UBS AG

From Powerbase
Revision as of 17:05, 7 February 2011 by Barcin Uluisik (talk | contribs) (update people - to be continued)
Jump to: navigation, search

UBS AG is a global financial services company. Headquartered in Zurich and Basel, the company provides financial services for private, corporate, and institutional clients worldwide, along with retail clients in Switzerland.


History

UBS traces its roots back to 1747, when one of the bank's branches was founded in the Swiss region of Valposchiavo. However, the three core components of the company date back to second half of the nineteenth century. Union Bank of Switzerland, Swiss Bank Corporation, and PaineWebber or their antecedents were all founded in the 1860s and 1870s.

UBS was formed through a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998. SBC had just previously built a global investment banking business through its acquisitions of Dillon Read in New York and S.G. Warburg in London. The first chairman of the merged bank had to step back in October 1998 due to the Long-Term Capital Management crisis, which affected the Union Bank of Switzerland. In 2000, UBS acquired PaineWebber Group Inc. to become the world's largest wealth management firm for private clients. Invested assets in all wealth management businesses, including the U.S., total CHF 2.766 trillion.

On June 9th, 2003, all UBS business groups re-branded under the UBS name. UBS Painewebber, UBS Warburg, UBS Asset Management, and others became just "UBS". As a result of the re-branding, UBS took a $1B write off for the loss of brand value of PaineWebber. UBS is no longer an acronym but is the company's brand, like 3M or BP. Its logo of three keys stands for confidence, security, and discretion.[1]

UBS is present in all major financial centres worldwide, with offices in 50 countries. According to the UBS website, the bank had 70,210 employees on March 31, 2006. The 2006 Q1 report breaks these Financial Business permanent staff down by region as: 25,645 in Switzerland, 27,356 in the Americas, 11,341 in Europe, the Middle East and Africa (not including Switzerland), and 5,868 in Asia and Australasia.

People

Board of Directors

Executive Board

Former directors and managers

The Group Executive Board is the executive body of the company. ([1]) Its members are:

Contact

Website:
http://www.ubs.com/
Revolving Door.jpg This article is part of the Revolving Door project of Spinwatch.




Resources

Notes

  1. ↑ UBS, History of UBS > 1900 - 1939 > 1937 - 1939, accessed 07 February 2011.
  2. ↑ UBS, Board of Directors, accessed 07 February 2011.
  3. ↑ Kolker, Carlyn, "Ex-UBS Executive Raoul Weil Declared a Fugitive by U.S. Judge," Bloomberg, 14 January 2009, accessed 07 February 2011.
  4. ↑ Financial Action Task Force Sir James Sassoon, accessed 15 March 2009
  5. ↑ James Kirkup, Gordon Brown's former City envoy James Sassoon defects to Conservatives Daily Telegraph, Last Updated: 5:28PM BST 28 Sep 2008
Retrieved from "https://powerbase.info/index.php?title=UBS_AG&oldid=147925"