May Ex-employees say brokerage firm's diversity attempts mocked non-whites". The Los Angeles Times. A Crack In The Swiss Vault". Retrieved 31 January A Crack in the Swiss Vault". Retrieved 11 January Retrieved 13 November Ex-UBS banker Weil agrees to be extradited to U. US Department of Justice. Formal signing of settlement agreement relating to the John Doe summons". Clients Suspected of Tax Evasion".

Financial Industry Regulatory Authority. International Service of the Swiss Broadcasting Corporation Russian ENG. Hasan Ali bail cancelled, under probe for Khashoggi links". Hasan Ali, Tapuria admit to links with Khashoggi". Retrieved 12 January Inter Press Service News Agency. Retrieved 27 January Retrieved 29 January Retrieved 19 September Politicians and Stars involved — Switzerland stays strong".

Retrieved 11 May Retrieved 5 April Retrieved 16 March Global Initiative for Sustainability Ratings. Retrieved 9 January Retrieved 26 December Mitchell Hutchins Union Securities.

Weber Chairman Sergio Ermotti CEO Tom Naratil Markus U. Alternative Bank Schweiz Credit Suisse Coop Bank PostFinance Migros Bank Raiffeisen UBS. Bank of America Merrill Lynch Barclays Citi Institutional Clients Group Credit Suisse Deutsche Bank Corporate and Investment Bank J.

Morgan Cazenove UBS Investment Bank. Goldman Sachs Morgan Stanley. Perella Weinberg Partners Piper Jaffray Raymond James Financial Renaissance Capital ROTH Capital Partners Salam Investment Ltd. Swiss Market Index companies of Switzerland.

Members of Euro Banking Association. Dexia Bank NV KBC Bank NV Bank van De Post. Bank of Cyprus Hellenic Bank. Berenberg Bank BHF Bank Bremer Landesbank Commerzbank AG Deutsche Bank AG Deutsche Bundesbank Deutsche Postbank DZ Bank AG Europe Arab Bank Frankfurt Hamburger Sparkasse AG J.

Alpha Bank SA Eurobank Ergasias SA National Bank of Greece SA Piraeus Bank SA. Allied Irish Banks Bank of Ireland. ABN Amro Bank NV De Nederlandsche Bank ING Bank NV Rabobank Nederland.

Bank BPH SA Narodowy Bank Polski. Banco Bilbao Vizcaya Argentaria, S. La Caixa Catalunya Banc, S. Caja Rural CECABANK, S. Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank AB Nordea Bank AB. Bank of Tokyo-Mitsubishi UFJ Ltd. Barclays Bank PLC Citibank NA DNB Bank NOR HSBC Bank PLC JPMorgan Chase Bank, N. Lloyds Bank PLC MashreqBank psc UAE Royal Bank of Scotland PLC UBS AG Wells Fargo Bank NA. Bank of China CHN. Africa Americas United States South America Asia Europe Oceania.

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Government policy and spending responses. Anglo Irish Bank Corporation Act Banking Special Provisions Act China—Japan—South Korea trilateral summit Commercial Paper Funding Facility Dodd—Frank Wall Street Reform and Consumer Protection Act Emergency Economic Stabilization Act of Irish emergency budget, Irish budget, Irish budget, Irish budget, Irish budget, Temporary Liquidity Guarantee Program Term Asset-Backed Securities Loan Facility Troubled Asset Relief Program United Kingdom bank rescue package.

List of banks acquired or bankrupted during the Great Recession. Auction rate securities Collateralized debt obligations Collateralized mortgage obligations Credit default swaps Mortgage-backed securities Secondary mortgage market.

Tea Party protests United States; c. European debt crisis Financial crisis of —08 List of countries by public debt. Companies portal Switzerland portal. Authority control WorldCat Identities VIAF: Retrieved from " https: Banks of Switzerland Companies established in Companies formerly listed on the Tokyo Stock Exchange Companies listed on the New York Stock Exchange Companies listed on the SIX Swiss Exchange Investment banks Investment management companies of Switzerland Multinational companies headquartered in Switzerland Swiss brands UBS Warburg family Swiss bankers Bank headquarters establishments in Switzerland.

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Lehmann Group Chief Operating Officer Tom Naratil President Wealth Management Americas and President UBS Americas Andrea Orcel President Investment Bank Kathryn Shih President UBS Asia Pacific Jurg Zeltner President Wealth Management.

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