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mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class="">Donate</a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=UBS" title="You are encouraged to create an account and log in; however, it is not mandatory" class="">Create account</a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=UBS" title="You're encouraged to log in; however, it's not mandatory. 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[o]" accesskey="o"> Log in</a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing">learn more</a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y">Contributions</a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n">Talk</a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> 1 History </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Corporate_structure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Corporate_structure"> <div class="vector-toc-text"> 2 Corporate structure </div> </a> <button aria-controls="toc-Corporate_structure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Corporate structure subsection </button> <ul id="toc-Corporate_structure-sublist" class="vector-toc-list"> <li id="toc-Global_Wealth_Management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global_Wealth_Management"> <div class="vector-toc-text"> 2.1 Global Wealth Management </div> </a> <ul id="toc-Global_Wealth_Management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Personal_and_Corporate_Banking" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Personal_and_Corporate_Banking"> <div class="vector-toc-text"> 2.2 Personal and Corporate Banking </div> </a> <ul id="toc-Personal_and_Corporate_Banking-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-UBS_Asset_Management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#UBS_Asset_Management"> <div class="vector-toc-text"> 2.3 UBS Asset Management </div> </a> <ul id="toc-UBS_Asset_Management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-UBS_Investment_Bank" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#UBS_Investment_Bank"> <div class="vector-toc-text"> 2.4 UBS Investment Bank </div> </a> <ul id="toc-UBS_Investment_Bank-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Competition" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Competition"> <div class="vector-toc-text"> 3 Competition </div> </a> <ul id="toc-Competition-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History_2" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History_2"> <div class="vector-toc-text"> 4 History </div> </a> <button aria-controls="toc-History_2-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle History subsection </button> <ul id="toc-History_2-sublist" class="vector-toc-list"> <li id="toc-Swiss_Bank_Corporation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Swiss_Bank_Corporation"> <div class="vector-toc-text"> 4.1 Swiss Bank Corporation </div> </a> <ul id="toc-Swiss_Bank_Corporation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Union_Bank_of_Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Union_Bank_of_Switzerland"> <div class="vector-toc-text"> 4.2 Union Bank of Switzerland </div> </a> <ul id="toc-Union_Bank_of_Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Merger_of_Union_Bank_of_Switzerland_and_Swiss_Bank_Corporation:_1998" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Merger_of_Union_Bank_of_Switzerland_and_Swiss_Bank_Corporation:_1998"> <div class="vector-toc-text"> 4.3 Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998 </div> </a> <ul id="toc-Merger_of_Union_Bank_of_Switzerland_and_Swiss_Bank_Corporation:_1998-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Paine_Webber_and_international_expansion:_2000–2006" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Paine_Webber_and_international_expansion:_2000–2006"> <div class="vector-toc-text"> 4.4 Paine Webber and international expansion: 2000–2006 </div> </a> <ul id="toc-Paine_Webber_and_international_expansion:_2000–2006-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Subprime_mortgage_crisis_and_recovery:_2007–2009" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Subprime_mortgage_crisis_and_recovery:_2007–2009"> <div class="vector-toc-text"> 4.5 Subprime mortgage crisis and recovery: 2007–2009 </div> </a> <ul id="toc-Subprime_mortgage_crisis_and_recovery:_2007–2009-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Shift_to_private_banking_and_market_reemergence:_2010–2022" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shift_to_private_banking_and_market_reemergence:_2010–2022"> <div class="vector-toc-text"> 4.6 Shift to private banking and market reemergence: 2010–2022 </div> </a> <ul id="toc-Shift_to_private_banking_and_market_reemergence:_2010–2022-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Acquisition_of_Credit_Suisse:_2023" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Acquisition_of_Credit_Suisse:_2023"> <div class="vector-toc-text"> 4.7 Acquisition of Credit Suisse: 2023 </div> </a> <ul id="toc-Acquisition_of_Credit_Suisse:_2023-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Acquisition_history" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Acquisition_history"> <div class="vector-toc-text"> 5 Acquisition history </div> </a> <ul id="toc-Acquisition_history-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Corporate_governance" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Corporate_governance"> <div class="vector-toc-text"> 6 Corporate governance </div> </a> <button aria-controls="toc-Corporate_governance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Corporate governance subsection </button> <ul id="toc-Corporate_governance-sublist" class="vector-toc-list"> <li id="toc-Senior_leadership" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Senior_leadership"> <div class="vector-toc-text"> 6.1 Senior leadership </div> </a> <ul id="toc-Senior_leadership-sublist" class="vector-toc-list"> <li id="toc-List_of_former_chairmen" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#List_of_former_chairmen"> <div class="vector-toc-text"> 6.1.1 List of former chairmen </div> </a> <ul id="toc-List_of_former_chairmen-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-List_of_former_chief_executives" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#List_of_former_chief_executives"> <div class="vector-toc-text"> 6.1.2 List of former chief executives </div> </a> <ul id="toc-List_of_former_chief_executives-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Shareholders" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shareholders"> <div class="vector-toc-text"> 6.2 Shareholders </div> </a> <ul id="toc-Shareholders-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Banking_secrecy" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Banking_secrecy"> <div class="vector-toc-text"> 7 Banking secrecy </div> </a> <button aria-controls="toc-Banking_secrecy-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Banking secrecy subsection </button> <ul id="toc-Banking_secrecy-sublist" class="vector-toc-list"> <li id="toc-Hidden_assets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hidden_assets"> <div class="vector-toc-text"> 7.1 Hidden assets </div> </a> <ul id="toc-Hidden_assets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bank_vaults_and_bunkers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_vaults_and_bunkers"> <div class="vector-toc-text"> 7.2 Bank vaults and bunkers </div> </a> <ul id="toc-Bank_vaults_and_bunkers-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tax_evasion" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Tax_evasion"> <div class="vector-toc-text"> 7.3 Tax evasion </div> </a> <ul id="toc-Tax_evasion-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Corporate_social_responsibility" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Corporate_social_responsibility"> <div class="vector-toc-text"> 8 Corporate social responsibility </div> </a> <ul id="toc-Corporate_social_responsibility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Research_and_development" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Research_and_development"> <div class="vector-toc-text"> 9 Research and development </div> </a> <button aria-controls="toc-Research_and_development-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Research and development subsection </button> <ul id="toc-Research_and_development-sublist" class="vector-toc-list"> <li id="toc-Blockchain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Blockchain"> <div class="vector-toc-text"> 9.1 Blockchain </div> </a> <ul id="toc-Blockchain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-IMECL" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#IMECL"> <div class="vector-toc-text"> 9.2 IMECL </div> </a> <ul id="toc-IMECL-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Artificial_intelligence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Artificial_intelligence"> <div class="vector-toc-text"> 9.3 Artificial intelligence </div> </a> <ul id="toc-Artificial_intelligence-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Recognition" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Recognition"> <div class="vector-toc-text"> 10 Recognition </div> </a> <ul id="toc-Recognition-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sponsorship" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Sponsorship"> <div class="vector-toc-text"> 11 Sponsorship </div> </a> <button aria-controls="toc-Sponsorship-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Sponsorship subsection </button> <ul id="toc-Sponsorship-sublist" class="vector-toc-list"> <li id="toc-Sports" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sports"> <div class="vector-toc-text"> 11.1 Sports </div> </a> <ul id="toc-Sports-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Culture" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Culture"> <div class="vector-toc-text"> 11.2 Culture </div> </a> <ul id="toc-Culture-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Naming_rights" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Naming_rights"> <div class="vector-toc-text"> 11.3 Naming rights </div> </a> <ul id="toc-Naming_rights-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 12 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> 13 Notes </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 14 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> 15 Further reading </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 16 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">UBS</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 53 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-53" aria-hidden="true" > 53 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/UBS" title="UBS – Alemannic" lang="gsw" hreflang="gsw" data-title="UBS" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target">Alemannisch</a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%8A%D9%88_%D8%A8%D9%8A_%D8%A5%D8%B3_(%D8%A8%D9%86%D9%83)" title="يو بي إس (بنك) – Arabic" lang="ar" hreflang="ar" data-title="يو بي إس (بنك)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/UBS" title="UBS – Azerbaijani" lang="az" hreflang="az" data-title="UBS" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%DB%8C%D9%88%D8%A8%DB%8C%E2%80%8C%D8%A7%D8%B3" title="یوبی‌اس – South Azerbaijani" lang="azb" hreflang="azb" data-title="یوبی‌اس" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target">تۆرکجه</a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/UBS" title="UBS – Minnan" lang="nan" hreflang="nan" data-title="UBS" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target">閩南語 / Bân-lâm-gú</a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9E%D0%B1%D0%B5%D0%B4%D0%B8%D0%BD%D0%B5%D0%BD%D0%B0_%D0%B1%D0%B0%D0%BD%D0%BA%D0%B0_%D0%BD%D0%B0_%D0%A8%D0%B2%D0%B5%D0%B9%D1%86%D0%B0%D1%80%D0%B8%D1%8F" title="Обединена банка на Швейцария – Bulgarian" lang="bg" hreflang="bg" data-title="Обединена банка на Швейцария" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/UBS" title="UBS – Catalan" lang="ca" hreflang="ca" data-title="UBS" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/UBS" title="UBS – Czech" lang="cs" hreflang="cs" data-title="UBS" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/UBS" title="UBS – Danish" lang="da" hreflang="da" data-title="UBS" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-ary mw-list-item"><a href="https://ary.wikipedia.org/wiki/%D9%8A%D9%88_%D8%A8%D9%8A_%D8%A5%D8%B3" title="يو بي إس – Moroccan Arabic" lang="ary" hreflang="ary" data-title="يو بي إس" data-language-autonym="الدارجة" data-language-local-name="Moroccan Arabic" class="interlanguage-link-target">الدارجة</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/UBS" title="UBS – German" lang="de" hreflang="de" data-title="UBS" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/UBS" title="UBS – Estonian" lang="et" hreflang="et" data-title="UBS" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target">Eesti</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/UBS" title="UBS – Spanish" lang="es" hreflang="es" data-title="UBS" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/UBS" title="UBS – Esperanto" lang="eo" hreflang="eo" data-title="UBS" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/UBS" title="UBS – Basque" lang="eu" hreflang="eu" data-title="UBS" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DB%8C%D9%88%D8%A8%DB%8C%E2%80%8C%D8%A7%D8%B3" title="یوبی‌اس – Persian" lang="fa" hreflang="fa" data-title="یوبی‌اس" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/UBS" title="UBS – French" lang="fr" hreflang="fr" data-title="UBS" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/UBS" title="UBS – Korean" lang="ko" hreflang="ko" data-title="UBS" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/UBS" title="UBS – Armenian" lang="hy" hreflang="hy" data-title="UBS" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target">Հայերեն</a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AF%E0%A5%82%E0%A4%AC%E0%A5%80%E0%A4%8F%E0%A4%B8" title="यूबीएस – Hindi" lang="hi" hreflang="hi" data-title="यूबीएस" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target">हिन्दी</a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/UBS" title="UBS – Croatian" lang="hr" hreflang="hr" data-title="UBS" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target">Hrvatski</a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/UBS" title="UBS – Indonesian" lang="id" hreflang="id" data-title="UBS" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/UBS" title="UBS – Italian" lang="it" hreflang="it" data-title="UBS" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/UBS" title="UBS – Kazakh" lang="kk" hreflang="kk" data-title="UBS" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target">Қазақша</a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/UBS_(uz%C5%86%C4%93mums)" title="UBS (uzņēmums) – Latvian" lang="lv" hreflang="lv" data-title="UBS (uzņēmums)" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target">Latviešu</a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/UBS" title="UBS – Lithuanian" lang="lt" hreflang="lt" data-title="UBS" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/UBS" title="UBS – Malay" lang="ms" hreflang="ms" data-title="UBS" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/UBS" title="UBS – Dutch" lang="nl" hreflang="nl" data-title="UBS" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AF%E0%A5%81%E0%A4%AC%E0%A4%BF%E0%A4%8F%E0%A4%B8_%E0%A4%AC%E0%A5%88%E0%A4%82%E0%A4%95" title="युबिएस बैंक – Nepali" lang="ne" hreflang="ne" data-title="युबिएस बैंक" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target">नेपाली</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/UBS" title="UBS – Japanese" lang="ja" hreflang="ja" data-title="UBS" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/UBS" title="UBS – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="UBS" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/UBS" title="UBS – Polish" lang="pl" hreflang="pl" data-title="UBS" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/UBS_AG" title="UBS AG – Portuguese" lang="pt" hreflang="pt" data-title="UBS AG" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/UBS" title="UBS – Romanian" lang="ro" hreflang="ro" data-title="UBS" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li><li class="interlanguage-link interwiki-rm mw-list-item"><a href="https://rm.wikipedia.org/wiki/UBS" title="UBS – Romansh" lang="rm" hreflang="rm" data-title="UBS" data-language-autonym="Rumantsch" data-language-local-name="Romansh" class="interlanguage-link-target">Rumantsch</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/UBS" title="UBS – Russian" lang="ru" hreflang="ru" data-title="UBS" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/UBS" title="UBS – Yakut" lang="sah" hreflang="sah" data-title="UBS" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target">Саха тыла</a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/UBS" title="UBS – Albanian" lang="sq" hreflang="sq" data-title="UBS" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target">Shqip</a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/UBS" title="UBS – Sicilian" lang="scn" hreflang="scn" data-title="UBS" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target">Sicilianu</a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/UBS" title="UBS – Simple English" lang="en-simple" hreflang="en-simple" data-title="UBS" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/UBS" title="UBS – Slovak" lang="sk" hreflang="sk" data-title="UBS" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target">Slovenčina</a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/UBS_AG" title="UBS AG – Slovenian" lang="sl" hreflang="sl" data-title="UBS AG" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target">Slovenščina</a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/UBS" title="UBS – Finnish" lang="fi" hreflang="fi" data-title="UBS" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target">Suomi</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/UBS" title="UBS – Swedish" lang="sv" hreflang="sv" data-title="UBS" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AF%E0%AF%82%E0%AE%AA%E0%AE%BF%E0%AE%8E%E0%AE%B8%E0%AF%8D_%E0%AE%8F%E0%AE%9C%E0%AE%BF" title="யூபிஎஸ் ஏஜி – Tamil" lang="ta" hreflang="ta" data-title="யூபிஎஸ் ஏஜி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target">தமிழ்</a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/UBS" title="UBS – Turkish" lang="tr" hreflang="tr" data-title="UBS" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/UBS" title="UBS – Ukrainian" lang="uk" hreflang="uk" data-title="UBS" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target">Українська</a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%DB%8C%D9%88_%D8%A8%DB%8C_%D8%A7%DB%8C%D8%B3" title="یو بی ایس – Urdu" lang="ur" hreflang="ur" data-title="یو بی ایس" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target">اردو</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/UBS" title="UBS – Vietnamese" lang="vi" hreflang="vi" data-title="UBS" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E7%91%9E%E8%81%94%E9%93%B6%E8%A1%8C" title="瑞联银行 – Wu" lang="wuu" hreflang="wuu" data-title="瑞联银行" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target">吴语</a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E7%91%9E%E9%8A%80%E9%9B%86%E5%9C%98" 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<div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle">(Redirected from <a href="/w/index.php?title=UBS_AG&redirect=no" class="mw-redirect" title="UBS AG">UBS AG</a>)</div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Multinational investment bank headquartered in Switzerland</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the investment bank and financial services company. For other uses, see <a href="/wiki/UBS_(disambiguation)" class="mw-disambig" title="UBS (disambiguation)">UBS (disambiguation)</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Not to be confused with the courier company UPS, or <a href="/wiki/United_Parcel_Service" title="United Parcel Service">United Parcel Service</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">UBS Group AG</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><a href="/wiki/File:UBS_Logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/a/ab/UBS_Logo.svg/240px-UBS_Logo.svg.png" decoding="async" width="240" height="88" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ab/UBS_Logo.svg/360px-UBS_Logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ab/UBS_Logo.svg/480px-UBS_Logo.svg.png 2x" data-file-width="300" data-file-height="110" /></a></td></tr><tr><td colspan="2" class="infobox-image ib-company-logo logo"><a href="/wiki/File:Eingang_UBS_Paradeplatz.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7c/Eingang_UBS_Paradeplatz.JPG/250px-Eingang_UBS_Paradeplatz.JPG" decoding="async" width="250" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7c/Eingang_UBS_Paradeplatz.JPG/375px-Eingang_UBS_Paradeplatz.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7c/Eingang_UBS_Paradeplatz.JPG/500px-Eingang_UBS_Paradeplatz.JPG 2x" data-file-width="4244" data-file-height="2818" /></a><div class="infobox-caption">Headquarters in <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a>, Switzerland</div></td></tr><tr><th scope="row" class="infobox-label">Formerly</th><td class="infobox-data nickname"><a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> (1862–1998)</td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Public_company" title="Public company">Public</a> (<a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">Aktiengesellschaft</a>)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Ticker_symbol" title="Ticker symbol">Traded as</a></div></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li><a href="/wiki/SIX_Swiss_Exchange" title="SIX Swiss Exchange">SIX</a>: <a rel="nofollow" class="external text" href="https://www.six-group.com/en/products-services/the-swiss-stock-exchange/market-data/news-tools/product-search.html?security=UBSG">UBSG</a></li><li><a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>: <a rel="nofollow" class="external text" href="https://www.nyse.com/quote/XNYS:UBS">UBS</a></li><li><a href="/wiki/Swiss_Market_Index" title="Swiss Market Index">SMI</a> component</li></ul></div></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/International_Securities_Identification_Number" title="International Securities Identification Number">ISIN</a></th><td class="infobox-data"><a class="external text" href="https://isin.toolforge.org/?language=en&isin=CH0244767585">CH0244767585</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li><a href="/wiki/Banking" class="mw-redirect" title="Banking">Banking</a></li><li><a href="/wiki/Financial_services" title="Financial services">Financial services</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Predecessor</th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><div class="hlist"><ul><li><a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a></li><li><a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">29 June 1998; 26 years ago (1998-06-29) (through the merger of Union Bank of Switzerland and Swiss Bank Corporation)</td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"><a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a>, Switzerland</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Area served</div></th><td class="infobox-data"><a href="/wiki/Multinational_corporation" title="Multinational corporation">Worldwide</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"> <ul><li><a href="/wiki/Colm_Kelleher" title="Colm Kelleher">Colm Kelleher</a> (<a href="/wiki/Chairman" class="mw-redirect" title="Chairman">chairman</a>)</li> <li><a href="/wiki/Sergio_Ermotti" title="Sergio Ermotti">Sergio Ermotti</a> (<a href="/wiki/Group_Chief_Executive_Officer" class="mw-redirect" title="Group Chief Executive Officer">CEO</a>)</li> <li>Todd Tuckner (<a href="/wiki/Chief_financial_officer" title="Chief financial officer">CFO</a>)<a href="#cite_note-1">[1]</a></li></ul> </div></td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><div class="hlist"><ul><li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li><li><a href="/wiki/Wealth_management" title="Wealth management">wealth management</a></li><li><a href="/wiki/Private_banking" title="Private banking">private banking</a></li><li><a href="/wiki/Investment_management" title="Investment management">investment management</a></li><li><a href="/wiki/Asset_management" title="Asset management">asset management</a></li><li><a href="/wiki/Corporate_banking" class="mw-redirect" title="Corporate banking">corporate banking</a></li><li><a href="/wiki/Retail_banking" title="Retail banking">retail banking</a></li><li><a href="/wiki/Commercial_bank" title="Commercial bank">corporate banking</a></li><li><a href="/wiki/Private_equity" title="Private equity">private equity</a></li><li><a href="/wiki/Finance_and_insurance" class="mw-redirect" title="Finance and insurance">finance and insurance</a></li><li><a href="/wiki/Retail_banking" title="Retail banking">retail banking</a></li><li><a href="/wiki/Mortgage_loans" class="mw-redirect" title="Mortgage loans">mortgages</a></li><li><a href="/wiki/Credit_cards" class="mw-redirect" title="Credit cards">credit cards</a></li><li><a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a></li><li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">exchange-traded funds</a></li><li><a href="/wiki/Index_fund" title="Index fund">index funds</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> <a href="/wiki/United_States_dollar" title="United States dollar">US$</a>40.8 billion (2023)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Operating income</a></div></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> US$28.7 billion (2023)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Net_income" title="Net income">Net income</a></div></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> US$27.8 billion (2023)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> US$5.71 trillion (2023)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Asset" title="Asset">Total assets</a></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> US$1.72 trillion (2023)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Equity_(finance)" title="Equity (finance)">Total equity</a></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> US$86.1 billion (2023)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">115,038 (end 2023)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiaries</a></th><td class="infobox-data"><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a><a href="#cite_note-2">[2]</a></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Basel_III" title="Basel III">Capital ratio</a></th><td class="infobox-data"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /> <a href="/wiki/Tier_1_capital" title="Tier 1 capital">Tier 1</a> 14.4% (2023)</td></tr><tr><th scope="row" class="infobox-label">Rating</th><td class="infobox-data"><a href="/wiki/Standard_%26_Poor%27s" class="mw-redirect" title="Standard & Poor's">S&P</a>: A+ <a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's</a>: Aa2 <a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch</a>: AA-</td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><a rel="nofollow" class="external text" href="https://www.ubs.com/">www.ubs.com</a> <a href="https://www.wikidata.org/wiki/Q193199#P856" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></td></tr><tr><td colspan="2" class="infobox-below">Footnotes / references UBS Institutional Reporting as of: end of 2023<a href="#cite_note-UBS_annual_reporting_2023-3">[3]</a><a href="#cite_note-4">[4]</a></td></tr></tbody></table> UBS Group AG<a href="#cite_note-9">[nb 1]</a> is a multinational <a href="/wiki/Investment_banking" title="Investment banking">investment bank</a> and <a href="/wiki/Financial_services" title="Financial services">financial services</a> company founded and based in <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>. Headquartered simultaneously in <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a> and <a href="/wiki/Basel" title="Basel">Basel</a>,<a href="#cite_note-10">[9]</a> it maintains a presence in all major financial centres as the <a href="/wiki/List_of_largest_banks" title="List of largest banks">largest Swiss banking institution</a> and the <a href="/wiki/Private_banking" title="Private banking">largest private bank</a> in the world. UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of <a href="#Banking_secrecy">banking secrecy</a>.<a href="#cite_note-17">[nb 2]</a> Because of the bank's large positions in the <a href="/wiki/Americas" title="Americas">Americas</a>, <a href="/wiki/Europe,_the_Middle_East_and_Africa" title="Europe, the Middle East and Africa">EMEA</a> and <a href="/wiki/Asia-Pacific" class="mw-redirect" title="Asia-Pacific">Asia Pacific</a> markets, the <a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a> considers it a <a href="/wiki/Systemically_important_financial_institution" title="Systemically important financial institution">global systemically important bank</a>. Apart from private banking, UBS provides <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a>, <a href="/wiki/Asset_management" title="Asset management">asset management</a> and investment banking services for private, corporate and institutional clients with international service. UBS manages the largest amount of private wealth in the world, counting approximately half of <a href="/wiki/The_World%27s_Billionaires" title="The World's Billionaires">The World's Billionaires</a> among its clients. UBS also maintains <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">a global investment bank</a> and is considered a primary <a href="/wiki/Market_maker" title="Market maker">market maker</a>. The bank also maintains numerous underground <a href="/wiki/Bank_vault" title="Bank vault">bank vaults</a>, bunkers and storage facilities for gold bars around the <a href="/wiki/Swiss_Alps" title="Swiss Alps">Swiss Alps</a> and internationally. Partly due to its banking secrecy, it has been at the centre of <a href="/wiki/UBS_tax_evasion_controversies" title="UBS tax evasion controversies">numerous tax avoidance investigations</a> undertaken by U.S., French, German, Israeli and Belgian authorities. UBS operations in Switzerland and the United States were respectively ranked first and second on the 2018 <a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a>. As of December 2023,<a class="external text" href="https://en.wikipedia.org/w/index.php?title=UBS&action=edit">[update]</a> UBS is the seventh largest bank in Europe with total assets worth over €1.554 trillion.<a href="#cite_note-18">[16]</a> It is one of the eight global "<a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a>" banks. It has over <a href="/wiki/Swiss_franc" title="Swiss franc">CHF</a> 3.2 trillion in assets under management (AUM), approximately CHF 2.8 trillion of which are invested assets.<a href="#cite_note-19">[17]</a> In June 2017, its <a href="/wiki/Return_on_capital" title="Return on capital">return on invested capital</a> was 11.1%, followed by <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>' 9.35%, and <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>'s 9.456%.<a href="#cite_note-20">[18]</a> UBS acquired rival <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> in an <a href="/wiki/Acquisition_of_Credit_Suisse_by_UBS" title="Acquisition of Credit Suisse by UBS">emergency rescue deal</a> brokered by the Swiss government and its Central bank in 2023, following which UBS' AUM increased to over $5 trillion along with an increased balanced sheet of $1.6 trillion.<a href="#cite_note-21">[19]</a> In late 2016, UBS established a <a href="/wiki/Blockchain" title="Blockchain">blockchain technology</a> research lab in <a href="/wiki/London" title="London">London</a> to advance its cyber security and encryption of client activities. Based on regional deal flow and political influence, UBS is considered one of the "biggest, most powerful financial institutions in the world".<a href="#cite_note-22">[20]</a><a href="#cite_note-23">[21]</a> The company's capital strength, security protocols, and reputation for discretion have yielded a substantial market share in banking and a high level of <a href="/wiki/Brand_loyalty" title="Brand loyalty">brand loyalty</a>. Alternatively, it receives routine criticism for facilitating tax noncompliance and <a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">off-shore financing</a>. UBS is a <a href="/wiki/Primary_dealer" title="Primary dealer">primary dealer</a> and <a href="/wiki/Forex" class="mw-redirect" title="Forex">Forex</a> counterparty of the U.S. <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>. <style data-mw-deduplicate="TemplateStyles:r886046785">.mw-parser-output .toclimit-2 .toclevel-1 ul,.mw-parser-output .toclimit-3 .toclevel-2 ul,.mw-parser-output .toclimit-4 .toclevel-3 ul,.mw-parser-output .toclimit-5 .toclevel-4 ul,.mw-parser-output .toclimit-6 .toclevel-5 ul,.mw-parser-output .toclimit-7 .toclevel-6 ul{display:none}</style><div class="toclimit-3"><meta property="mw:PageProp/toc" /></div> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=UBS&action=edit&section=1" title="Edit section: History">edit</a>]</div> UBS was founded in 1862 as the <a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a>.<a href="#cite_note-Kumar-2014-24">[22]</a> This development came with the formation of the series of modern Swiss Grossbanken (big banks) in the latter part of the 19th century.<a href="#cite_note-25">[23]</a> The name of the bank was derived from the town of <a href="/wiki/Winterthur" title="Winterthur">Winterthur</a>, which served as Switzerland's industrial hub in the 19th century.<a href="#cite_note-26">[24]</a> By 1854, six private bankers in <a href="/wiki/Basel" title="Basel">Basel</a> founded the <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> (SBC) to cater to the increasing credit needs of Swiss railroad and manufacturing companies.<a href="#cite_note-27">[25]</a> It formed a <a href="/wiki/Private_banking" title="Private banking">private banking</a> syndicate that expanded, aided by Switzerland's <a href="/wiki/Swiss_neutrality" title="Swiss neutrality">international neutrality</a>.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] In 1912, the Bank of Winterthur merged with <a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a> to form the <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> (UBS)<a href="#cite_note-Kumar-2014-24">[22]</a> and grew rapidly after the <a href="/wiki/Federal_Act_on_Banks_and_Savings_Banks" title="Federal Act on Banks and Savings Banks">Banking Law of 1934</a> codified Swiss banking secrecy. Following decades of market competition between Union Bank of Switzerland and the Swiss Bank Corporation (SBC), the two merged in 1998 to create a single company known solely as "UBS".<a href="#cite_note-29">[nb 3]</a> The agreement to merge had been made the previous year at a meeting of the <a href="/wiki/Institut_International_d%E2%80%99Etudes_Bancaires" class="mw-redirect" title="Institut International d’Etudes Bancaires">Institut International d’Etudes Bancaires</a>, a secretive club for European banking CEOs.<a href="#cite_note-:0-30">[27]</a> UBS does not stand for Union Bank of Switzerland. The name 'UBS' came from one of its predecessor firms - the Union Bank of Switzerland. However, just like other prominent brands which used to be an abbreviation of a company name, UBS is no longer considered an acronym. In fact, that was one of the more than 370 financial firms that have, since 1862, become part of today's UBS. During the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, UBS managed heavy losses with an asset relief recovery programme.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] In 2011, the company was hit by the <a href="/wiki/2011_UBS_rogue_trader_scandal" title="2011 UBS rogue trader scandal">2011 rogue trader scandal</a> resulting in a <a href="/wiki/United_States_dollar" title="United States dollar">US$</a>2 billion trading loss.<a href="#cite_note-31">[28]</a> In 2012, the bank reoriented itself around wealth management advisory services and limited its <a href="/wiki/Sell_side" title="Sell side">sell side</a> operations. <div class="mw-heading mw-heading2"><h2 id="Corporate_structure">Corporate structure</h2>[<a href="/w/index.php?title=UBS&action=edit&section=2" title="Edit section: Corporate structure">edit</a>]</div> <div class="PieChartTemplate thumb tright"><div class="thumbinner" style="width:202px"> <div class="mw-no-invert" style="background-color:white;margin:auto;position:relative;width:200px;height:200px;overflow:hidden;border-radius:100px;border:1px solid black;transform:scaleX(-1)rotate(-90deg)"> <div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:0; top:0; border-width:0 200px 200px 0; border-color:orange; z-index:-1"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;right:100px; top:100px; border-width:44.27582310389px 89.664103678524px 0 0; border-top-color:Magenta"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:Magenta"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;right:100px; top:100px; border-width:40.290643571366px 91.524117262092px 0 0; border-top-color:gray"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:gray"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;right:100px; top:0; border-width:0 506.89393637885px 100px 0; border-right-color:green"></div> <div style="position:absolute;line-height:0;border-style:solid;right:0;top:0;border-width:0 100px 100px 0;border-color:green"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;right:100px; top:0; border-width:0 33.188051739324px 100px 0; border-right-color:blue"></div> <div style="position:absolute;line-height:0;border-style:solid;right:0;top:0;border-width:0 100px 100px 0;border-color:blue"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:100px; top:5.9119231045774px; border-width:0 0 94.088076895423px 33.873792024529px; border-bottom-color:red"></div> </div> <div class="thumbcaption"> Capital ownership of UBS by country of origin as of 2014:<a href="#cite_note-32">[29]</a> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  Switzerland (19.5%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  United States (10.6%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  United Kingdom (16.8%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Asia-Pacific-Singapore (9.7%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Germany (0.7%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Others (42.7%)</div> </div> </div></div> UBS is a <a href="/wiki/Joint-stock" class="mw-redirect" title="Joint-stock">joint-stock</a> company (<a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">Aktiengesellschaft</a>) pursuant to Swiss laws. Its shares are listed at the <a href="/wiki/SIX_Swiss_Exchange" title="SIX Swiss Exchange">SIX Swiss Exchange</a> and the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (NYSE). As of December 2020, UBS is present in all major financial centres worldwide, having offices in 50 countries, with about 30% of its approx. 73,000 employees working in the Americas, 30% in Switzerland, 19% in Europe (excluding Switzerland), the Middle East and Africa and 21% in the Asia Pacific region.<a href="#cite_note-UBS-2021-33">[30]</a> The bank has its major presence in the <a href="/wiki/United_States" title="United States">United States</a>. Its American headquarters for <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a> are located in <a href="/wiki/New_York_City" title="New York City">New York City</a>, for <a href="/wiki/Private_wealth_management" class="mw-redirect" title="Private wealth management">private wealth management</a> advisory in <a href="/wiki/Weehawken,_New_Jersey" title="Weehawken, New Jersey">Weehawken, New Jersey</a>. They have <a href="/wiki/Sales_%26_trading" class="mw-redirect" title="Sales & trading">sales & trading</a> and private wealth management offices in <a href="/wiki/Stamford,_Connecticut" title="Stamford, Connecticut">Stamford, Connecticut</a>.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] The company's global business groups are <a href="/wiki/Wealth_management" title="Wealth management">global wealth management</a>, <a href="/wiki/Investment_banking" title="Investment banking">investment bank</a>, <a href="/wiki/Asset_management" title="Asset management">asset management</a> and personal & corporate banking.<a href="#cite_note-UBS-2021-33">[30]</a> UBS is the leading provider of <a href="/wiki/Retail_banking" title="Retail banking">retail banking</a> and <a href="/wiki/Commercial_banking" class="mw-redirect" title="Commercial banking">commercial banking</a> services in Switzerland, as established already in 2009.<a href="#cite_note-Our_clients_&_businesses_-_UBS_Global_topics-34">[31]</a> Overall invested assets are $3.101 billion, <a href="/wiki/Shareholders%27_equity" class="mw-redirect" title="Shareholders' equity">shareholders' equity</a> is $52.928 billion and <a href="/wiki/Market_capitalization" title="Market capitalization">market capitalization</a> is $45.907 billion by the end of 2018.<a href="#cite_note-UBS-2021-33">[30]</a> In November 2014, the shares in UBS Group AG were listed and started trading as a new <a href="/wiki/Holding_company" title="Holding company">holding company</a> at the NYSE and SIX Swiss Exchange. Upon application and with effect as of 14 January 2015, the shares of UBS AG, the <a href="/wiki/Subsidiary" title="Subsidiary">subsidiary</a> of the UBS Group AG, were delisted from the NYSE.<a href="#cite_note-35">[32]</a> As of September 2019, the largest institutional shareholders are:<a href="#cite_note-36">[33]</a> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Offices_(299_Park_Avenue)_06_(logo_cube).png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/UBS_Offices_%28299_Park_Avenue%29_06_%28logo_cube%29.png/220px-UBS_Offices_%28299_Park_Avenue%29_06_%28logo_cube%29.png" decoding="async" width="220" height="167" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/UBS_Offices_%28299_Park_Avenue%29_06_%28logo_cube%29.png/330px-UBS_Offices_%28299_Park_Avenue%29_06_%28logo_cube%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3f/UBS_Offices_%28299_Park_Avenue%29_06_%28logo_cube%29.png/440px-UBS_Offices_%28299_Park_Avenue%29_06_%28logo_cube%29.png 2x" data-file-width="1129" data-file-height="857" /></a><figcaption>The UBS Investment Bank's Offices at <a href="/wiki/299_Park_Avenue" title="299 Park Avenue">299 Park Avenue</a> in <a href="/wiki/New_York_City" title="New York City">New York City</a></figcaption></figure> <table class="wikitable"> <tbody><tr> <th>Owner name </th> <th>% </th></tr> <tr> <td>Chase Nominees Ltd., London </td> <td>11.76 </td></tr> <tr> <td><a href="/wiki/Cede_and_Company" title="Cede and Company">DTC (Cede & Co.), New York</a> </td> <td>7.57 </td></tr> <tr> <td>Nortrust Nominees Ltd., London </td> <td>4.53 </td></tr></tbody></table> As of 30 June 2018, the geographical distribution of the shareholders presents itself as follows:<a href="#cite_note-37">[34]</a> <table class="wikitable"> <caption> </caption> <tbody><tr> <th> </th> <th>Shareholders </th> <th>% </th> <th>Shares </th> <th>% </th></tr> <tr> <td>Americas </td> <td>5,675 </td> <td>2.5 </td> <td>434,200,367 </td> <td>11.3 </td></tr> <tr> <td>Asia Pacific </td> <td>5,530 </td> <td>2.4 </td> <td>101,914,133 </td> <td>2.6 </td></tr> <tr> <td>Europe, Middle East and Africa </td> <td>13,065 </td> <td>5.7 </td> <td>823,401,277 </td> <td>21.4 </td></tr> <tr> <td>Switzerland </td> <td>206,060 </td> <td>89.5 </td> <td>823,785,072 </td> <td>21.4 </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Total registered shares </td> <td> </td> <td> </td> <td>2,183,300,849 </td> <td>56.6 </td></tr> <tr> <td>Total unregistered shares </td> <td> </td> <td> </td> <td>1,671,288,703 </td> <td>43.34 </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Total </td> <td>230,330 </td> <td>100.0 </td> <td>3,854,589,522 </td> <td>100.0 </td></tr></tbody></table> As of June 2018, UBS's corporate structure includes four divisions in total, namely:<a href="#cite_note-38">[35]</a><a href="#cite_note-39">[36]</a> <ul><li>Global Wealth Management</li> <li>Personal & Corporate Bank</li> <li>Asset Management</li> <li>Investment Bank</li></ul> Starting on 9 June 2003, all 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.<a href="#cite_note-40">[37]</a> <div class="mw-heading mw-heading3"><h3 id="Global_Wealth_Management">Global Wealth Management</h3>[<a href="/w/index.php?title=UBS&action=edit&section=3" title="Edit section: Global Wealth Management">edit</a>]</div> UBS's global <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a> advisory division offers <a href="/wiki/High-net-worth_individual" title="High-net-worth individual">high-net-worth individuals</a> around the world a range of advisory and <a href="/wiki/Investment_products" class="mw-redirect" title="Investment products">investment products</a> and services.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> As of the end of 2016, UBS Wealth Management's invested assets totalled CHF 977billion.<a href="#cite_note-UBS_E-Paper-42">[39]</a> The whole companies <a href="/wiki/Assets_under_management" title="Assets under management">assets under management (AUM)</a> amounted to US$1,737.5 billion in 2015, representing a 1% decrease in AUM compared to the equivalent data of 2014.<a href="#cite_note-43">[40]</a> As of 2018, UBS manages the largest amount of <a href="/wiki/Wealth_management" title="Wealth management">private wealth</a> in the world, counting approximately half of <a href="/wiki/The_World%27s_Billionaires" title="The World's Billionaires">The World's Billionaires</a> among its clients.<a href="#cite_note-46">[nb 4]</a> More than 60% of total invested assets in UBS Wealth Management belong to individuals with a net worth of CHF 10 million or more. Of the remaining 40% of total invested assets, 30% of the total belong to individuals with net worth between CHF 1 million and CHF 10 million and the last 10% of total assets belong to individuals with a net worth of less than CHF 1 million.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> UBS offers <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">brokerage</a> services and products as well as <a href="/wiki/Asset_management" title="Asset management">asset management</a> and other investment advisory and portfolio management products and services.<a href="#cite_note-47">[43]</a><a href="#cite_note-48">[44]</a> Additionally, UBS provides a broad range of <a href="/wiki/Securities" class="mw-redirect" title="Securities">securities</a> and savings products that are supported by the firm's <a href="/wiki/Underwriting" title="Underwriting">underwriting</a> and <a href="/wiki/Equity_research" class="mw-redirect" title="Equity research">research</a> activities as well as clients' orders management and execution and also clearing services for transactions originated by individual investors. The business is further divided geographically with separate businesses focused on the U.S. and other international markets.<a href="#cite_note-Our_clients_&_businesses_-_UBS_Global_topics-34">[31]</a><a href="#cite_note-ReferenceA-49">[45]</a> Two-thirds of the total invested assets come from Europe and Switzerland, with the final third coming mainly from the Asia-Pacific region. <figure typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Weehawken_2017.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/UBS_Weehawken_2017.jpg/214px-UBS_Weehawken_2017.jpg" decoding="async" width="214" height="178" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/UBS_Weehawken_2017.jpg/321px-UBS_Weehawken_2017.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0e/UBS_Weehawken_2017.jpg/428px-UBS_Weehawken_2017.jpg 2x" data-file-width="2048" data-file-height="1700" /></a><figcaption>UBS U.S. wealth management headquarters at <a href="/wiki/Lincoln_Harbor" class="mw-redirect" title="Lincoln Harbor">Lincoln Harbor</a> in <a href="/wiki/Weehawken,_New_Jersey" title="Weehawken, New Jersey">Weehawken</a>, New Jersey </figcaption></figure> With its <a href="/wiki/Headquarters" title="Headquarters">headquarters</a> in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately 190 offices (100 of which are in Switzerland).<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> As of the end of 2018, around 23,600 people worldwide were employed by Global Wealth Management.<a href="#cite_note-UBS-2021-33">[30]</a><a href="#cite_note-UBS_E-Paper-42">[39]</a> In Switzerland, UBS Swiss Bank provides a complete set of <a href="/wiki/Retail_banking_services" class="mw-redirect" title="Retail banking services">retail banking services</a> that includes <a href="/wiki/Checking_account" class="mw-redirect" title="Checking account">chequing</a>, <a href="/wiki/Savings_account" title="Savings account">savings</a>, <a href="/wiki/Credit_card" title="Credit card">credit cards</a>, and <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">mortgage products</a> for individuals.<a href="#cite_note-Our_Clients_and_Businesses-50">[46]</a> They offer <a href="/wiki/Cash_management" title="Cash management">cash management</a> and <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banking</a> services for small businesses and corporate clients as well.<a href="#cite_note-Our_Clients_and_Businesses-50">[46]</a> UBS global wealth management advisory operations in the <a href="/wiki/Americas" title="Americas">Americas</a> consists of U.S. and Canadian <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a> businesses, as well as international business booked in the U.S.<a href="#cite_note-51">[47]</a> UBS Wealth Management in the U.S. is an outgrowth of the former <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a> brokerage business. The business was initially renamed <a href="/wiki/UBS_Paine_Webber" class="mw-redirect" title="UBS Paine Webber">UBS Paine Webber</a> in March 2001, after it was acquired by UBS. The division offers <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a> advice for <a href="/wiki/Ultra_high-net-worth_individual" class="mw-redirect" title="Ultra high-net-worth individual">ultra-high net worth</a> and <a href="/wiki/High-net-worth_individual" title="High-net-worth individual">high net worth</a> clients.<a href="#cite_note-52">[48]</a> UBS was named "Best Bank for Wealth Management in North America" at the <a href="/wiki/Euromoney" title="Euromoney">Euromoney</a> Awards for Excellence 2017.<a href="#cite_note-53">[49]</a> UBS's main competitors in this division are <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a>, <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>, <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JP Morgan Chase</a>, <a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo</a> and <a href="/wiki/Charles_Schwab_Corporation" title="Charles Schwab Corporation">Charles Schwab</a>.<a href="#cite_note-54">[50]</a> <div class="mw-heading mw-heading3"><h3 id="Personal_and_Corporate_Banking">Personal and Corporate Banking</h3>[<a href="/w/index.php?title=UBS&action=edit&section=4" title="Edit section: Personal and Corporate Banking">edit</a>]</div> UBS's Personal & Corporate Banking division delivers financial products and services to retail,<a href="#cite_note-55">[51]</a> corporate and institutional clients<a href="#cite_note-56">[52]</a> in Switzerland.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> It also provides stable and substantial profits for the Group and <a href="/wiki/Revenue" title="Revenue">revenue</a> opportunities for businesses within the bank.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> UBS maintains a leading position in the retail and corporate loan market in Switzerland; in fact, it serves one in three <a href="/wiki/Pension_fund" title="Pension fund">pension funds</a>, more than 85% of the 1,000 largest Swiss corporations and 85% of banks that resides within the nation.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> In 2015, 2017 and 2018, the international financial magazine <a href="/wiki/Euromoney" title="Euromoney">Euromoney</a> named UBS "Best Domestic Cash Manager Switzerland".<a href="#cite_note-Best_Domestic_Cash_Manager_Switzerland_2015-57">[53]</a> As of 31 December 2018, its lending portfolio reached US$131 billion (~$157 billion in 2023).<a href="#cite_note-UBS_quarterly_reporting_2018-58">[54]</a><a href="#cite_note-UBS-2021-33">[30]</a> The products that this UBS division offers range from <a href="/wiki/Cash_account" title="Cash account">cash accounts</a>, payments, <a href="/wiki/Saving" title="Saving">savings</a> and retirement plans to <a href="/wiki/Investment_fund" title="Investment fund">investment fund</a> products, <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">residential mortgages</a> and advisory services.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> This business division constitutes a central building block of UBS's universal bank delivery model in Switzerland and it supports other divisions, such as Investment Bank, by referring clients to them and by assisting them to build their wealth to a level at which they can be transferred to UBS Wealth Management.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> The retail and corporate distribution network comprises not only 279 branches in Switzerland, but 1,250 <a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">teller machines</a> and self-service terminals, as well as <a href="/wiki/Digital_banking" title="Digital banking">digital banking</a> services, serving 2.5 million personal banking clients.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a><a href="#cite_note-UBS-2021-33">[30]</a> <div class="mw-heading mw-heading3"><h3 id="UBS_Asset_Management">UBS Asset Management</h3>[<a href="/w/index.php?title=UBS&action=edit&section=5" title="Edit section: UBS Asset Management">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Chicago_North_Wacker.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/UBS_Chicago_North_Wacker.jpg/220px-UBS_Chicago_North_Wacker.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/UBS_Chicago_North_Wacker.jpg/330px-UBS_Chicago_North_Wacker.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/UBS_Chicago_North_Wacker.jpg/440px-UBS_Chicago_North_Wacker.jpg 2x" data-file-width="3264" data-file-height="2448" /></a><figcaption>The entrance of <a href="/wiki/One_North_Wacker" title="One North Wacker">UBS Tower</a> at <a href="/wiki/Wacker_Drive" title="Wacker Drive">One North Wacker Drive</a>, a 50-story skyscraper in <a href="/wiki/Chicago_Loop" title="Chicago Loop">downtown Chicago</a></figcaption></figure> UBS <a href="/wiki/Asset_Management" class="mw-redirect" title="Asset Management">Asset Management</a> offers equity, <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a>, <a href="/wiki/Currency" title="Currency">currency</a>, <a href="/wiki/Hedge_fund" title="Hedge fund">hedge fund</a>, global <a href="/wiki/Real_estate" title="Real estate">real estate</a>, infrastructure and <a href="/wiki/Private_equity" title="Private equity">private equity</a> investment capabilities that can also be combined in multi-asset strategies.<a href="#cite_note-UBS_Annual_Report_2013-59">[55]</a> The 1998 UBS-SBC merger and subsequent restructuring resulted in the combination of three major asset management operations: UBS Asset Management, <a href="/wiki/Phillips_%26_Drew" title="Phillips & Drew">Phillips & Drew</a> (owned by <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>), and <a href="/wiki/Brinson_Partners" title="Brinson Partners">Brinson Partners</a> (owned by SBC). The investment teams were merged in 2000 and in 2002 the brands were consolidated to become UBS Global Asset Management.<a href="#cite_note-UBS_History-60">[56]</a> At the end of December 2018, UBS Asset Management was responsible for US$781 billion of invested assets and the assets under administration were US$413 billion. <a href="#cite_note-UBS_quarterly_reporting_2018-58">[54]</a><a href="#cite_note-UBS-2021-33">[30]</a> With around 2,300 employees in 23 countries, UBS Asset Management is the largest <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a> manager in Switzerland, a leading fund house in Europe, and one of the largest <a href="/wiki/Fund_of_hedge_funds" class="mw-redirect" title="Fund of hedge funds">hedge funds</a> and real estate investment managers in the world.<a href="#cite_note-UBS_Annual_Report_2015-61">[57]</a><a href="#cite_note-62">[58]</a> It has main offices in <a href="/wiki/Chicago" title="Chicago">Chicago</a>, <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>,<a href="#cite_note-63">[59]</a> <a href="/wiki/London" title="London">London</a>,<a href="#cite_note-64">[60]</a> <a href="/wiki/New_York_City" title="New York City">New York</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a>,<a href="#cite_note-65">[61]</a> <a href="/wiki/Sydney" title="Sydney">Sydney</a>,<a href="#cite_note-66">[62]</a> <a href="/wiki/Tokyo" title="Tokyo">Tokyo</a>, and <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a>.<a href="#cite_note-Total_Invested_Assets-67">[63]</a><a href="#cite_note-UBS-2021-33">[30]</a> With the aim to generate systematic products and services for clients, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business within a new area named Investments. 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.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> In February 2017, UBS Group AG and the <a href="/wiki/Northern_Trust" title="Northern Trust">Northern Trust Corporation</a>, an American international financial services company, announced an agreement for the acquisition of UBS Asset Management's fund administration servicing units in <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> and <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>. 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, completed in October 2017,<a href="#cite_note-68">[64]</a> the American company will administrate a total of CHF 420 billion in assets. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients. <a href="/wiki/Ulrich_K%C3%B6rner" title="Ulrich Körner">Ulrich Körner</a>, president of the UBS Asset Management, affirms that the continuous transformation of their platform is due to a major efficiency, effectiveness and geographical dislocation of the services offered by the bank.<a href="#cite_note-Northern_Trust_to_acquire_Fund_Services_Units_of_UBS_in_Luxembourg_and_Switzerland-69">[65]</a> UBS's main competitors in this division are <a href="/wiki/BlackRock" title="BlackRock">BlackRock</a>, <a href="/wiki/The_Vanguard_Group" title="The Vanguard Group">Vanguard Group</a>, <a href="/wiki/State_Street_Global_Advisors" title="State Street Global Advisors">State Street Global Advisers</a> (SSGA), <a href="/wiki/Fidelity_Investments" title="Fidelity Investments">Fidelity Investments</a> and <a href="/wiki/Allianz" title="Allianz">Allianz</a> Asset Management (AAM).<a href="#cite_note-70">[66]</a> <div class="mw-heading mw-heading3"><h3 id="UBS_Investment_Bank">UBS Investment Bank</h3>[<a href="/w/index.php?title=UBS&action=edit&section=6" title="Edit section: UBS Investment Bank">edit</a>]</div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:StamfordCTUBSNorthAmericanHQ11112007.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/StamfordCTUBSNorthAmericanHQ11112007.jpg/220px-StamfordCTUBSNorthAmericanHQ11112007.jpg" decoding="async" width="220" height="85" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/StamfordCTUBSNorthAmericanHQ11112007.jpg/330px-StamfordCTUBSNorthAmericanHQ11112007.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/StamfordCTUBSNorthAmericanHQ11112007.jpg/440px-StamfordCTUBSNorthAmericanHQ11112007.jpg 2x" data-file-width="2269" data-file-height="877" /></a><figcaption>UBS Investment Bank's former offices in <a href="/wiki/Stamford,_Connecticut" title="Stamford, Connecticut">Stamford, Connecticut</a>. At roughly the size of two American <a href="/wiki/American_football_field" title="American football field">football fields</a>, it was the largest column-less trading floor in the world.<a href="#cite_note-71">[67]</a></figcaption></figure> UBS Investment Bank provides services covering securities, other financial products, and research in <a href="/wiki/Equity_(finance)" title="Equity (finance)">equities</a>, rates, <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a>, <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange</a>, <a href="/wiki/Precious_metal" title="Precious metal">precious metals</a> and <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>.<a href="#cite_note-72">[68]</a> As of the end of December 2018, the personnel employed at UBS Investment Bank totalled 5,205, present in 33 countries (with principal offices in Chicago, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Tokyo and Zurich).<a href="#cite_note-UBS_quarterly_reporting_2018-58">[54]</a><a href="#cite_note-UBS-2021-33">[30]</a> This business division also advises and provides access to capital markets for corporate and institutional clients, governments, financial intermediaries, alternative asset managers, and private investors.<a href="#cite_note-Our_Clients_and_Businesses-50">[46]</a> UBS Investment Bank was formerly known as <a href="/wiki/UBS_Warburg" class="mw-redirect" title="UBS Warburg">UBS Warburg</a> and as <a href="/wiki/Warburg_Dillon_Read" class="mw-redirect" title="Warburg Dillon Read">Warburg Dillon Read</a>, before the merger of the <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> and the <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> (SBC). Within the UBS Investment Bank division, the Investment Banking Department (IBD) provides a range of advisory and underwriting services including <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a>, <a href="/wiki/Restructuring" title="Restructuring">restructuring</a>, <a href="/wiki/Initial_public_offering" title="Initial public offering">equity offerings</a>, investment grade and <a href="/wiki/High_yield_debt" class="mw-redirect" title="High yield debt">high yield debt</a> offerings, <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged finance</a> and leveraged loan structuring, and the <a href="/wiki/Private_placement" title="Private placement">private placement</a> of <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a>, <a href="/wiki/Debt" title="Debt">debt</a>, and <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>. The Sales & Trading division comprises equities (<a href="/wiki/Broker" title="Broker">brokering</a>, <a href="/wiki/Broker-dealer" title="Broker-dealer">dealing</a>, <a href="/wiki/Market_maker" title="Market maker">market making</a> and engaging in <a href="/wiki/Proprietary_trading" title="Proprietary trading">proprietary trading</a> in <a href="/wiki/Equity_(finance)" title="Equity (finance)">equities</a>, equity-related products, <a href="/wiki/Equity_derivative" title="Equity derivative">equity derivatives</a>, and <a href="/wiki/Structured_product" title="Structured product">structured products</a>) and FX, Rates and Credit (FRC) (<a href="/wiki/Broker" title="Broker">brokering</a>, <a href="/wiki/Broker-dealer" title="Broker-dealer">dealing</a>, <a href="/wiki/Market_maker" title="Market maker">market making</a> and engaging in <a href="/wiki/Proprietary_trading" title="Proprietary trading">proprietary trading</a> in interest rate products, credit products, <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</a>, <a href="/wiki/Leveraged_loan" class="mw-redirect" title="Leveraged loan">leveraged loans</a>, investment grade and <a href="/wiki/High-yield_debt" title="High-yield debt">high-yield debt</a>, <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">currencies</a>, <a href="/wiki/Structured_finance" title="Structured finance">structured products</a>, and <a href="/wiki/Derivative_products" class="mw-redirect" title="Derivative products">derivative products</a>). Following an expansion in 2002, the trading floor covers 9,600-square-metre (103,000 sq ft) with 12-metre (40 ft) arched ceilings. Over US$1 trillion in assets are traded here every trading day. In June 2011, it 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 <a href="/wiki/World_Trade_Center_(2001-present)" class="mw-redirect" title="World Trade Center (2001-present)">World Trade Center</a>.<a href="#cite_note-73">[69]</a><a href="#cite_note-Bagli-2011-74">[70]</a> UBS's main competitors in this division are fellow members of the <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a>,<a href="#cite_note-75">[71]</a> particularly <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>, and <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a>.<a href="#cite_note-76">[72]</a><a href="#cite_note-Divestopedia-2021-77">[73]</a> The American division also offers its own credit card not sponsored by another bank unlike many of its competitors.<a href="#cite_note-78">[74]</a> <div class="mw-heading mw-heading2"><h2 id="Competition">Competition</h2>[<a href="/w/index.php?title=UBS&action=edit&section=7" title="Edit section: Competition">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c5/%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg/220px-%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c5/%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg/330px-%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c5/%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg/440px-%27Occupy_Paradeplatz%27_in_Z%C3%BCrich_2011-10-22_15-36-16.jpg 2x" data-file-width="4000" data-file-height="2667" /></a><figcaption>UBS and <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> branches next to each other in Zurich</figcaption></figure> On a global scale, UBS competes with the <a href="/wiki/List_of_investment_banks" title="List of investment banks">largest global investment banks</a>,<a href="#cite_note-Morgan-2016-79">[75]</a><a href="#cite_note-80">[76]</a> particularly within the <a href="/wiki/Bulge_Bracket" class="mw-redirect" title="Bulge Bracket">Bulge Bracket</a>.<a href="#cite_note-Morgan-2016-79">[75]</a><a href="#cite_note-Divestopedia-2021-77">[73]</a> and until <a href="/wiki/Acquisition_of_Credit_Suisse_by_UBS" title="Acquisition of Credit Suisse by UBS">acquiring</a> <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> in 2023 was regularly compared against it.<a href="#cite_note-81">[77]</a><a href="#cite_note-82">[78]</a> According to a 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks.<a href="#cite_note-83">[79]</a> <ul><li>In <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>: UBS competes with a number of <a href="/wiki/Cantonal_bank" title="Cantonal bank">cantonal banks</a>, such as <a href="/wiki/Zurich_Cantonal_Bank" title="Zurich Cantonal Bank">Zürcher Kantonalbank</a>, <a href="/wiki/Banque_cantonale_vaudoise" title="Banque cantonale vaudoise">Banque cantonale vaudoise</a> and other cantonal banks, as well as <a href="/wiki/Raiffeisen_Bank_International" title="Raiffeisen Bank International">Raiffeisen</a>, <a href="/wiki/PostFinance" title="PostFinance">PostFinance</a>, and the <a href="/wiki/Migros_Bank" title="Migros Bank">Migros Bank</a>.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>]</li> <li>In <a href="/wiki/Europe" title="Europe">Europe</a>: UBS competes with several larger banks, such as <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>, <a href="/wiki/HSBC_Bank_(Europe)" class="mw-redirect" title="HSBC Bank (Europe)">HSBC</a>, <a href="/wiki/Cr%C3%A9dit_Agricole_Corporate_and_Investment_Bank" title="Crédit Agricole Corporate and Investment Bank">Crédit agricole</a>, <a href="/wiki/BNP_Paribas" title="BNP Paribas">BNP Paribas</a>, <a href="/wiki/Natixis" class="mw-redirect" title="Natixis">Natixis</a>, <a href="/wiki/Royal_Bank_of_Scotland" title="Royal Bank of Scotland">Royal Bank of Scotland</a>, <a href="/wiki/Banco_Santander" title="Banco Santander">Santander</a> and <a href="/wiki/UniCredit" title="UniCredit">UniCredit</a>.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>]</li> <li>In the <a href="/wiki/United_States" title="United States">United States</a>: UBS competes with the largest American banks, such as <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>, <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a>, <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a> and <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>]</li></ul> <div class="mw-heading mw-heading2"><h2 id="History_2">History</h2>[<a href="/w/index.php?title=UBS&action=edit&section=8" title="Edit section: History">edit</a>]</div> UBS traces its history to 1862, the year when <a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a>, forerunner of <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>, was founded.<a href="#cite_note-UBS_Es_begann_in_Winterthur-84">[80]</a> When Union Bank and SBC merged, officials originally wanted to name the merged company the "United Bank of Switzerland," but opted to call it simply UBS because of a name clash with the separate Swiss company United Bank Switzerland – a part of the <a href="/wiki/United_Bank_Limited" title="United Bank Limited">United Bank Limited</a>'s Swiss subsidiary. Therefore, UBS is no longer an <a href="/wiki/Acronym" title="Acronym">acronym</a> 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.<a href="#cite_note-Our_Clients_and_Businesses-50">[46]</a> <div class="mw-heading mw-heading3"><h3 id="Swiss_Bank_Corporation">Swiss Bank Corporation</h3>[<a href="/w/index.php?title=UBS&action=edit&section=9" title="Edit section: Swiss Bank Corporation">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Swiss_Bank_Corp_1973_logo.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/220px-Swiss_Bank_Corp_1973_logo.png" decoding="async" width="220" height="70" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/330px-Swiss_Bank_Corp_1973_logo.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/440px-Swiss_Bank_Corp_1973_logo.png 2x" data-file-width="554" data-file-height="176" /></a><figcaption><a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> logo (<abbr title="circa">c.</abbr> 1973), featuring the three keys meant to symbolize confidence, security, and discretion</figcaption></figure> UBS' earliest corporate ancestor was formed in 1854, when six private banking firms in <a href="/wiki/Basel" title="Basel">Basel</a>, Switzerland pooled their resources to form the Bankverein, a consortium that acted as an underwriting <a href="/wiki/Syndicate" title="Syndicate">syndicate</a> for its member banks.<a href="#cite_note-global-2019-85">[81]</a> In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein, a <a href="/wiki/Joint-stock" class="mw-redirect" title="Joint-stock">joint-stock</a> company replacing the original Bankverein consortium.<a href="#cite_note-global-2019-85">[81]</a> 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.<a href="#cite_note-global-2019-85">[81]</a> Following the years 1885 and 1886, when the bank merged with the Zürcher Bankverein and acquired the Basler Depositenbank and the Schweizerische Unionbank, it changed its name to Schweizerischer Bankverein.<a href="#cite_note-global-2019-85">[81]</a> The English name of the bank was originally Swiss Bankverein, but was changed to Swiss Bank Corporation (SBC) in 1917.<a href="#cite_note-UBS-FUHistory-86">[82]</a><style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><div class="thumb tmulti tleft"><div class="thumbinner multiimageinner" style="width:337px;max-width:337px"><div class="trow"><div class="tsingle" style="width:202px;max-width:202px"><div class="thumbimage"><a href="/wiki/File:Basel_office_of_Swiss_Bank_Corporation_(UBS)_c.1920.png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/de/Basel_office_of_Swiss_Bank_Corporation_%28UBS%29_c.1920.png/200px-Basel_office_of_Swiss_Bank_Corporation_%28UBS%29_c.1920.png" decoding="async" width="200" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/de/Basel_office_of_Swiss_Bank_Corporation_%28UBS%29_c.1920.png/300px-Basel_office_of_Swiss_Bank_Corporation_%28UBS%29_c.1920.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/de/Basel_office_of_Swiss_Bank_Corporation_%28UBS%29_c.1920.png/400px-Basel_office_of_Swiss_Bank_Corporation_%28UBS%29_c.1920.png 2x" data-file-width="1386" data-file-height="1074" /></a></div></div><div class="tsingle" style="width:131px;max-width:131px"><div class="thumbimage"><a href="/wiki/File:Basler_Bankverein_Prospectus_(1872).png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Basler_Bankverein_Prospectus_%281872%29.png/129px-Basler_Bankverein_Prospectus_%281872%29.png" decoding="async" width="129" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Basler_Bankverein_Prospectus_%281872%29.png/194px-Basler_Bankverein_Prospectus_%281872%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Basler_Bankverein_Prospectus_%281872%29.png/258px-Basler_Bankverein_Prospectus_%281872%29.png 2x" data-file-width="1536" data-file-height="1840" /></a></div></div></div><div class="trow" style="display:flex"><div class="thumbcaption">The <a href="/wiki/Basel" title="Basel">Basel</a> offices of Swiss Bank Corporation c. 1920<a href="#cite_note-bankersmag1920-87">[83]</a></div></div></div></div> SBC subsequently experienced a period of growth, which was only interrupted by the onset of <a href="/wiki/World_War_I" title="World War I">World War I</a>, in which the bank lost investments in a number of large industrial companies. By the end of 1918, the bank had recovered and surpassed CHF 1 billion in total assets and grew to 2,000 employees by 1920. The impact of the <a href="/wiki/Stock_market_crash_of_1929" class="mw-redirect" title="Stock market crash of 1929">stock market crash of 1929</a> and the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> was severe, particularly as the <a href="/wiki/Swiss_franc" title="Swiss franc">Swiss franc</a> suffered major <a href="/wiki/Devaluation" title="Devaluation">devaluation</a> in 1936. The bank saw its assets fall from a 1929 peak of CHF 1.6 billion to its 1918 levels of CHF 1 billion by 1936.<a href="#cite_note-UBS-FUHistory-86">[82]</a><a href="#cite_note-global-2019-85">[81]</a> In 1937, SBC adopted its three-keys <a href="/wiki/Logo" title="Logo">logo</a>, designed by <a href="/wiki/Warja_Honegger-Lavater" class="mw-redirect" title="Warja Honegger-Lavater">Warja Honegger-Lavater</a>, symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS.<a href="#cite_note-global-2019-85">[81]</a> On the eve of <a href="/wiki/World_War_II" title="World War II">World War II</a> in 1939, SBC, 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.<a href="#cite_note-88">[84]</a> The office, located in the <a href="/wiki/Equitable_Building_(Manhattan)" title="Equitable Building (Manhattan)">Equitable Building</a>, was able to begin operations a few weeks after the outbreak of the war and was intended as a safe place to store assets in the case of an invasion.<a href="#cite_note-89">[85]</a> During the war, the banks' traditional business fell off and the Swiss government became their largest client.<a href="#cite_note-UBS-FUHistory-86">[82]</a> In 1945, SBC acquired the Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland, but became <a href="/wiki/Insolvency" title="Insolvency">insolvent</a> by the end of the war. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. 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.<a href="#cite_note-global-2019-85">[81]</a> In 1961, SBC acquired Banque Populaire Valaisanne, based in <a href="/wiki/Sion,_Switzerland" title="Sion, Switzerland">Sion, Switzerland</a>, and the Banque Populaire de Sierre.<a href="#cite_note-UBS_History-60">[56]</a> The bank opened a full branch office in Tokyo in 1970.<a href="#cite_note-global-2019-85">[81]</a> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:St._Gall_office_of_Swiss_Bank_Corporation_(UBS)c.1920.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/St._Gall_office_of_Swiss_Bank_Corporation_%28UBS%29c.1920.png/220px-St._Gall_office_of_Swiss_Bank_Corporation_%28UBS%29c.1920.png" decoding="async" width="220" height="161" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/St._Gall_office_of_Swiss_Bank_Corporation_%28UBS%29c.1920.png/330px-St._Gall_office_of_Swiss_Bank_Corporation_%28UBS%29c.1920.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/St._Gall_office_of_Swiss_Bank_Corporation_%28UBS%29c.1920.png/440px-St._Gall_office_of_Swiss_Bank_Corporation_%28UBS%29c.1920.png 2x" data-file-width="1474" data-file-height="1078" /></a><figcaption>The <a href="/wiki/St._Gallen,_Switzerland" class="mw-redirect" title="St. Gallen, Switzerland">St. Gallen, Switzerland</a>, offices of Swiss Bank Corporation c. 1920</figcaption></figure> In 1992, SBC acquired <a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor & Associates</a>, a Chicago-based <a href="/wiki/Option_(finance)" title="Option (finance)">options trading</a> firm and the largest <a href="/wiki/Market_maker" title="Market maker">market maker</a> in the financial options exchanges in the U.S.<a href="#cite_note-buyocconor-90">[86]</a> O'Connor was combined with SBC's <a href="/wiki/Money_market" title="Money market">money market</a>, <a href="/wiki/Capital_market" title="Capital market">capital market</a>, and <a href="/wiki/Currency_market" class="mw-redirect" title="Currency market">currency market</a> activities to form a globally integrated capital markets and <a href="/wiki/Treasury_management" title="Treasury management">treasury operation</a>.<a href="#cite_note-buyocconor-90">[86]</a> In 1994, SBC acquired <a href="/wiki/Brinson_Partners" title="Brinson Partners">Brinson Partners</a>, an asset management firm focused on providing access for U.S. institutions to global markets, for US$750 million.<a href="#cite_note-SBC-FUHistory-91">[87]</a> Following the acquisition, founder <a href="/wiki/Gary_P._Brinson" title="Gary P. Brinson">Gary P. Brinson</a> ran SBC's asset management business and later when SBC merged with UBS was named <a href="/wiki/Chief_investment_officer" title="Chief investment officer">chief investment officer</a> of UBS Asset Management.<a href="#cite_note-92">[88]</a> The acquisition of <a href="/wiki/S._G._Warburg_%26_Co." title="S. G. Warburg & Co.">S.G. Warburg & Co.</a>, a leading British investment banking firm, in 1995 for the price of US$1.4 billion (~$2.56 billion in 2023) signified a major push into investment banking. S.G. Warburg & Co. had established a reputation as a daring <a href="/wiki/Merchant_bank" title="Merchant bank">merchant bank</a> that grew to be one of the most respected investment banks in <a href="/wiki/London" title="London">London</a>.<a href="#cite_note-93">[89]</a> However, a Warburg expansion into the U.S. had turned out flawed and costly, and talks in 1994 with <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> about a merger had collapsed.<a href="#cite_note-94">[90]</a> SBC merged the firm with its own existing investment banking unit to create SBC Warburg.<a href="#cite_note-SBC-FUHistory-91">[87]</a><a href="#cite_note-95">[91]</a> Two years later, in 1997, SBC paid US$600 million (~$1.06 billion in 2023) to acquire <a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon, Read & Co.</a>, a U.S. <a href="/wiki/Bulge_bracket" title="Bulge bracket">bulge bracket</a> investment bank.<a href="#cite_note-dillonacq-96">[92]</a><a href="#cite_note-97">[93]</a> Dillon, Read & Co., which traced its roots to the 1830s, was among the powerhouse firms on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> in the 1920s and 1930s, and by the 1990s had a particularly strong <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> advisory group. Dillon Read had been in negotiations to sell itself to <a href="/wiki/ING_Group" title="ING Group">ING</a>, which owned 25% of the firm already, but Dillon Read partners balked at <a href="/wiki/ING_Group" title="ING Group">ING</a>'s integration plans.<a href="#cite_note-dillonacq-96">[92]</a> After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read. Following SBC's later merger with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>, 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 <a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon Read Capital Management</a>, UBS's ill-fated hedge fund operations.<a href="#cite_note-global-2019-85">[81]</a> <div class="mw-heading mw-heading3"><h3 id="Union_Bank_of_Switzerland">Union Bank of Switzerland</h3>[<a href="/w/index.php?title=UBS&action=edit&section=10" title="Edit section: Union Bank of Switzerland">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Union_Bank_of_Switzerland.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/d/de/Union_Bank_of_Switzerland.png/220px-Union_Bank_of_Switzerland.png" decoding="async" width="220" height="91" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/de/Union_Bank_of_Switzerland.png/330px-Union_Bank_of_Switzerland.png 1.5x, //upload.wikimedia.org/wikipedia/en/d/de/Union_Bank_of_Switzerland.png 2x" data-file-width="340" data-file-height="140" /></a><figcaption>1966 <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> logo, featuring the two acronyms of its English and French names (UBS) and its German counterpart (SBG)</figcaption></figure> The Union Bank of Switzerland emerged in 1912 when the <a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a> fused with the <a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a>. The Bank in Winterthur, founded in 1862 with an initial <a href="/wiki/Share_capital" title="Share capital">share capital</a> of CHF 5 million, focused on providing financing for industry and other companies,<a href="#cite_note-UBS-FUHistory-86">[82]</a><a href="#cite_note-global-2019-85">[81]</a> and had profited considerably from its close railroad connections and large warehousing facilities during the <a href="/wiki/American_Civil_War" title="American Civil War">American Civil War</a> when cotton prices rose dramatically.<a href="#cite_note-analyticalhist-98">[94]</a> The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million,<a href="#cite_note-global-2019-85">[81]</a> and specialized as a <a href="/wiki/Saving" title="Saving">savings</a> and <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">mortgage</a> bank for individual customers, maintaining a branch office network in eastern Switzerland.<a href="#cite_note-eurhandbook-99">[95]</a><a href="#cite_note-global-2019-85">[81]</a> The new company was initially traded under the English name Swiss Banking Association, but in 1921 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).<a href="#cite_note-100">[96]</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237032888/mw-parser-output/.tmulti"><div class="thumb tmulti tleft"><div class="thumbinner multiimageinner" style="width:339px;max-width:339px"><div class="trow"><div class="tsingle" style="width:143px;max-width:143px"><div class="thumbimage"><a href="/wiki/File:Bank_in_Winterthur.png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/91/Bank_in_Winterthur.png/141px-Bank_in_Winterthur.png" decoding="async" width="141" height="127" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/91/Bank_in_Winterthur.png/212px-Bank_in_Winterthur.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/91/Bank_in_Winterthur.png/282px-Bank_in_Winterthur.png 2x" data-file-width="1595" data-file-height="1434" /></a></div><div class="thumbcaption"><a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a>, est. 1862</div></div><div class="tsingle" style="width:192px;max-width:192px"><div class="thumbimage"><a href="/wiki/File:Toggenburger_Bank_(Lichtensteig).png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/Toggenburger_Bank_%28Lichtensteig%29.png/190px-Toggenburger_Bank_%28Lichtensteig%29.png" decoding="async" width="190" height="127" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/Toggenburger_Bank_%28Lichtensteig%29.png/285px-Toggenburger_Bank_%28Lichtensteig%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a5/Toggenburger_Bank_%28Lichtensteig%29.png/380px-Toggenburger_Bank_%28Lichtensteig%29.png 2x" data-file-width="1286" data-file-height="858" /></a></div><div class="thumbcaption"><a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a>, est. 1863</div></div></div></div></div> The combined bank had total assets of CHF 202 million and a total <a href="/wiki/Equity_(finance)" title="Equity (finance)">shareholders' equity</a> of CHF 46 million.<a href="#cite_note-global-2019-85">[81]</a> In 1917, UBS completed the construction of a new headquarters in <a href="/wiki/Zurich" title="Zurich">Zurich</a> on <a href="/wiki/Bahnhofstrasse" title="Bahnhofstrasse">Bahnhofstrasse</a>, considered to be the <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> of Switzerland.<a href="#cite_note-UBS-FUHistory-86">[82]</a> By 1923, offices were established throughout Switzerland.<a href="#cite_note-eurhandbook-99">[95]</a> Although the bank suffered in the aftermath of <a href="/wiki/World_War_I" title="World War I">World War I</a> and the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, it was able to make several smaller <a href="/wiki/Takeover" title="Takeover">acquisitions</a>; in 1937 it established Intrag AG, an <a href="/wiki/Asset_management" title="Asset management">asset management</a> business responsible for <a href="/wiki/Investment_trust" title="Investment trust">investment trusts</a>, (i.e. <a href="/wiki/Mutual_funds" class="mw-redirect" title="Mutual funds">mutual funds</a>).<a href="#cite_note-global-2019-85">[81]</a><a href="#cite_note-eurhandbook-99">[95]</a> The activities of the Union Bank of Switzerland during <a href="/wiki/World_War_II" title="World War II">World War II</a> were not publicly known until decades after the war, when it was demonstrated that UBS likely took active roles in trading stolen gold, <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a>, and other assets during World War II.<a href="#cite_note-swissnazi-101">[97]</a><a href="#cite_note-102">[98]</a> The issue of "unclaimed property" of <a href="/wiki/Holocaust" class="mw-redirect" title="Holocaust">Holocaust</a> victims became a major issue for UBS in the mid-1990s, and a series of revelations in 1997 brought the issue to the forefront of national attention in 1996 and 1997.<a href="#cite_note-swisssquall-103">[99]</a> 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.<a href="#cite_note-secrecyweapon-104">[100]</a><a href="#cite_note-105">[101]</a> UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S.<a href="#cite_note-swissunraveled-106">[102]</a><a href="#cite_note-blunderingswiss-107">[103]</a> UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.<a href="#cite_note-nypunishesswiss-108">[104]</a> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Bahnhofstrasse_Z%C3%BCrich_1920.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Bahnhofstrasse_Z%C3%BCrich_1920.jpg/220px-Bahnhofstrasse_Z%C3%BCrich_1920.jpg" decoding="async" width="220" height="160" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Bahnhofstrasse_Z%C3%BCrich_1920.jpg/330px-Bahnhofstrasse_Z%C3%BCrich_1920.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Bahnhofstrasse_Z%C3%BCrich_1920.jpg/440px-Bahnhofstrasse_Z%C3%BCrich_1920.jpg 2x" data-file-width="2128" data-file-height="1545" /></a><figcaption>In 1917, the Union Bank of Switzerland opened a new headquarters on <a href="/wiki/Bahnhofstrasse" title="Bahnhofstrasse">Bahnhofstrasse</a> (pictured above) in Zürich.</figcaption></figure> Shortly after the end of World War II, Union Bank of Switzerland completed the <a href="/wiki/Takeover" title="Takeover">acquisition</a> of the Eidgenössische Bank, a large Zürich-based bank that became <a href="/wiki/Insolvency" title="Insolvency">insolvent</a>. As a result of the merger, Union Bank of Switzerland exceeded CHF 1 billion in assets and moved its operations to Zürich. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in 1950 to 81 offices by the early 1960s.<a href="#cite_note-global-2019-85">[81]</a> In 1960, Union Bank of Switzerland acquired an 80% stake in Argor SA, a Swiss precious metals refinery founded in 1951 in the <a href="/wiki/Ticino" title="Ticino">canton of Ticino</a>.<a href="#cite_note-UBS_History-60">[56]</a> UBS continues to issue gold bars via Argor-Heraeus which is famous for the unique <a href="/wiki/Kinebar" title="Kinebar">kinebar</a> holographic technology it uses to provide enhanced protection against bank gold bar <a href="/wiki/Counterfeit" title="Counterfeit">counterfeiting</a>.<a href="#cite_note-argor-109">[105]</a> By 1962, Union Bank of Switzerland reached CHF 6.96 billion of assets, narrowly edging ahead of <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> to become the largest bank in Switzerland.<a href="#cite_note-volksbank-110">[106]</a> The rapid growth was punctuated by the 1967 acquisition of <a href="/wiki/Interhandel" title="Interhandel">Interhandel</a>, which made UBS one of the strongest banks in Europe.<a href="#cite_note-eurhandbook-99">[95]</a> By the 1980s, Union Bank of Switzerland established a position as a leading European underwriter of <a href="/wiki/Eurobond_(international)" class="mw-redirect" title="Eurobond (international)">Eurobonds</a>.<a href="#cite_note-UBS-FUHistory-86">[82]</a> Following two major acquisitions in 1986 (<a href="/wiki/Phillips_%26_Drew" title="Phillips & Drew">Phillips & Drew</a> and <a href="/wiki/Deutsche_L%C3%A4nderbank" class="mw-redirect" title="Deutsche Länderbank">Deutsche Länderbank</a>), UBS made its first purchase in the United States in 1991 with Chase Investors Management Corporation, the <a href="/wiki/Asset_management" title="Asset management">asset management</a> business of <a href="/wiki/Chase_Manhattan_Bank" class="mw-redirect" title="Chase Manhattan Bank">Chase Manhattan Bank</a>.<a href="#cite_note-UBS_History-60">[56]</a> At the time of the acquisition, the business managed in excess of US$30 billion in assets.<a href="#cite_note-111">[107]</a> The bank's investments had been in the conservative asset management and <a href="/wiki/Life_insurance" title="Life insurance">life insurance</a> businesses; further, 60% of the bank's profits came from its even more conservative Swiss banking operations.<a href="#cite_note-conservative-112">[108]</a><a href="#cite_note-113">[109]</a> In 1993, <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> outbid Union Bank of Switzerland for Switzerland's Swiss Volksbank, the fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s.<a href="#cite_note-volksbank-110">[106]</a> The acquisition propelled Credit Suisse ahead of Union Bank of Switzerland as the largest bank in Switzerland for the first time. Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1994 including the Cantonal Bank of Appenzell-Ausserrhoden in 1996,<a href="#cite_note-global-2019-85">[81]</a> and in 1997 <a href="/wiki/Schr%C3%B6der,_M%C3%BCnchmeyer,_Hengst_%26_Co." title="Schröder, Münchmeyer, Hengst & Co.">Schröder, Münchmeyer, Hengst & Co.</a> from <a href="/wiki/Lloyds_Bank_(historic)" class="mw-redirect" title="Lloyds Bank (historic)">Lloyds Bank</a> was acquired to improve access to the German investment banking and private wealth management markets.<a href="#cite_note-independent.co.uk-114">[110]</a> <div style="clear:both;" class=""></div> <div class="mw-heading mw-heading3"><h3 id="Merger_of_Union_Bank_of_Switzerland_and_Swiss_Bank_Corporation:_1998">Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998</h3>[<a href="/w/index.php?title=UBS&action=edit&section=11" title="Edit section: Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Building,_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/UBS_Building%2C_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg/220px-UBS_Building%2C_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/UBS_Building%2C_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg/330px-UBS_Building%2C_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/UBS_Building%2C_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg/440px-UBS_Building%2C_New_York_City_%E0%B8%99%E0%B8%B2%E0%B8%A2%E0%B8%81%E0%B8%A3%E0%B8%B1%E0%B8%90%E0%B8%A1%E0%B8%99%E0%B8%95%E0%B8%A3%E0%B8%B5_%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3_-_Flickr_-_Abhisit_Vejjajiva.jpg 2x" data-file-width="5120" data-file-height="3413" /></a><figcaption>After the two banks merged, they became known solely as "UBS" while retaining the <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>'s "three keys" icon.</figcaption></figure> During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity.<a href="#cite_note-115">[111]</a> 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.<a href="#cite_note-116">[112]</a> Looking to take advantage of the situation, <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> approached Union Bank of Switzerland about a merger that would have created the second largest bank in the world in 1996.<a href="#cite_note-117">[113]</a> Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger.<a href="#cite_note-118">[114]</a> Ebner, who supported the idea of a merger, led a shareholder revolt that resulted in the replacement of Union Bank of Switzerland's chairman, Robert Studer with Mathis Cabiallavetta, one of the key architects of the merger with <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>.<a href="#cite_note-UBS-FUHistory-86">[82]</a><a href="#cite_note-119">[115]</a> On 8 December 1997, Union Bank of Switzerland and <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> 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.<a href="#cite_note-financiers-120">[116]</a> Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.<a href="#cite_note-121">[117]</a> The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$590 billion (~$1.04 trillion in 2023), the largest of its kind.<a href="#cite_note-heftybank-122">[118]</a> During the merger, UBS chairman <a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a> originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following the acquisition of American brokerage firm, <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a>.<a href="#cite_note-O'Donnell-123">[119]</a> Colloquially 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 <a href="/wiki/Bank_of_Tokyo-Mitsubishi" class="mw-redirect" title="Bank of Tokyo-Mitsubishi">Bank of Tokyo-Mitsubishi</a>.<a href="#cite_note-heftybank-122">[118]</a> 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 <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a>.<a href="#cite_note-heftybank-122">[118]</a> Union Bank of Switzerland's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's <a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a> was named <a href="/wiki/Chief_executive_officer" title="Chief executive officer">chief executive officer</a>.<a href="#cite_note-heftybank-122">[118]</a> Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals.<a href="#cite_note-UBS-FUHistory-86">[82]</a> Prior to the merger, <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> 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 <a href="/wiki/Warburg_Dillon_Read" class="mw-redirect" title="Warburg Dillon Read">Warburg Dillon Read</a> was considered to be the more established platform.<a href="#cite_note-relies-124">[120]</a><a href="#cite_note-125">[121]</a> Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities.<a href="#cite_note-heftybank-122">[118]</a> After the merger was completed, it was speculated that a series of losses suffered by UBS on its <a href="/wiki/Equity_derivative" title="Equity derivative">equity derivative</a> positions in late 1997 was a contributing factor in pushing UBS management to consummate the merger.<a href="#cite_note-126">[122]</a><a href="#cite_note-127">[123]</a> <div class="mw-heading mw-heading3"><h3 id="Paine_Webber_and_international_expansion:_2000–2006">Paine Webber and international expansion: 2000–2006</h3>[<a href="/w/index.php?title=UBS&action=edit&section=12" title="Edit section: Paine Webber and international expansion: 2000–2006">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Paine_Webber_logo.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/9/90/UBS_Paine_Webber_logo.png/220px-UBS_Paine_Webber_logo.png" decoding="async" width="220" height="33" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/9/90/UBS_Paine_Webber_logo.png 1.5x" data-file-width="287" data-file-height="43" /></a><figcaption>UBS PaineWebber logo in use from 2001 until 2003 when the use of the <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a> brand was dropped</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Warburg.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/3/34/UBS_Warburg.png/220px-UBS_Warburg.png" decoding="async" width="220" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/3/34/UBS_Warburg.png/330px-UBS_Warburg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/3/34/UBS_Warburg.png/440px-UBS_Warburg.png 2x" data-file-width="737" data-file-height="135" /></a><figcaption>UBS Warburg was the brand used for the Investment Banking division of UBS from 1999 to 2003.</figcaption></figure> On 3 November 2000, UBS merged with <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a>, an American <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">stock brokerage</a> and asset management firm led by chairman and CEO <a href="/wiki/Donald_B._Marron_Sr." title="Donald B. Marron Sr.">Donald Marron</a>.<a href="#cite_note-128">[124]</a><a href="#cite_note-129">[125]</a> At the time of its merger with UBS, Paine Webber had emerged as the fourth largest private client firm in the United States with 385 offices employing 8,554 <a href="/wiki/Broker" title="Broker">brokers</a>. 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 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA.<a href="#cite_note-nytimes.com-130">[126]</a> UBS took a CHF 1 billion write-down for the loss of <a href="/wiki/Goodwill_(accounting)" title="Goodwill (accounting)">goodwill</a> associated with the retirement of the <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a> brand when it integrated its brands under the unified UBS name in 2003.<a href="#cite_note-UBS_History-60">[56]</a> <a href="/wiki/John_P._Costas_(business)" title="John P. Costas (business)">John P. Costas</a>, a former bond trader and co-head of <a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a> at <a href="/wiki/Credit_Suisse_First_Boston" title="Credit Suisse First Boston">Credit Suisse First Boston</a> and head of Fixed Income Trading at Union Bank of Switzerland in 1998, was appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2001.<a href="#cite_note-eclipsinggs-131">[127]</a><a href="#cite_note-132">[128]</a> In an attempt to break into the elite <a href="/wiki/Bulge_bracket" title="Bulge bracket">bulge bracket</a> of investment banks, in which UBS then had little success while rival <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> was establishing itself as a major player on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> with the acquisition of <a href="/wiki/Donaldson,_Lufkin_%26_Jenrette" title="Donaldson, Lufkin & Jenrette">Donaldson, Lufkin & Jenrette</a> in 2000, Costas shifted the growth strategy from acquiring entire firms to hiring individual investment bankers or teams of bankers from rival firms.<a href="#cite_note-133">[129]</a><a href="#cite_note-mirage-134">[130]</a> Costas had followed a similar approach in building out the UBS fixed income business, hiring over 500 sales and trading personnel and increasing <a href="/wiki/Revenue" title="Revenue">revenues</a> from US$300 million in 1998 to over US$3 billion by 2001. <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Opernturm_(UBS)_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Opernturm_%28UBS%29_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg/220px-Opernturm_%28UBS%29_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg" decoding="async" width="220" height="174" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Opernturm_%28UBS%29_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg/330px-Opernturm_%28UBS%29_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/14/Opernturm_%28UBS%29_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg/440px-Opernturm_%28UBS%29_und_Alte_Oper_Frankfurt-2012-Ffm-b.jpg 2x" data-file-width="950" data-file-height="750" /></a><figcaption>UBS Financial Services (left) in <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a>, 2012</figcaption></figure> The arrival of former <a href="/wiki/Drexel_Burnham_Lambert" title="Drexel Burnham Lambert">Drexel Burnham Lambert</a> investment banker <a href="/wiki/Ken_Moelis" title="Ken Moelis">Ken Moelis</a> marked a major coup for Costas. Moelis joined UBS from <a href="/wiki/Donaldson_Lufkin_%26_Jenrette" class="mw-redirect" title="Donaldson Lufkin & Jenrette">Donaldson Lufkin & Jenrette</a> in 2001 shortly after its acquisition by <a href="/wiki/Credit_Suisse_First_Boston" title="Credit Suisse First Boston">Credit Suisse First Boston</a> (although <a href="/wiki/Huw_Jenkins" title="Huw Jenkins">Huw Jenkins</a> claimed he had hired Moelis to the UK Parliamentary Banking commission while under oath, which is patently false). In his six years at UBS, Moelis ultimately assumed the role of president of <a href="/wiki/UBS_Investment_Bank" class="mw-redirect" title="UBS Investment Bank">UBS Investment Bank</a> and was credited, along with Costas, with the build-out of UBS's investment banking operation in the United States.<a href="#cite_note-moelisleaving-135">[131]</a> Within weeks of joining, Moelis brought over a team of 70 bankers from Donaldson, Lufkin & Jenrette.<a href="#cite_note-moelisleaving-135">[131]</a> Costas and Moelis hired more than 30 senior U.S. bankers from 2001 through 2004.<a href="#cite_note-eclipsinggs-131">[127]</a> It was estimated that UBS spent as much as US$600 million to US$700 million hiring top bankers in the U.S. during this three-year period.<a href="#cite_note-136">[132]</a> Among the bank's other major recruits during this period were <a href="/wiki/Olivier_Sarkozy" title="Olivier Sarkozy">Olivier Sarkozy</a>, Ben Lorello, <a href="/wiki/Blair_Effron" title="Blair Effron">Blair Effron</a>, and Jeff McDermott.<a href="#cite_note-blogs.wsj.com-137">[133]</a><a href="#cite_note-138">[134]</a> By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning US$2.1 billion of the US$39 billion paid to investment banks that year, increasing 33%.<a href="#cite_note-eclipsinggs-131">[127]</a> Over the next four years, UBS consistently ranked in the top 4 in the global fee pool and established a track record of 20 consecutive quarters of rising profits.<a href="#cite_note-moelisleaving2-139">[135]</a> In 2006, UBS set up a joint venture in China (see <a href="/wiki/UBS_Securities,_China_branch" class="mw-redirect" title="UBS Securities, China branch">UBS Securities, China branch</a>). However, by the end of 2006, UBS began to experience changing fortunes. In late 2005, Costas headed a new <a href="/wiki/Hedge_fund" title="Hedge fund">hedge fund</a> unit within UBS known as <a href="/wiki/Dillon_Read_Capital_Management" class="mw-redirect" title="Dillon Read Capital Management">Dillon Read Capital Management</a>. His former position was taken over by <a href="/wiki/Huw_Jenkins" title="Huw Jenkins">Huw Jenkins</a>, a long-time legacy UBS investment banker.<a href="#cite_note-suite-140">[136]</a> In 2006, UBS bankers <a href="/wiki/Blair_Effron" title="Blair Effron">Blair Effron</a> and Michael Martin announced their departures.<a href="#cite_note-141">[137]</a><a href="#cite_note-outtheygo-142">[138]</a> In March 2007, Moelis announced that he was leaving the company, and shortly thereafter founded a new business, <a href="/wiki/Moelis_%26_Company" title="Moelis & Company">Moelis & Company</a>.<a href="#cite_note-Sorkin-2007-143">[139]</a> As he had when joining UBS, Moelis took a large team of senior UBS investment bankers.<a href="#cite_note-144">[140]</a><a href="#cite_note-145">[141]</a> Moelis's departure was caused primarily by repeated conflict over the availability of capital from the bank's <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a> to pursue large <a href="/wiki/Financial_transaction" title="Financial transaction">transactions</a>, particularly <a href="/wiki/Leveraged_buyouts" class="mw-redirect" title="Leveraged buyouts">leveraged buyouts</a>.<a href="#cite_note-futureofubsexec-146">[142]</a> The bank's apparent conservatism would be turned on its head when large losses were reported in various mortgage securities rather than corporate loans that generated investment banking fees. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early 2007 and, as the financial crisis set in, other high-profile bankers such as <a href="/wiki/Oliver_Sarkozy" class="mw-redirect" title="Oliver Sarkozy">Oliver Sarkozy</a> in early 2008 and Ben Lorello in 2009.<a href="#cite_note-blogs.wsj.com-137">[133]</a><a href="#cite_note-outtheygo-142">[138]</a> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBSentrance.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/UBSentrance.jpg/220px-UBSentrance.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/UBSentrance.jpg/330px-UBSentrance.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/UBSentrance.jpg/440px-UBSentrance.jpg 2x" data-file-width="2272" data-file-height="1704" /></a><figcaption>UBS building on <a href="/wiki/Avenue_of_the_Americas" class="mw-redirect" title="Avenue of the Americas">Avenue of the Americas</a> in <a href="/wiki/Midtown_Manhattan" title="Midtown Manhattan">Midtown Manhattan</a></figcaption></figure> UBS was fined $100 million by the <a href="/wiki/Federal_Reserve" title="Federal Reserve">FED</a> in 2004 for trading in <a href="/wiki/Dollar" title="Dollar">dollars</a> with <a href="/wiki/Iran" title="Iran">Iran</a> and other sanctioned countries.<a href="#cite_note-147">[143]</a> <div class="mw-heading mw-heading3"><h3 id="Subprime_mortgage_crisis_and_recovery:_2007–2009">Subprime mortgage crisis and recovery: 2007–2009</h3>[<a href="/w/index.php?title=UBS&action=edit&section=13" title="Edit section: Subprime mortgage crisis and recovery: 2007–2009">edit</a>]</div> At the beginning of 2007, UBS became the first <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> firm to announce a heavy loss in the <a href="/wiki/Subprime_lending" title="Subprime lending">subprime mortgage</a> sector as the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> began to develop.<a href="#cite_note-148">[144]</a> In May 2007, UBS announced the closure of its <a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon Read Capital Management</a> (DRCM) division.<a href="#cite_note-149">[145]</a> Although in 2006, DCRM had generated a profit for the bank of US$720 million, after UBS took over DRCM's positions in May 2007, losses grew from the US$124 million recorded by DRCM, ultimately to "16% of the US$19 billion in losses UBS recorded." The UBS investment bank continued to expand <a href="/wiki/Subprime_lending" title="Subprime lending">subprime</a> risk in the second quarter of 2007 while most market participants were reducing risk,<a href="#cite_note-150">[146]</a> resulting in not only expanding DRCM losses but creating 84% of the other losses experienced by the bank.<a href="#cite_note-151">[147]</a> In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank, <a href="/wiki/Peter_Wuffli" title="Peter Wuffli">Peter Wuffli</a> unexpectedly stepped down as CEO of the firm during the second quarter of 2007.<a href="#cite_note-152">[148]</a><a href="#cite_note-153">[149]</a> Wuffli would be joined by many of his fellow managers in the next year, most notably the bank's chairman <a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a>. However, the bank's problems continued through the end of 2007,<a href="#cite_note-154">[150]</a> when the bank reported its first quarterly loss in over five years.<a href="#cite_note-155">[151]</a> As its losses <a href="/wiki/Endangerment" title="Endangerment">jeopardized</a> the bank's capital position, UBS quickly raised US$11.5 billion of capital in December 2007, US$9.7 billion of which came from the <a href="/wiki/Government_of_Singapore_Investment_Corporation" class="mw-redirect" title="Government of Singapore Investment Corporation">Government of Singapore Investment Corporation</a> (GIC)<a href="#cite_note-156">[152]</a> and US$1.8 billion from an unnamed Middle Eastern investor.<a href="#cite_note-157">[153]</a> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg/220px-Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg" decoding="async" width="220" height="136" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg/330px-Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg/440px-Juso_Schweiz_Demonstration_gegen_UBS-Boni.jpg 2x" data-file-width="545" data-file-height="337" /></a><figcaption>Protestors outside of UBS's <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a> headquarters, 2009</figcaption></figure> After a significant expansion of <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> risk during 2006 and 2007 under the leadership of <a href="/wiki/Huw_Jenkins" title="Huw Jenkins">Huw Jenkins</a>, the UBS Investment Bank CEO,<a href="#cite_note-158">[154]</a> the bank's losses continued to mount in 2008 when UBS announced in April 2008 that it was writing down a further US$19 billion of investments in <a href="/wiki/Subprime_lending" title="Subprime lending">subprime</a> and other mortgage assets.<a href="#cite_note-159">[155]</a> By this point, UBS's total losses in the mortgage market were in excess of US$37 billion, the largest such losses of any of its peers.<a href="#cite_note-160">[156]</a> In response to its losses, UBS announced a CHF 15 billion <a href="/wiki/Rights_offering" class="mw-redirect" title="Rights offering">rights offering</a> to raise the additional funds need to shore up its depleted reserves of capital. UBS cut its <a href="/wiki/Dividend" title="Dividend">dividend</a> to protect its traditionally high <a href="/wiki/Tier_1_capital" title="Tier 1 capital">Tier 1 capital</a> ratio, seen by investors as a key to its credibility as the world's largest wealth management company.<a href="#cite_note-161">[157]</a><a href="#cite_note-162">[158]</a> In October 2008, UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with <a href="/wiki/Swiss_Confederation" class="mw-redirect" title="Swiss Confederation">Swiss Confederation</a>.<a href="#cite_note-163">[159]</a> The <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a> and UBS made an agreement to transfer approximately US$60 billion of currently illiquid securities and various assets from UBS to a separate fund entity.<a href="#cite_note-164">[160]</a><a href="#cite_note-165">[161]</a> In November 2008, UBS put US$6 billion (~$8.34 billion in 2023) of equity into the new "bad bank" entity, keeping only an option to benefit if the value of its assets were to recover. Heralded as a "neat" package by <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a>, the UBS structure guaranteed clarity for UBS investors by making an outright sale.<a href="#cite_note-166">[162]</a> UBS announced in February 2009 that it had lost nearly CHF 20 billion (US$17.2 billion) in 2008, the biggest single-year loss of any company in Swiss history.<a href="#cite_note-167">[163]</a> Since the beginning of the financial crisis in 2007, UBS has written down more than US$50 billion (~$70.8 billion in 2023) from subprime mortgage investments and cut more than 11,000 jobs.<a href="#cite_note-168">[164]</a><a href="#cite_note-169">[165]</a> By the spring of 2009, UBS announced another management restructuring and initiated a plan to return to profitability. <a href="/wiki/Jerker_Johansson" title="Jerker Johansson">Jerker Johansson</a>, the head of the investment bank division, resigned in April 2009 and was replaced by <a href="/wiki/Alex_Wilmot-Sitwell" title="Alex Wilmot-Sitwell">Alex Wilmot-Sitwell</a> and <a href="/wiki/Carsten_Kengeter" title="Carsten Kengeter">Carsten Kengeter</a>.<a href="#cite_note-170">[166]</a> At the same time, UBS announced the planned cut of 8,700 jobs<a href="#cite_note-171">[167]</a> and had implemented a new compensation plan. Under the plan, no more than one-third of any cash bonus would be paid out in the year it is earned with the rest to be held in reserve and stock-based incentives that would vest after three years. In April 2009, UBS announced that it agreed to sell its Brazilian financial services business, <a href="/wiki/UBS_Pactual" class="mw-redirect" title="UBS Pactual">UBS Pactual</a>, for approximately US$2.5 billion (~$3.45 billion in 2023) to BTG Investments.<a href="#cite_note-172">[168]</a> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_(18707986273).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a1/UBS_%2818707986273%29.jpg/220px-UBS_%2818707986273%29.jpg" decoding="async" width="220" height="156" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a1/UBS_%2818707986273%29.jpg/330px-UBS_%2818707986273%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a1/UBS_%2818707986273%29.jpg/440px-UBS_%2818707986273%29.jpg 2x" data-file-width="2312" data-file-height="1635" /></a><figcaption>UBS world headquarters in Zürich's <a href="/wiki/Paradeplatz" title="Paradeplatz">Paradeplatz</a></figcaption></figure> The Swiss government sold its CHF 6 billion stake in UBS in late 2008 at a large profit; Switzerland had purchased convertible notes in 2008 to help UBS clear its balance sheets of toxic assets.<a href="#cite_note-173">[169]</a> Taking advantage of improved conditions in the stock market in mid-2009, UBS placed US$3.5 billion of shares with a small number of large <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a>.<a href="#cite_note-174">[170]</a> <a href="/wiki/Oswald_Gr%C3%BCbel" title="Oswald Grübel">Oswald Grübel</a> announced, "We are building a new UBS, one that performs to the highest standards and behaves with integrity and honesty; one that distinguishes itself not only through the clarity and reliability of the advice and services it provides but in how it manages and executes."<a href="#cite_note-175">[171]</a> Grübel reiterated plans to maintain an integrated business model of providing wealth management advisory, investment banking, and asset management services.<a href="#cite_note-176">[172]</a> <div class="mw-heading mw-heading3"><h3 id="Shift_to_private_banking_and_market_reemergence:_2010–2022">Shift to private banking and market reemergence: 2010–2022</h3>[<a href="/w/index.php?title=UBS&action=edit&section=14" title="Edit section: Shift to private banking and market reemergence: 2010–2022">edit</a>]</div> In August 2010, UBS launched a new advertising campaign featuring the slogan: "We will not rest" and signed a global sponsorship agreement with <a href="/wiki/Formula_One" title="Formula One">Formula 1</a>.<a href="#cite_note-177">[173]</a><a href="#cite_note-178">[174]</a> On 26 October 2010, UBS announced that its private bank recorded net new funds of CHF 900 million during the third quarter, compared to an outflow of CHF 5.5 billion in second quarter.<a href="#cite_note-179">[175]</a> UBS's third quarter net profit of US$1.65 billion (~$2.25 billion in 2023) beat analyst estimates, continuing a string of profitability. After the elimination of almost 5,000 jobs, UBS announced on 23 August 2011 that it was further cutting another 3,500 positions to "improve operating efficiency" and save CHF 1.5 to CHF 2 billion a year. 45 percent of the job cuts would come from the investment banking unit, which continued to post dismal figures since the 2008 financial crisis, while the rest would come from the wealth management and asset management divisions. The firm has seen profits fall due to the rise of the Swiss franc.<a href="#cite_note-180">[176]</a><a href="#cite_note-181">[177]</a> On 15 September 2011, UBS became aware of a massive loss, originally estimated at US$2 billion (~$2.67 billion in 2023), allegedly due to unauthorized trading by <a href="/wiki/Kweku_Adoboli" title="Kweku Adoboli">Kweku Adoboli</a>, a then 31-year-old Ghanaian trader on the <a href="/wiki/Delta_One" class="mw-redirect" title="Delta One">Delta One</a> desk of the firm's investment bank.<a href="#cite_note-182">[178]</a> Adoboli was arrested and later charged with fraud by abuse of position and false accounting dating as far back as 2008. UBS's actual losses were subsequently confirmed as US$2.3 billion, and according to the prosecutor in Adoboli's trial he "was a gamble or two from destroying Switzerland's largest bank for his own benefit."<a href="#cite_note-183">[179]</a><a href="#cite_note-184">[180]</a> On 24 September 2011 UBS announced chief executive <a href="/wiki/Oswald_Gr%C3%BCbel" title="Oswald Grübel">Oswald Grübel</a>'s resignation, and the appointment of <a href="/wiki/Sergio_Ermotti" title="Sergio Ermotti">Sergio Ermotti</a> as his replacement on an interim basis.<a href="#cite_note-185">[181]</a><a href="#cite_note-186">[182]</a> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:-_panoramio_(4612).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9e/-_panoramio_%284612%29.jpg/220px--_panoramio_%284612%29.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9e/-_panoramio_%284612%29.jpg/330px--_panoramio_%284612%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9e/-_panoramio_%284612%29.jpg/440px--_panoramio_%284612%29.jpg 2x" data-file-width="2592" data-file-height="1944" /></a><figcaption>A UBS retail bank for private wealth management in <a href="/wiki/St._Gallen" title="St. Gallen">St. Gallen</a>, Switzerland</figcaption></figure> On 30 October 2012, UBS announced that it was cutting 10,000 jobs worldwide in an effort to slim down its investment banking operations, of which 2,500 would be in <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>, followed by the <a href="/wiki/United_States" title="United States">United States</a> and <a href="/wiki/Great_Britain" title="Great Britain">Great Britain</a>. This 15-percent staff cut would make overall staff count come down from 63,745 to 54,000. (For comparison, the peak employment level in 2007 before the 2008 financial crisis was 83,500).<a href="#cite_note-Reuters_Blog-187">[183]</a><a href="#cite_note-188">[184]</a> UBS also announced that the investment bank would focus on its traditional strengths and exit much of its fixed income trading business that was not economically profitable. On 19 December 2012, UBS was fined $1.5 billion (~$1.97 billion in 2023) for its role in the <a href="/wiki/Libor_scandal" title="Libor scandal">Libor scandal</a><a href="#cite_note-BBCUBS-189">[185]</a> over accusations that it tried to rig benchmark interest rates.<a href="#cite_note-190">[186]</a> In November 2014, regulators including the FCA and CFTC hit UBS with fines, along with other banks, for <a href="/wiki/Forex_scandal" title="Forex scandal">currency manipulation</a>.<a href="#cite_note-191">[187]</a> On 6 January 2014, it was reported that UBS had become the largest private banker in the world, with $1.7 (~$2.16 trillion in 2023) trillion in assets.<a href="#cite_note-192">[188]</a> In May 2015, media reports revealed UBS is planning to sell its <a href="/wiki/Australia" title="Australia">Australian</a> private banking division to some of its management after a review of underperforming businesses was conducted at the company.<a href="#cite_note-193">[189]</a> In late 2016, the bank created the <a href="/wiki/Digital_currency" title="Digital currency">digital currency</a> "Utility Settlement Coin" (USC) to accelerate <a href="/wiki/Billing_and_settlement_plan" title="Billing and settlement plan">inter-bank settlements</a> and established a <a href="/wiki/Blockchain" title="Blockchain">blockchain technology</a> research laboratory in <a href="/wiki/London" title="London">London</a>.<a href="#cite_note-Irrera-2016-194">[190]</a><a href="#cite_note-Kelly-2016-195">[191]</a> From 2012 to 2018, the investment bank, led by <a href="/wiki/Andrea_Orcel" title="Andrea Orcel">Andrea Orcel</a>, initiated a major <a href="/wiki/Restructuring" title="Restructuring">restructuring</a>, firing over 10,000 employees and focusing on European <a href="/wiki/Underwriting" title="Underwriting">underwriting</a> business instead of traditional dealmaking.<a href="#cite_note-196">[192]</a><a href="#cite_note-Winters-2018-197">[193]</a> UBS announced in January 2018 that it does not trade or expose clients to <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrencies</a> as it believes they have little to no <a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">elasticity</a>, and are <a href="/wiki/Economic_bubble" title="Economic bubble">speculatively valued</a>.<a href="#cite_note-Lacqua-2018-198">[194]</a> It partnered with technology company <a href="/wiki/IBM" title="IBM">IBM</a> to launch a blockchain <a href="/wiki/Trade_finance" title="Trade finance">trade finance</a> platform called "Batavia" in early 2018.<a href="#cite_note-Irrera-2017-199">[195]</a> In April 2021, UBS reported a $774 million (~$859 million in 2023) loss from the collapse of US investment fund <a href="/wiki/Archegos_Capital_Management" title="Archegos Capital Management">Archegos Capital Management</a>.<a href="#cite_note-200">[196]</a> In July 2021, during the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, UBS announced it would continue to allow for <a href="/wiki/Flextime" title="Flextime">flextime</a> and <a href="/wiki/Remote_work" title="Remote work">remote work</a> by many employees, noting that they did not impede productivity.<a href="#cite_note-201">[197]</a> The announcement distinguished the bank from its competitors, such as <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> and <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, which pressured on employees to return to the office as <a href="/wiki/COVID-19_lockdowns" title="COVID-19 lockdowns">COVID-19 lockdowns</a> and measures eased.<a href="#cite_note-202">[198]</a><a href="#cite_note-203">[199]</a> In January 2022, UBS agreed to acquire <a href="/wiki/Wealthfront" title="Wealthfront">Wealthfront</a> for $1.4 billion.<a href="#cite_note-wf-204">[200]</a> UBS expects to accelerate its growth in the US with the purchase, and will operate Wealthfront as a business within UBS Global Wealth Management.<a href="#cite_note-wf-204">[200]</a> The acquisition was mutually terminated in September 2022 with both companies not providing a reason.<a href="#cite_note-205">[201]</a><a href="#cite_note-barrons2022-206">[202]</a> UBS announced that it would instead invest in a $69.7 million note convertible into Wealthfront shares, valuing the latter at its acquisition price.<a href="#cite_note-barrons2022-206">[202]</a> In November 2022, Fang Xinghai, vice chairman of the <a href="/wiki/China_Securities_Regulatory_Commission" title="China Securities Regulatory Commission">China Securities Regulatory Commission</a>, made remarks by prerecorded video to the <a href="/wiki/Global_Financial_Leaders%27_Investment_Summit" title="Global Financial Leaders' Investment Summit">Global Financial Leaders' Investment Summit</a>.<a href="#cite_note-Chau-2022-207">[203]</a> In it, he warned investors to not read too much foreign news (international media) about China, and said that some international investors read "too much" of it.<a href="#cite_note-Chau-2022-207">[203]</a> Later at the Summit, <a href="/wiki/Colm_Kelleher" title="Colm Kelleher">Colm Kelleher</a> said, regarding global bankers, that "we're all very pro-China," and in reference to Fang's comments, said "We're not reading the American press, we actually buy the [China] story."<a href="#cite_note-FT-2022-208">[204]</a><a href="#cite_note-209">[205]</a> <div class="mw-heading mw-heading3"><h3 id="Acquisition_of_Credit_Suisse:_2023">Acquisition of Credit Suisse: 2023</h3>[<a href="/w/index.php?title=UBS&action=edit&section=15" title="Edit section: Acquisition of Credit Suisse: 2023">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Acquisition_of_Credit_Suisse_by_UBS" title="Acquisition of Credit Suisse by UBS">Acquisition of Credit Suisse by UBS</a></div> In March 2023, UBS agreed to buy <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>, one of its main competitors, for $3.25 billion (CHF 3 billion), in an emergency rescue deal.<a href="#cite_note-210">[206]</a><a href="#cite_note-211">[207]</a><a href="#cite_note-212">[208]</a> On 29 March 2023 it was announced that Sergio Ermotti is returning as chief executive officer from 5 April 2023, replacing Ralph Hamers after just over two years in charge, after approval by 5 April 2023 annual general meeting.<a href="#cite_note-213">[209]</a> Hamers is expected to stay with the bank for a transition period.<a href="#cite_note-214">[210]</a> UBS completed the acquisition on 12 June 2023.<a href="#cite_note-215">[211]</a><a href="#cite_note-216">[212]</a> On 28 June, it became known that UBS plans to lay off more than half of Credit Suisse's employees. First of all, the reduction will affect traders and support staff in London, New York and some Asian divisions. Prior to the takeover, Credit Suisse employed about 45,000 people.<a href="#cite_note-217">[213]</a> In July 2023, UBS was fined $269 million by the Federal Reserve and $119 million by the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> for Credit Suisse's failure in risk management related to Archegos's collapse.<a href="#cite_note-218">[214]</a> In August 2023, UBS settled with the <a href="/wiki/US_Justice_Department" class="mw-redirect" title="US Justice Department">US Justice Department</a> by agreeing to pay $1.43 billion in civil penalties regarding allegations of fraud and misconduct in its <a href="/wiki/Residential_mortgage-backed_securities" class="mw-redirect" title="Residential mortgage-backed securities">residential mortgage-backed securities</a> offerings it offered in 2006 and 2007.<a href="#cite_note-219">[215]</a> According to <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>, the new bank will account for 35% of domestic deposits, 31% of corporate loans and 26% of mortgages in Switzerland.<a href="#cite_note-SWI_swissinfo.ch_2023_j058-220">[216]</a> UBS will keep the Swiss business of Credit Suisse but will retire its brand. UBS says it plans to cut costs by $10 billion. UBS also announced at the end of August 2023 that money outflows have stopped at Credit Suisse.<a href="#cite_note-SWI_swissinfo.ch_2023_j058-220">[216]</a> In early September 2023, UBS had clearly profited from the takeover as its stocks were increasingly valuable. From April to July, UBS made a record profit of 29.2 billion CHF and its stocks, which were initially depressed after the fusion, were traded at much higher prices. The record profit was based on the difference between the purchase price of Credit Suisse stocks and the apparently higher value of its assets.<a href="#cite_note-Tribune_de_Genève_2023_i161-221">[217]</a> <a href="#cite_note-222">[218]</a> In September 2023, the <a href="/wiki/US_Department_of_Justice" class="mw-redirect" title="US Department of Justice">US Department of Justice</a> (DOJ) started investigating UBS for Credit Suisse's alleged compliance failures which enabled its Russian clients to dodge sanctions.<a href="#cite_note-223">[219]</a> Later UBS stated that the bank is not aware of such a probe by the DOJ and that previous reports on such allegations were incorrect.<a href="#cite_note-224">[220]</a> <div class="mw-heading mw-heading2"><h2 id="Acquisition_history">Acquisition history</h2>[<a href="/w/index.php?title=UBS&action=edit&section=16" title="Edit section: Acquisition history">edit</a>]</div> As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date back to the 19th century. Over the years, these firms merged to form the bank's three major predecessors, <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>, <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>, <a href="/w/index.php?title=ICO_Markets_Exchange_Clearing_Limited&action=edit&redlink=1" class="new" title="ICO Markets Exchange Clearing Limited (page does not exist)">ICO Markets Exchange Clearing Limited</a> and <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a>. The following is a visual illustration of the company's major <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> and historical predecessors, although this is not necessarily a comprehensive list:<a href="#cite_note-225">[221]</a> <div class="clade"><style data-mw-deduplicate="TemplateStyles:r1258728058">body.skin-vector-2022 .mw-parser-output div.clade,body.skin-minerva .mw-parser-output div.clade{overflow-x:auto;overflow-y:hidden}body.skin-minerva .mw-parser-output div.clade p{font-size:inherit}.mw-parser-output table.clade{border-spacing:0;margin:0;font-size:100%;line-height:100%;border-collapse:separate;width:auto}.mw-parser-output table.clade table.clade{width:100%;line-height:inherit}.mw-parser-output table.clade td.clade-label{min-width:0.2em;width:0.2em;padding:0.1em 0.25em;vertical-align:bottom;text-align:center;border-left:1px solid;border-bottom:1px solid;white-space:nowrap}.mw-parser-output table.clade td.clade-label::before,.mw-parser-output table.clade td.clade-slabel::before{content:"\2060 "}.mw-parser-output table.clade td.clade-fixed-width{overflow:hidden;text-overflow:ellipsis}.mw-parser-output table.clade td.clade-fixed-width:hover{overflow:visible}.mw-parser-output table.clade td.clade-label.first{border-left:none;border-right:none}.mw-parser-output table.clade td.clade-label.reverse{border-left:none;border-right:1px solid}.mw-parser-output table.clade td.clade-slabel{padding:0.1em 0.25em;vertical-align:top;text-align:center;border-left:1px solid;white-space:nowrap}.mw-parser-output table.clade td.clade-slabel:hover{overflow:visible}.mw-parser-output table.clade td.clade-slabel.last{border-left:none;border-right:none}.mw-parser-output table.clade td.clade-slabel.reverse{border-left:none;border-right:1px solid}.mw-parser-output table.clade td.clade-bar{vertical-align:middle;text-align:left;padding:0 0.5em;position:relative}.mw-parser-output table.clade td.clade-bar.reverse{text-align:right;position:relative}.mw-parser-output table.clade td.clade-leaf{border:0;padding:0;text-align:left}.mw-parser-output table.clade td.clade-leafR{border:0;padding:0;text-align:right}.mw-parser-output table.clade td.clade-leaf.reverse{text-align:right}.mw-parser-output table.clade:hover span.linkA{background-color:yellow}.mw-parser-output table.clade:hover span.linkB{background-color:green}</style> <table class="clade" style="font-size:75%;line-height:150%"> <tbody><tr> <td class="clade-label first" style="border-left:none;border-right:none;border-bottom:0px solid;"><a href="/wiki/File:UBS_Logo.svg" class="mw-file-description" title="UBS"><img alt="UBS" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ab/UBS_Logo.svg/100px-UBS_Logo.svg.png" decoding="async" width="100" height="37" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ab/UBS_Logo.svg/150px-UBS_Logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ab/UBS_Logo.svg/200px-UBS_Logo.svg.png 2x" data-file-width="300" data-file-height="110" /></a>  (Formed 1998 from merger of Union Bank of Switzerld & Swiss Bank Corp.) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"><a href="/wiki/File:Union_Bank_of_Switzerland.png" class="mw-file-description" title="Union Bank of Switzerland"><img alt="Union Bank of Switzerland" src="//upload.wikimedia.org/wikipedia/en/thumb/d/de/Union_Bank_of_Switzerland.png/125px-Union_Bank_of_Switzerland.png" decoding="async" width="125" height="51" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/de/Union_Bank_of_Switzerland.png/188px-Union_Bank_of_Switzerland.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/de/Union_Bank_of_Switzerland.png/250px-Union_Bank_of_Switzerland.png 2x" data-file-width="340" data-file-height="140" /></a> <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> (Merged in 1998 with Swiss Bank Corporation) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first">Union Bank of Switzerland (originally Swiss Banking Association, merged 1912) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a> (est. 1862) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a> (est. 1863) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label">Aargauische Kreditanstalt (merged 1915, acq. 1919) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> Aargauische Kreditanstalt (est. 1872) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Bank in Baden (est. 1863) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Eidgenössische Bank (est. 1863, acq. 1945) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Interhandel" title="Interhandel">Interhandel</a> (est. 1928, acq. 1967) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Phillips_%26_Drew" title="Phillips & Drew">Phillips & Drew</a> (est. 1895 as G.A. Phillips & Co., acq. 1986) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Chase_(bank)" class="mw-redirect" title="Chase (bank)">Chase Investors Management Corporation</a> (est. 1972 as subsidiary) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> Schröder Brothers & Co. (est. 1846) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Münchmeyer & Co. (est. 1855) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Frederick Hengst & Co. </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"><a href="/wiki/File:Swiss_Bank_Corp_1973_logo.png" class="mw-file-description" title="Swiss Bank Corporation"><img alt="Swiss Bank Corporation" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/125px-Swiss_Bank_Corp_1973_logo.png" decoding="async" width="125" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/188px-Swiss_Bank_Corp_1973_logo.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/250px-Swiss_Bank_Corp_1973_logo.png 2x" data-file-width="554" data-file-height="176" /></a> <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> (Merged in 1998 with Union Bank of Switzerland) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"><a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> (merged 1897) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"><a href="/wiki/Basler_%26_Z%C3%BCrcher_Bankverein" class="mw-redirect" title="Basler & Zürcher Bankverein">Basler & Zürcher Bankverein</a> (est. 1880) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Basler_Bankverein" class="mw-redirect" title="Basler Bankverein">Basler Bankverein</a> (est. 1856 as Bankverein, renamed in 1872) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Z%C3%BCrcher_Bankverein" class="mw-redirect" title="Zürcher Bankverein">Zürcher Bankverein</a> (est. 1889) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Basler Depositenbank (est. 1882) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Schweiz Unionbank (est. 1889) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> Basler Handelsbank (est. 1862, acq. 1945) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor & Associates</a> (est. 1977, acq. 1992) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Brinson_Partners" title="Brinson Partners">Brinson Partners</a> (est. 1989, acq. 1994) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"><a href="/wiki/Warburg_Dillon_Read" class="mw-redirect" title="Warburg Dillon Read">Warburg Dillon Read</a> (merged 1997 under SBC ownership) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/S._G._Warburg_%26_Co." title="S. G. Warburg & Co.">S. G. Warburg & Co.</a> (est. 1946, acq. 1995) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon, Read & Co.</a> (est. 1832, acq. 1997) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"><a href="/wiki/File:Paine_Webber_Logo.png" class="mw-file-description" title="Paine Webber"><img alt="Paine Webber" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Paine_Webber_Logo.png/125px-Paine_Webber_Logo.png" decoding="async" width="125" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/16/Paine_Webber_Logo.png/188px-Paine_Webber_Logo.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/16/Paine_Webber_Logo.png/250px-Paine_Webber_Logo.png 2x" data-file-width="366" data-file-height="57" /></a> <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a> (consolidated 3 subsidiaries in 1984; merged in 2000 with UBS) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"><a href="/wiki/Paine,_Webber,_Jackson_%26_Curtis" class="mw-redirect" title="Paine, Webber, Jackson & Curtis">Paine, Webber, Jackson & Curtis</a> (merged 1942) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Paine_%26_Webber" class="mw-redirect" title="Paine & Webber">Paine & Webber</a> (est. 1880) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Jackson_%26_Curtis" title="Jackson & Curtis">Jackson & Curtis</a> (est. 1879) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Mitchell_Hutchins" title="Mitchell Hutchins">Mitchell Hutchins</a> (est. 1938, acq. 1975) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"><a href="/wiki/Blyth,_Eastman_Dillon_%26_Co." title="Blyth, Eastman Dillon & Co.">Blyth, Eastman Dillon & Co.</a> (merged 1972, acq. 1979) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Blyth_%26_Co." class="mw-redirect" title="Blyth & Co.">Blyth & Co.</a> est. 1914 as <a href="/wiki/Blyth,_Witter_%26_Co." class="mw-redirect" title="Blyth, Witter & Co.">Blyth, Witter & Co.</a> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"><a href="/wiki/Eastman_Dillon_Union_Securities_%26_Co." class="mw-redirect" title="Eastman Dillon Union Securities & Co.">Eastman Dillon Union Securities & Co.</a> (merged 1956) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Union_Securities" title="Union Securities">Union Securities</a> est. 1939 as spin-off from <a href="/wiki/J._%26_W._Seligman_%26_Co." title="J. & W. Seligman & Co.">J. & W. Seligman & Co.</a> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Eastman_Dillon_%26_Co." class="mw-redirect" title="Eastman Dillon & Co.">Eastman Dillon & Co.</a> (est. 1912) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/Kidder,_Peabody_%26_Co." class="mw-redirect" title="Kidder, Peabody & Co.">Kidder, Peabody & Co.</a> (est. 1864, acq. 1995) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/J.C._Bradford_%26_Co." title="J.C. Bradford & Co.">J.C. Bradford & Co.</a> (est. 1928, acq. 2000) </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <a href="/w/index.php?title=ICO_Markets_Exchange_Clearing_Limited&action=edit&redlink=1" class="new" title="ICO Markets Exchange Clearing Limited (page does not exist)">ICO Markets Exchange Clearing Limited</a> (est. 2021, acq. as a shareholder 2021) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"><a href="/wiki/File:Credit_Suisse_Logo_2022.svg" class="mw-file-description" title="Credit Suisse"><img alt="Credit Suisse" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Credit_Suisse_Logo_2022.svg/125px-Credit_Suisse_Logo_2022.svg.png" decoding="async" width="125" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Credit_Suisse_Logo_2022.svg/188px-Credit_Suisse_Logo_2022.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f5/Credit_Suisse_Logo_2022.svg/250px-Credit_Suisse_Logo_2022.svg.png 2x" data-file-width="648" data-file-height="83" /></a> <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> (acquired in 2023) </td> <td rowspan="2" class="clade-leaf"> <div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1258728058"> <table class="clade"> <tbody><tr> <td class="clade-label first"> </td> <td rowspan="2" class="clade-leaf"> <a href="/wiki/First_Boston" title="First Boston">First Boston</a> (est. 1932, acq. 1988) </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel last"> </td></tr></tbody></table></div> </td></tr> <tr> <td class="clade-slabel last" style="border-right:none;border-left:none;"> </td></tr></tbody></table></div> <div class="mw-heading mw-heading2"><h2 id="Corporate_governance">Corporate governance</h2>[<a href="/w/index.php?title=UBS&action=edit&section=17" title="Edit section: Corporate governance">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Senior_leadership">Senior leadership</h3>[<a href="/w/index.php?title=UBS&action=edit&section=18" title="Edit section: Senior leadership">edit</a>]</div> <ul><li>Chairman: <a href="/wiki/Colm_Kelleher" title="Colm Kelleher">Colm Kelleher</a> (since April 2022)</li> <li>Chief Executive: <a href="/wiki/Sergio_Ermotti" title="Sergio Ermotti">Sergio Ermotti</a> (since April 2023); second term<a href="#cite_note-226">[222]</a></li></ul> <div class="mw-heading mw-heading4"><h4 id="List_of_former_chairmen">List of former chairmen</h4>[<a href="/w/index.php?title=UBS&action=edit&section=19" title="Edit section: List of former chairmen">edit</a>]</div> <ol><li>Mathis Cabiallavetta (1998)</li> <li>Alex Krauer (1998–2001)</li> <li><a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a> (2001–2008)</li> <li><a href="/wiki/Peter_Kurer" title="Peter Kurer">Peter Kurer</a> (2008–2009)</li> <li><a href="/wiki/Kaspar_Villiger" title="Kaspar Villiger">Kaspar Villiger</a> (2009–2012)</li> <li><a href="/wiki/Axel_A._Weber" title="Axel A. Weber">Axel Weber</a> (2012–2022)</li></ol> <div class="mw-heading mw-heading4"><h4 id="List_of_former_chief_executives">List of former chief executives</h4>[<a href="/w/index.php?title=UBS&action=edit&section=20" title="Edit section: List of former chief executives">edit</a>]</div> <ol><li><a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a> (1998–2001)</li> <li><a href="/wiki/Peter_Wuffli" title="Peter Wuffli">Peter Wuffli</a> (2001–2007)</li> <li><a href="/wiki/Marcel_Rohner_(banker)" title="Marcel Rohner (banker)">Marcel Rohner</a> (2007–2009)</li> <li><a href="/wiki/Oswald_Gr%C3%BCbel" title="Oswald Grübel">Oswald Grübel</a> (2009–2011)</li> <li><a href="/wiki/Sergio_Ermotti" title="Sergio Ermotti">Sergio Ermotti</a> (2011–2020)</li> <li><a href="/wiki/Ralph_Hamers" title="Ralph Hamers">Ralph Hamers</a> (2020–2023)</li></ol> <div class="mw-heading mw-heading3"><h3 id="Shareholders">Shareholders</h3>[<a href="/w/index.php?title=UBS&action=edit&section=21" title="Edit section: Shareholders">edit</a>]</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Frankfurter-Opernturm-2012-Ffm-916.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Frankfurter-Opernturm-2012-Ffm-916.jpg/169px-Frankfurter-Opernturm-2012-Ffm-916.jpg" decoding="async" width="169" height="234" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Frankfurter-Opernturm-2012-Ffm-916.jpg/254px-Frankfurter-Opernturm-2012-Ffm-916.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/87/Frankfurter-Opernturm-2012-Ffm-916.jpg/339px-Frankfurter-Opernturm-2012-Ffm-916.jpg 2x" data-file-width="3189" data-file-height="4407" /></a><figcaption>UBS Europe SE Headquarters in <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt am Main</a>, Germany</figcaption></figure> As disclosed under the Swiss Stock exchange Act, the most significant shareholders of UBS are <a href="/wiki/GIC_Private_Limited" class="mw-redirect" title="GIC Private Limited">GIC Private Limited</a> with 7.07%, <a href="/wiki/BlackRock" title="BlackRock">BlackRock Inc</a> with 4.98%,<a href="#cite_note-227">[223]</a> <a href="/wiki/Norges_Bank" title="Norges Bank">Norges Bank</a> with 3.30%, <a href="/wiki/MFS_Investment_Management" title="MFS Investment Management">MFS Investment Management</a> with 3.05% and <a href="/wiki/Capital_Group_Companies" title="Capital Group Companies">Capital Group Companies</a> with 3.01% of total share capital.<a href="#cite_note-UBS_Annual_Report_2016-228">[224]</a> In 2008 during the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>, <a href="/wiki/GIC_Private_Limited" class="mw-redirect" title="GIC Private Limited">GIC Private Limited</a> invested CHF 11 billion into UBS to help bail it out, thus becoming the largest single shareholder.<a href="#cite_note-UBS_Annual_Report_2014-41">[38]</a> Additionally, the UBS Group AG disclosed shareholders registered in their share register with 3% or more of shares issued. As of 30 September 2017, these are Chase Nominees Ltd, DTC (Cede & Co.) and Nortrust Nominees Ltd with 10.32%, 6.63% and 4.04% of total share capital respectively.<a href="#cite_note-229">[225]</a> As of 30 June 2019, shareholdings of the Group were distributed as follows:<a href="#cite_note-230">[226]</a> <table class="wikitable"> <tbody><tr valign="bottom"> <th> </th> <th colspan="2">Shareholders registered </th> <th colspan="2">Shares registered </th></tr> <tr> <td></td> <td style="text-align:center;">amount</td> <td style="text-align:center;">%</td> <td style="text-align:center;">amount</td> <td style="text-align:center;">% </td></tr> <tr> <td>Individual shareholders </td> <td style="text-align:right;">220,172</td> <td style="text-align:right;">97.8</td> <td style="text-align:right;">490,593,639</td> <td style="text-align:right;">12.7 </td></tr> <tr> <td>Legal entities </td> <td style="text-align:right;">4,665</td> <td style="text-align:right;">2.1</td> <td style="text-align:right;">543,626,690</td> <td style="text-align:right;">14.1 </td></tr> <tr> <td>Nominees, fiduciaries </td> <td style="text-align:right;">217</td> <td style="text-align:right;">0.1</td> <td style="text-align:right;">1,165,313,198</td> <td style="text-align:right;">30.2 </td></tr> <tr> <td>Total </td> <td style="text-align:right;">225,054</td> <td style="text-align:right;">100.0</td> <td style="text-align:right;">3,859,055,395</td> <td style="text-align:right;">100.0 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Banking_secrecy">Banking secrecy</h2>[<a href="/w/index.php?title=UBS&action=edit&section=22" title="Edit section: Banking secrecy">edit</a>]</div> UBS frequently cites <a href="/wiki/Culture_of_Switzerland" title="Culture of Switzerland">Swiss culture</a>—specifically its penchant for privacy, <a href="/wiki/Swiss_neutrality" title="Swiss neutrality">security and neutrality</a>—as foundational to its company culture.<a href="#cite_note-Schutz-2000-231">[227]</a> Although <a href="/wiki/Banking_in_Switzerland#Banking_secrecy" title="Banking in Switzerland">banking secrecy started in the 1700s</a>, Switzerland drafted a series of banking regulations and statutes in the late 1800s and 1930s to protect and secure banks within its borders.<a href="#cite_note-Garside-guardian-8-2-2015-232">[228]</a> The most prominent was the <a href="/wiki/Federal_Act_on_Banks_and_Savings_Banks" title="Federal Act on Banks and Savings Banks">Federal Act on Banks and Savings Banks</a>, known simply as the "Banking Law of 1934".<a href="#cite_note-KPMG-2018-233">[229]</a> The federal law prohibits and criminalizes the distribution and release of client information to third parties.<a href="#cite_note-KPMG-2018-233">[229]</a> The bill was passed by the <a href="/wiki/Federal_Assembly_(Switzerland)" title="Federal Assembly (Switzerland)">Swiss Federal Assembly</a> to combat the seizure of client assets and information for <a href="/wiki/Banking_in_Switzerland#History" title="Banking in Switzerland">reasons debated by historians</a>.<a href="#cite_note-Garside-guardian-8-2-2015-232">[228]</a> UBS, then known as the <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>, received large influxes of capital from <a href="/wiki/Europe" title="Europe">Europe</a> for safe keeping during the war.<a href="#cite_note-Mueller-1969-234">[230]</a> More than <a href="/wiki/List_of_Swiss_financial_market_legislation" class="mw-redirect" title="List of Swiss financial market legislation">two dozen Swiss banking statutes</a> were drafted from 1934 to 2008 to strengthen banking secrecy at UBS Switzerland AG.<a href="#cite_note-Mueller-1969-234">[230]</a> In 2018, Switzerland, alongside major Swiss banks including UBS, was ranked first on the <a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a>.<a href="#cite_note-FSI-2018-235">[231]</a> UBS was the largest wealth manager in 23 of the top 25 countries on the 2018 Financial Secrecy Index.<a href="#cite_note-FSI-2018-235">[231]</a> While UBS maintains the strictest banking secrecy policies in Switzerland, its policies across Europe and especially the <a href="/wiki/United_States" title="United States">United States</a> are comparable.<a href="#cite_note-Mueller-1969-234">[230]</a>[<a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS">better source needed</a>] Within the U.S., the bank is prohibited from disclosing client activities and information both internally and through regulation imposed by the <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a> (FINRA), <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a>, <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> (FDIC), <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Treasury</a>, <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC), and various U.S. state regulators.<a href="#cite_note-Ely-2020-236">[232]</a> UBS employees are prohibited from discussing client activity or information publicly, sharing information across borders, retaining client information insecurely and required to maintain robust bank-client confidentiality agreements.<a href="#cite_note-Ely-2020-236">[232]</a> In 2018, UBS operations within the U.S. were ranked second on the Financial Secrecy Index, following UBS Switzerland AG.<a href="#cite_note-FSI-2018-235">[231]</a> Within the <a href="/wiki/European_Union" title="European Union">European Union</a> (E.U.), UBS operations maintain similar banking secrecy policies to Switzerland in the following countries and crown dependencies: <a href="/wiki/Jersey" title="Jersey">Jersey</a>, <a href="/wiki/Austria" title="Austria">Austria</a>, <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a>, <a href="/wiki/Liechtenstein" title="Liechtenstein">Liechtenstein</a>, <a href="/wiki/Monaco" title="Monaco">Monaco</a>, and the <a href="/wiki/Isle_of_Man" title="Isle of Man">Isle of Man</a>.<a href="#cite_note-Hill-237">[233]</a> Substantial, albeit greatly reduced, banking secrecy provisions are afforded to UBS operations in <a href="/wiki/France" title="France">France</a>, <a href="/wiki/Germany" title="Germany">Germany</a>, <a href="/wiki/Ireland" title="Ireland">Ireland</a>, and the <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a>.<a href="#cite_note-Hill-237">[233]</a> <div class="mw-heading mw-heading3"><h3 id="Hidden_assets">Hidden assets</h3>[<a href="/w/index.php?title=UBS&action=edit&section=23" title="Edit section: Hidden assets">edit</a>]</div> UBS, along with other Swiss banks, maintains a variety of <a href="/wiki/Hidden_asset" title="Hidden asset">hidden assets</a> and <a href="/wiki/Numbered_bank_account" title="Numbered bank account">numbered bank accounts</a> in an effort to preserve anonymity and confidentiality.<a href="#cite_note-Werdigier-2013-238">[234]</a> Despite its name, hidden accounts are not truly hidden.<a href="#cite_note-ISB-2011-239">[235]</a> The usage of these types of accounts (and assets) limits the knowledge of the account between the client and a restricted number of private bankers who retain record of who the account belongs to.<a href="#cite_note-ISB-2011-239">[235]</a> In January 1997, <a href="/wiki/Christoph_Meili" title="Christoph Meili">Christoph Meili</a>, a night guard at the Union Bank of Switzerland (precursor of UBS) in <a href="/wiki/Z%C3%BCrich" class="mw-redirect" title="Zürich">Zürich</a>, publicly announced that bank officials were destroying documents about orphaned assets, believed to be the credit balances of both Nazi German and Jewish clients attained during <a href="/wiki/World_War_II" title="World War II">World War II</a>.<a href="#cite_note-Schutz-2000-231">[227]</a> Soon after, Zurich authorities opened a judicial investigation against Meili for suspected violations of the Swiss laws on banking secrecy.<a href="#cite_note-sr952_02-240">[236]</a> After a <a href="/wiki/United_States_dollar" title="United States dollar">US$</a>2.56 billion lawsuit was filed against UBS and other Swiss banks on behalf of the <a href="/wiki/Holocaust_victims" title="Holocaust victims">Jewish victims of the Holocaust</a>, a settlement was reached that totalled US$1.25 billion in August 1998.<a href="#cite_note-Blick-2012-241">[237]</a><a href="#cite_note-242">[238]</a> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_Office_Door.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/UBS_Office_Door.png/220px-UBS_Office_Door.png" decoding="async" width="220" height="274" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/UBS_Office_Door.png/330px-UBS_Office_Door.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/UBS_Office_Door.png/440px-UBS_Office_Door.png 2x" data-file-width="1220" data-file-height="1520" /></a><figcaption>An entrance to a UBS Wealth Management office in <a href="/wiki/Milan" title="Milan">Milan, Italy</a>. With a <a href="/wiki/Door_security" title="Door security">strike-plated</a> door and <a href="/wiki/Frosted_glass" title="Frosted glass">frosted glass</a>, its purpose is to provide security and banking discretion.</figcaption></figure> The <a href="/wiki/Federal_Council_(Switzerland)" title="Federal Council (Switzerland)">Swiss government</a> has taken steps to curb the usage of hidden services by foreign account holders as they have been frequently used to facilitate the transfer of "<a href="/wiki/Black_market" title="Black market">black money</a>".<a href="#cite_note-Keefe-2016-243">[239]</a> In May 2013, Switzerland announced that it would amend certain banking secrecy laws applicable to UBS Switzerland AG to allow the disclosure of hidden client accounts to various investigative authorities.<a href="#cite_note-Keefe-2016-243">[239]</a> However, the disclosure of such information is heavily regulated and only "occur exclusively within the scope of administrative assistance procedures based on a valid double taxation agreement."<a href="#cite_note-Werdigier-2013-238">[234]</a> <div class="mw-heading mw-heading3"><h3 id="Bank_vaults_and_bunkers">Bank vaults and bunkers</h3>[<a href="/w/index.php?title=UBS&action=edit&section=24" title="Edit section: Bank vaults and bunkers">edit</a>]</div> UBS, along with other Swiss banks, owns and operates undisclosed or otherwise secretive bank vaults, storage facilities or <a href="/wiki/Bunker" title="Bunker">underground bunkers</a> for gold bars, diamonds, cash, or other valuable physical assets.<a href="#cite_note-Schutz-2000-231">[227]</a><a href="#cite_note-244">[240]</a> The geographical location of these facilities are undisclosed to the public but are known to be present in the mountainous regions of the <a href="/wiki/Swiss_Alps" title="Swiss Alps">Swiss Alps</a>.<a href="#cite_note-Baker-2016-245">[241]</a> These facilities are not subject to the <a href="/wiki/List_of_Swiss_financial_market_legislation" class="mw-redirect" title="List of Swiss financial market legislation">same banking regulations</a> as <a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">banks in Switzerland</a> and do not have to report holdings to regulatory agencies.<a href="#cite_note-Baker-2016-245">[241]</a><a href="#cite_note-IWJC-1996-246">[242]</a> According to the <a href="/wiki/Swiss_Armed_Forces" title="Swiss Armed Forces">Swiss Armed Forces</a>, UBS purchased four former <a href="/wiki/Bunker" title="Bunker">military bunkers</a> to convert into storage facilities throughout the 1980s and 1990s.<a href="#cite_note-Schutz-2000-231">[227]</a><a href="#cite_note-Bloomberg-2013-247">[243]</a> Three of these bunkers are not accessible by road or foot and require aircraft transportation.<a href="#cite_note-Schutz-2000-231">[227]</a> 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.<a href="#cite_note-Baker-2016-245">[241]</a> In special circumstances, UBS contracts smaller banks in <a href="/wiki/Canton_of_Ticino" class="mw-redirect" title="Canton of Ticino">Southern Switzerland</a> to maintain company assets.<a href="#cite_note-Schutz-2000-231">[227]</a> The largest disclosed Swiss bank vault is five floors (19 metres or 62 feet) under the bank's <a href="/wiki/Geneva" title="Geneva">Geneva</a> headquarters.<a href="#cite_note-248">[244]</a> In July 2013, UBS established a gold storage facility and depository in <a href="/wiki/Singapore" title="Singapore">Singapore</a> for high net worth and ultra high net worth clients in their <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, <a href="/wiki/China" title="China">China</a>, and <a href="/wiki/Malaysia" title="Malaysia">Malaysia</a> markets who are willing to pay high fees and commissions for the highest level of secrecy and safety for their assets.<a href="#cite_note-Bloomberg-2013-247">[243]</a> <div class="mw-heading mw-heading3"><h3 id="Tax_evasion">Tax evasion</h3>[<a href="/w/index.php?title=UBS&action=edit&section=25" title="Edit section: Tax evasion">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/UBS_tax_evasion_controversies" title="UBS tax evasion controversies">UBS tax evasion controversies</a></div> The strict banking secrecy policies and bank-client <a href="/wiki/Non-disclosure_agreement" title="Non-disclosure agreement">confidentiality agreements</a> at UBS have frequently been used to avoid, evade or otherwise <a href="/wiki/Tax_evasion" title="Tax evasion">escape foreign direct taxation</a>. UBS reached <a href="/wiki/Multilateral_treaty" title="Multilateral treaty">multilateral agreements</a> with the U.S. <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> (IRS) and U.K. <a href="/wiki/HM_Revenue_and_Customs" title="HM Revenue and Customs">HM Revenue and Customs</a> in 2009 and 2010, respectively.<a href="#cite_note-249">[245]</a> These agreements ensured a line of communication between the tax agencies and all registered Swiss banks.<a href="#cite_note-Grimaldi-250">[246]</a> The most commonly used stipulation triggered by select UBS Switzerland AG clients regard <a href="/wiki/List_of_Swiss_financial_market_legislation" class="mw-redirect" title="List of Swiss financial market legislation">the following statute</a>: Swiss banks are only allowed to disclose client information if a client is <a href="/wiki/Criminal_charge" title="Criminal charge">legally charged</a> with proof of deliberate <a href="/wiki/Financial_crime" title="Financial crime">financial fraud</a>, not merely the <a href="/wiki/Income_statement" title="Income statement">non-reporting of assets</a> to avoid taxation.<a href="#cite_note-Werdigier-2013-238">[234]</a> The banking privacy policies of UBS have led to numerous controversies and disagreements with foreign governments: <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Cour_de_Cassation,_Paris_140320_1.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Cour_de_Cassation%2C_Paris_140320_1.jpg/220px-Cour_de_Cassation%2C_Paris_140320_1.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/31/Cour_de_Cassation%2C_Paris_140320_1.jpg/330px-Cour_de_Cassation%2C_Paris_140320_1.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/31/Cour_de_Cassation%2C_Paris_140320_1.jpg/440px-Cour_de_Cassation%2C_Paris_140320_1.jpg 2x" data-file-width="5187" data-file-height="3462" /></a><figcaption>The French supreme court, <a href="/wiki/Court_of_Cassation_(France)" title="Court of Cassation (France)">Cour de Cassation</a>, ruled against UBS in <a href="/wiki/UBS_tax_evasion_controversies" title="UBS tax evasion controversies">their 2014 appeal of tax evasion</a>.</figcaption></figure> <ul><li>In 2007, <a href="/wiki/Bradley_Birkenfeld" title="Bradley Birkenfeld">Bradley Birkenfeld</a>, a 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.S. <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a>.<a href="#cite_note-Pfeifer2-251">[247]</a> He subsequently complained to UBS compliance officials about the bank's "unfair and deceptive business practices", which included sponsoring events like yacht races and art festivals in the United States to attract wealthy people as potential clients.<a href="#cite_note-252">[248]</a> UBS was charged by the U.S. <a href="/wiki/Federal_Bureau_of_Investigation" title="Federal Bureau of Investigation">Federal Bureau of Investigation</a> and ordered it to cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July 2008.<a href="#cite_note-253">[249]</a></li> <li>In 2012, the <a href="/wiki/Politics_of_Germany" title="Politics of Germany">German government</a> saw to it that UBS Deutschland AG came under investigation by prosecutors in <a href="/wiki/Mannheim" title="Mannheim">Mannheim</a>, Germany, after a tax probe revealed suspicious funds transfers from Germany to Switzerland allegedly facilitated by the bank's <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a> office.<a href="#cite_note-Germany_Probes_UBS2-254">[250]</a> UBS Deutschland's Frankfurt office was raided by tax investigators in May 2012, and over 100,000 computer 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 misbehaviour by UBS Deutschland AG."<a href="#cite_note-Germany_Probes_UBS2-254">[250]</a></li> <li>In 2014, the <a href="/wiki/Government_of_France" title="Government of France">French government</a> launched an investigation into UBS France's alleged abetting of tax evasion by French taxpayers.<a href="#cite_note-Talk_About_Déjà_Vu2-255">[251]</a> The investigation estimated the amount of tax income lost to UBS-controlled offshore accounts at €600 billion.<a href="#cite_note-Europe_Loses_Billions2-256">[252]</a> In July 2014, the bank was required to post a bond of 1.1 billion euros, which UBS complied with while making multiple appeals in the French court system, finally losing its appeal at the <a href="/wiki/Court_of_Cassation_(France)" title="Court of Cassation (France)">Cour de Cassation</a>, France's highest court.<a href="#cite_note-European_court_rejects2-257">[253]</a> That same year, UBS accused the French government of engaging in a "highly politicized process" in its investigation of the bank.<a href="#cite_note-UBS_Officials_Face_Arrest2-258">[254]</a></li></ul> In December 2021, UBS was criminally convicted by an appeals court in <a href="/wiki/France" title="France">France</a> for "illegal banking activities", <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> and "aggravated <a href="/wiki/Tax_fraud" class="mw-redirect" title="Tax fraud">tax fraud</a>" and fined €1.8 billion.<a href="#cite_note-259">[255]</a><a href="#cite_note-260">[256]</a> UBS has said it is appealing that decision.<a href="#cite_note-261">[257]</a> <div class="mw-heading mw-heading2"><h2 id="Corporate_social_responsibility">Corporate social responsibility</h2>[<a href="/w/index.php?title=UBS&action=edit&section=26" title="Edit section: Corporate social responsibility">edit</a>]</div> In January 2010, UBS issued a new code of conduct and <a href="/wiki/Business_ethics" title="Business ethics">business ethics</a> which all employees were encouraged to sign. The code addressed issues such as <a href="/wiki/Financial_crime" title="Financial crime">financial crime</a>, competition, <a href="/wiki/Confidentiality" title="Confidentiality">confidentiality</a>, as well as <a href="/wiki/Human_rights" title="Human rights">human rights</a> and <a href="/wiki/Environmental_issue" class="mw-redirect" title="Environmental issue">environmental issues</a>. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, <a href="/wiki/Demotion" title="Demotion">demotions</a>, or <a href="/wiki/Dismissal_(employment)" title="Dismissal (employment)">dismissal</a>.<a href="#cite_note-262">[258]</a> According to <a href="/wiki/Kaspar_Villiger" title="Kaspar Villiger">Kaspar Villiger</a>, former chairman of the board, and <a href="/wiki/Oswald_J._Gr%C3%BCbel" class="mw-redirect" title="Oswald J. Grübel">Oswald J. Grübel</a>, former Group CEO, the code is "an integral part of changing the way UBS conducts business".<a href="#cite_note-263">[259]</a> In 2011, UBS expanded its global compliance database to include information on environmental and social issues provided by <a href="/wiki/RepRisk" title="RepRisk">RepRisk</a>,<a href="#cite_note-264">[260]</a> a global research firm specialized in environmental, social and corporate governance (e.g., <a href="/wiki/Environmental,_social_and_corporate_governance" class="mw-redirect" title="Environmental, social and corporate governance">ESG</a>) risk analytics and metrics.<a href="#cite_note-265">[261]</a> This was done in an effort to mitigate environmental and social risks that could impact the bank's reputation or financial performance and to simultaneously help globally standardize and systematically implement the firm's <a href="/wiki/Due_diligence" title="Due diligence">due diligence</a> processes.<a href="#cite_note-266">[262]</a> RepRisk data is used in the on-boarding process to screen potential new clients and sourcing partners,<a href="#cite_note-267">[263]</a> alongside periodic client reviews and, also, to evaluate the risks related to transactions in investment banking and institutional lending.<a href="#cite_note-268">[264]</a> In 2018, UBS held 0.72% of shares in HikVision<a href="#cite_note-269">[265]</a> (surveillance cameras), a subsidiary of the Chinese military conglomerate CETC. In October 2019, UBS joined UN's Global Investors for Sustainable Development Alliance (GISD).<a href="#cite_note-IntInv-2019-270">[266]</a> UBS has committed to raise US$5 billion (~$5.55 billion in 2023) of SDG-related impact investments by the end of 2021, which aim to create a measurable positive social or environmental impact.<a href="#cite_note-IntInv-2019-270">[266]</a> <div class="mw-heading mw-heading2"><h2 id="Research_and_development">Research and development</h2>[<a href="/w/index.php?title=UBS&action=edit&section=27" title="Edit section: Research and development">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Blockchain">Blockchain</h3>[<a href="/w/index.php?title=UBS&action=edit&section=28" title="Edit section: Blockchain">edit</a>]</div> UBS has been an early adopter regarding the use of <a href="/wiki/Blockchain" title="Blockchain">blockchain technology</a> in financial services. In April 2015, UBS opened an innovation lab at the Level39 technology accelerator space in London.<a href="#cite_note-271">[267]</a> In August 2016, UBS announced that it will team up with <a href="/wiki/The_Bank_of_New_York_Mellon" class="mw-redirect" title="The Bank of New York Mellon">BNY Mellon</a>, <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>, <a href="/wiki/Banco_Santander" title="Banco Santander">Banco Santander</a>, brokerage company ICAP and the <a href="/wiki/Fintech" title="Fintech">fintech</a> company Clearmatics, to promote UBS's "Utility Settlement Coin" (USC). The USC is a blockchain-based digital currency that financial institutions could use to transact securities with each other, bypassing the traditional settlement processes which is ongoing.<a href="#cite_note-272">[268]</a> <div class="mw-heading mw-heading3"><h3 id="IMECL">IMECL</h3>[<a href="/w/index.php?title=UBS&action=edit&section=29" title="Edit section: IMECL">edit</a>]</div> In 2021, UBS buys 31% <a href="/w/index.php?title=ICO_Markets_Exchange_Clearing_Limited&action=edit&redlink=1" class="new" title="ICO Markets Exchange Clearing Limited (page does not exist)">ICO Markets Exchange Clearing Limited</a>, <a href="/w/index.php?title=Digital_Asset_Exchange&action=edit&redlink=1" class="new" title="Digital Asset Exchange (page does not exist)">Digital Asset Exchange</a>, <a href="/w/index.php?title=Regulator_Company_in_the_European_Digital_Asset_Market&action=edit&redlink=1" class="new" title="Regulator Company in the European Digital Asset Market (page does not exist)">Regulator Company in the European Digital Asset Market</a> which financial institutions and private clients they will use to trade securities among themselves, bypassing the traditional ongoing settlement processes.<a href="#cite_note-273">[269]</a> <div class="mw-heading mw-heading3"><h3 id="Artificial_intelligence">Artificial intelligence</h3>[<a href="/w/index.php?title=UBS&action=edit&section=30" title="Edit section: Artificial intelligence">edit</a>]</div> In 2018, UBS digitally cloned Daniel Kalt, one of its chief economists. <a href="/wiki/Artificial_intelligence" title="Artificial intelligence">Artificial intelligence</a> expert FaceMe was hired to create an interactive <a href="/wiki/Avatar_(computing)" title="Avatar (computing)">avatar</a> of Kalt that can meet with clients via television screen. The clients will be able to ask questions and receive answers, made possible by <a href="/wiki/IBM" title="IBM">IBM</a>'s <a href="/wiki/Watson_(computer)" class="mw-redirect" title="Watson (computer)">Watson</a> AI technology.<a href="#cite_note-274">[270]</a><a href="#cite_note-275">[271]</a> <div class="mw-heading mw-heading2"><h2 id="Recognition">Recognition</h2>[<a href="/w/index.php?title=UBS&action=edit&section=31" title="Edit section: Recognition">edit</a>]</div> In 2006, for the fourth consecutive year, UBS was named one of the 100 Best Companies for Working Mothers living in the U.S. by <a href="/wiki/Working_Mother" title="Working Mother">Working Mother</a> magazine.<a href="#cite_note-276">[272]</a> It is a member of the <a href="/wiki/Stonewall_(charity)" title="Stonewall (charity)">Stonewall</a> <a href="/wiki/Diversity_Champions" class="mw-redirect" title="Diversity Champions">Diversity Champions</a> scheme<a href="#cite_note-Stonewall-2015-277">[273]</a> and has active gay and lesbian, ethnic minority, and women's networking groups. UBS was included on <a href="/wiki/Business_Week_Magazine" class="mw-redirect" title="Business Week Magazine">Business Week</a>'s The Best Places to Launch a Career 2008, and ranked No. 96 out of the 119 total companies listed.<a href="#cite_note-Stonewall-2015-277">[273]</a> On 2 February 2010, UBS 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.<a href="#cite_note-278">[274]</a> On 4 May 2010, UBS Investment Bank was voted the leading pan-European <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">brokerage firm</a> for equity and equity linked research for a record tenth successive year. A <a href="/wiki/Thomson_Reuters" title="Thomson Reuters">Thomson Reuters</a> 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 2009). UBS was also named as the number one leading pan-European brokerage firm for economics and strategy research.<a href="#cite_note-279">[275]</a> On 31 October 2013, UBS Wealth Management was voted the Best Global Private Bank by <a href="/wiki/Professional_Wealth_Management" title="Professional Wealth Management">Professional Wealth Management</a>,<a href="#cite_note-280">[276]</a> retaining the title in 2014 while also being recognized as the Best Private Bank for Philanthropy Services, and Best Global Brand in Private Banking.<a href="#cite_note-281">[277]</a> On 27 October 2016, for the 4th consecutive year, UBS Wealth Management won the Best Global Private Bank title, as well as the Best Private Bank in Asia award for the 5th consecutive year.<a href="#cite_note-282">[278]</a> UBS won the top prize again in 2018.<a href="#cite_note-283">[279]</a> In 2014, the Group received <a href="/wiki/Euromoney" title="Euromoney">Euromoney</a>'s Awards for Excellence 2014 as the Best global bank,<a href="#cite_note-284">[280]</a><a href="#cite_note-285">[281]</a> and as the Best Bank in Switzerland.<a href="#cite_note-286">[282]</a> In 2017, UBS not only retained its leading position taken in 2016 in the main category best private banking services overall at the <a href="/wiki/Euromoney" title="Euromoney">Euromoney</a>'s Private Banking Awards,<a href="#cite_note-287">[283]</a> but also received recognition as Western Europe's best bank for advisory 2017.<a href="#cite_note-288">[284]</a> In 2018, for the third consecutive year, RobecoSAM, an organization specialized exclusively on Sustainability Investing and conducting extensive research,<a href="#cite_note-289">[285]</a> named UBS in its Industry group leader report 2018 for each of the industry groups represented in the Dow Jones Sustainability Index the group leader<a href="#cite_note-290">[286]</a> in Diversified Financials.<a href="#cite_note-291">[287]</a> The report highlighted Group's sustainability efforts directed through its UBS and Society program: a cross-divisional platform involving activities and capabilities in sustainable investing and philanthropy, environmental and human rights policies, UBS's own environmental footprint, as well as the community investment.<a href="#cite_note-292">[288]</a> The Group also received recognition from <a href="/wiki/Global_Finance_(magazine)" title="Global Finance (magazine)">Global Finance</a> which rates financial services providers that best meet the specialized needs of corporations on a global level. The selection criteria are focused less on the size, but rather on qualities that companies look for when choosing a provider.<a href="#cite_note-293">[289]</a><a href="#cite_note-best_banks_2017-294">[290]</a> UBS was named in the category Global Winners as Best Private Bank in the World 2017,<a href="#cite_note-295">[291]</a> and in the list of global best banks 2017, the Group received the award as Global Winner in the category World's Best Investment Banks 2017.<a href="#cite_note-best_banks_2017-294">[290]</a><a href="#cite_note-296">[292]</a> In 2019, UBS was listed as one of the Top 50 World's Most Attractive Employers Global Business Ranking 2019 by Universum Global Survey.<a href="#cite_note-297">[293]</a> <div class="mw-heading mw-heading2"><h2 id="Sponsorship">Sponsorship</h2>[<a href="/w/index.php?title=UBS&action=edit&section=32" title="Edit section: Sponsorship">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></div></td><td class="mbox-text"><div class="mbox-text-span">This section does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a>. Please help <a href="/wiki/Special:EditPage/UBS" title="Special:EditPage/UBS">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>. (March 2022) (<a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a>)</div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Sports">Sports</h3>[<a href="/w/index.php?title=UBS&action=edit&section=33" title="Edit section: Sports">edit</a>]</div> UBS is particularly active in sponsoring various <a href="/wiki/Golf_tournament" class="mw-redirect" title="Golf tournament">golf tournaments</a>, <a href="/wiki/Cross-country_skiing_(sport)" title="Cross-country skiing (sport)">cross-country skiing</a> in Switzerland, <a href="/wiki/Ice_hockey" title="Ice hockey">ice hockey</a>, and a range of other events around the world. UBS was the sponsor of the <a href="/wiki/Alinghi" title="Alinghi">Alinghi</a> sailing ship, winner of the <a href="/wiki/Americas_Cup" class="mw-redirect" title="Americas Cup">Americas Cup</a> in 2003. UBS has been or currently is a <a href="/wiki/Sponsor_(commercial)" title="Sponsor (commercial)">sponsor</a> of the following sporting events and organizations: <style data-mw-deduplicate="TemplateStyles:r1216972533">.mw-parser-output .col-begin{border-collapse:collapse;padding:0;color:inherit;width:100%;border:0;margin:0}.mw-parser-output .col-begin-small{font-size:90%}.mw-parser-output .col-break{vertical-align:top;text-align:left}.mw-parser-output .col-break-2{width:50%}.mw-parser-output .col-break-3{width:33.3%}.mw-parser-output .col-break-4{width:25%}.mw-parser-output .col-break-5{width:20%}@media(max-width:720px){.mw-parser-output .col-begin,.mw-parser-output .col-begin>tbody,.mw-parser-output .col-begin>tbody>tr,.mw-parser-output .col-begin>tbody>tr>td{display:block!important;width:100%!important}.mw-parser-output .col-break{padding-left:0!important}}</style><div> <table class="col-begin" role="presentation"> <tbody><tr> <td class="col-break"> <ul><li><a href="/wiki/Alinghi" title="Alinghi">Alinghi</a></li> <li><a href="/wiki/Arnold_Palmer_Invitational" title="Arnold Palmer Invitational">Arnold Palmer Invitational</a></li> <li><a href="/wiki/Athletissima" title="Athletissima">Athletissima</a></li> <li><a href="/wiki/Automobile_Club_de_Monaco" title="Automobile Club de Monaco">Automobile Club de Monaco</a></li> <li><a href="/wiki/Faldo_Series" class="mw-redirect" title="Faldo Series">Faldo Series Asia</a></li> <li><a href="/wiki/Formula_One" title="Formula One">Formula One</a></li></ul> </td> <td class="col-break"> <ul><li><a href="/wiki/Greifenseelauf" title="Greifenseelauf">Greifenseelauf</a></li> <li><a href="/wiki/Hahnenkamm_Races" title="Hahnenkamm Races">Hahnenkamm Races</a></li> <li><a href="/wiki/Hong_Kong_Rugby_Football_Union" class="mw-redirect" title="Hong Kong Rugby Football Union">Hong Kong Rugby Football Union</a></li> <li><a href="/wiki/New_York_Islanders" title="New York Islanders">New York Islanders</a></li> <li><a href="/wiki/Olympic_Museum_Lausanne" class="mw-redirect" title="Olympic Museum Lausanne">Olympic Museum Lausanne</a></li> <li><a href="/wiki/The_Players_Championship" title="The Players Championship">The Players Championship</a></li> <li><a href="/wiki/Sierre-Zinal" title="Sierre-Zinal">Sierre-Zinal Mountain Race</a></li></ul> </td> <td class="col-break"> <ul><li><a href="/wiki/Spengler_Cup" title="Spengler Cup">Spengler Cup Davos</a></li> <li><a href="/wiki/Swiss_Athletics_Federation" title="Swiss Athletics Federation">Swiss Athletics Federation</a></li> <li><a href="/wiki/UBS_Arena" title="UBS Arena">UBS Arena</a>, Elmont, NY</li> <li><a href="/wiki/UBS_Hong_Kong_Open" class="mw-redirect" title="UBS Hong Kong Open">UBS Hong Kong Open</a></li> <li><a href="/wiki/UBS_Japan_Golf_Tour_Championship" class="mw-redirect" title="UBS Japan Golf Tour Championship">UBS Japan Golf Tour Championship</a></li> <li>UBS Kids Cup</li> <li><a href="/wiki/Weltklasse_Z%C3%BCrich" title="Weltklasse Zürich">Weltklasse Zürich</a></li></ul> </td></tr></tbody></table></div> <div class="mw-heading mw-heading3"><h3 id="Culture">Culture</h3>[<a href="/w/index.php?title=UBS&action=edit&section=34" title="Edit section: Culture">edit</a>]</div> UBS's cultural sponsorships are typically related to classical music and contemporary art, although the company also sponsors a range of <a href="/wiki/Film_festival" title="Film festival">film festivals</a>, <a href="/wiki/Music_festival" title="Music festival">music festivals</a>, and other cultural events and organizations. UBS supported the <a href="/wiki/Guggenheim_UBS_MAP_Global_Art_Initiative" title="Guggenheim UBS MAP Global Art Initiative">Guggenheim UBS MAP Global Art Initiative</a> in which the <a href="/wiki/Solomon_R._Guggenheim_Foundation" title="Solomon R. Guggenheim Foundation">Solomon R. Guggenheim Foundation</a> identified and worked with artists, curators and educators from <a href="/wiki/South_Asia" title="South Asia">South</a> and <a href="/wiki/Southeast_Asia" title="Southeast Asia">Southeast Asia</a>, <a href="/wiki/Latin_America" title="Latin America">Latin America</a>, and the <a href="/wiki/Middle_East" title="Middle East">Middle East</a> and <a href="/wiki/North_Africa" title="North Africa">North Africa</a> to expand their reach in the international art world and challenge the Western-centric view of <a href="/wiki/Art_history" title="Art history">art history</a>.<a href="#cite_note-298">[294]</a> UBS has previously been or currently is a sponsor of the following cultural events and organizations:<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1216972533"><div> <table class="col-begin" role="presentation"> <tbody><tr> <td class="col-break"> <ul><li><a href="/wiki/Art_Basel" title="Art Basel">Art Basel</a></li> <li><a href="/wiki/Art_Basel_Miami_Beach" class="mw-redirect" title="Art Basel Miami Beach">Art Basel Miami Beach</a></li> <li><a href="/wiki/Art_Gallery_of_New_South_Wales" title="Art Gallery of New South Wales">Art Gallery NSW</a></li> <li><a href="/wiki/Ballett_Z%C3%BCrich" title="Ballett Zürich">Ballett Zürich</a></li> <li><a href="/wiki/Basel_Sinfonietta" title="Basel Sinfonietta">Basel Sinfonietta</a></li> <li><a href="/wiki/Beijing_Music_Festival" title="Beijing Music Festival">Beijing Music Festival</a></li> <li><a href="/wiki/Boston_Symphony_Orchestra" title="Boston Symphony Orchestra">Boston Symphony Orchestra</a></li> <li><a href="/wiki/Bregenz_Festival" class="mw-redirect" title="Bregenz Festival">Bregenz Festival</a></li> <li><a href="/wiki/Casals_Festival" title="Casals Festival">Casals Festival</a></li> <li><a href="/wiki/Cy_Twombly" title="Cy Twombly">Cy Twombly exhibition</a></li> <li><a href="/wiki/Deichtorhallen" title="Deichtorhallen">Deichtorhallen</a></li> <li><a href="/wiki/Fondation_Beyeler" class="mw-redirect" title="Fondation Beyeler">Fondation Beyeler</a></li></ul> </td> <td class="col-break"> <ul><li><a href="/wiki/Fondation_Pierre_Gianadda" title="Fondation Pierre Gianadda">Fondation Pierre Gianadda</a></li> <li>Fresh Paint Contemporary Art Fair, Tel Aviv</li> <li><a href="/wiki/Galleria_d%27Arte_Moderna,_Milan" title="Galleria d'Arte Moderna, Milan">Galleria d'Arte Moderna, Milan</a></li> <li><a href="/wiki/Guggenheim_UBS_MAP_Global_Art_Initiative" title="Guggenheim UBS MAP Global Art Initiative">Guggenheim UBS MAP Global Art Initiative</a></li> <li><a href="/wiki/International_Mozarteum_Foundation" title="International Mozarteum Foundation">International Mozarteum Foundation</a></li> <li><a href="/wiki/Locarno_International_Film_Festival" class="mw-redirect" title="Locarno International Film Festival">Locarno International Film Festival</a></li> <li><a href="/wiki/London_Symphony_Orchestra" title="London Symphony Orchestra">London Symphony Orchestra</a></li> <li><a href="/wiki/Louisiana_Museum_of_Modern_Art" title="Louisiana Museum of Modern Art">Louisiana Museum of Modern Art</a></li> <li><a href="/wiki/Lucerne_Festival" title="Lucerne Festival">Lucerne Festival</a></li> <li><a href="/wiki/Lucerne_Symphony_Orchestra" title="Lucerne Symphony Orchestra">Lucerne Symphony Orchestra</a></li> <li><a href="/wiki/Lugano_Festival" class="mw-redirect" title="Lugano Festival">Lugano Festival</a></li> <li><a href="/wiki/Montreux_Jazz_Festival" title="Montreux Jazz Festival">Montreux Jazz Festival</a></li></ul> </td> <td class="col-break"> <ul><li><a href="/wiki/New_National_Museum_of_Monaco" title="New National Museum of Monaco">New National Museum of Monaco</a></li> <li><a href="/wiki/Ravinia_Festival" title="Ravinia Festival">Ravinia Festival</a></li> <li><a href="/wiki/Rheingau_Musik_Festival" title="Rheingau Musik Festival">Rheingau Musik Festival</a></li> <li><a href="/wiki/Sydney_Theatre_Company" title="Sydney Theatre Company">Sydney Theatre Company</a></li> <li><a href="/wiki/Singapore_Sun_Festival" title="Singapore Sun Festival">Singapore Sun Festival</a></li> <li><a href="/wiki/Swiss_Institute_Contemporary_Art_New_York" title="Swiss Institute Contemporary Art New York">Swiss Institute Contemporary Art New York</a></li> <li><a href="/wiki/Thunerseespiele" title="Thunerseespiele">Thunerseespiele</a></li> <li><a href="/wiki/Utah_Symphony" title="Utah Symphony">Utah Symphony</a></li> <li><a href="/wiki/Verbier_Festival" title="Verbier Festival">Verbier Music Festival</a></li> <li>WOMEN: New Portraits by <a href="/wiki/Annie_Leibovitz" title="Annie Leibovitz">Annie Leibovitz</a></li> <li><a href="/wiki/Zurich_Opera_House" title="Zurich Opera House">Zurich Opera</a></li></ul> </td></tr></tbody></table></div> <div class="mw-heading mw-heading3"><h3 id="Naming_rights">Naming rights</h3>[<a href="/w/index.php?title=UBS&action=edit&section=35" title="Edit section: Naming rights">edit</a>]</div> UBS currently holds the naming rights to <a href="/wiki/UBS_Arena" title="UBS Arena">UBS Arena</a> which is the home of the <a href="/wiki/New_York_Islanders" title="New York Islanders">New York Islanders</a>. <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=UBS&action=edit&section=36" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/28px-All-currency-symbol.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/42px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/56px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></li></ul> <ul><li><a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">Banking in Switzerland</a></li> <li><a href="/wiki/Systemically_important_financial_institution" title="Systemically important financial institution">Systemically important financial institution</a></li> <li><a href="/wiki/Swiss_Financial_Market_Supervisory_Authority" title="Swiss Financial Market Supervisory Authority">Swiss Financial Market Supervisory Authority</a></li> <li><a href="/wiki/UBS_100_Index" title="UBS 100 Index">UBS 100 Index</a></li> <li><a href="/wiki/UBS_Securities,_China_branch" class="mw-redirect" title="UBS Securities, China branch">UBS Securities, China branch</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2>[<a href="/w/index.php?title=UBS&action=edit&section=37" title="Edit section: Notes">edit</a>]</div> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-9"><a href="#cite_ref-9">^</a> The name "UBS" is derived from "<a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>".<a href="#cite_note-5">[5]</a> Although "Union Bank of Switzerland" was discontinued in 1998, the name "UBS" remained as the company's legal and <a href="/wiki/Trade_name" title="Trade name">trade name</a> going forward.<a href="#cite_note-6">[6]</a> During the 1998 merger, UBS chairman <a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a> originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following the acquisition of <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a>, an American <a href="/wiki/Brokerage_firm" class="mw-redirect" title="Brokerage firm">brokerage firm</a>.<a href="#cite_note-7">[7]</a> As of November 1998, the bank is only known as "UBS" or "UBS Group <a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">AG</a>", with derivative titles such as <a href="#Corporate_structure">UBS Investment Bank</a>, <a href="#Corporate_structure">UBS Financial Services</a>, <a href="#Corporate_structure">UBS Asset Management</a>–among others–being common.<a href="#cite_note-8">[8]</a> </li> <li id="cite_note-17"><a href="#cite_ref-17">^</a> UBS maintains global <a href="/wiki/Client_confidentiality" title="Client confidentiality">client confidentiality</a> standards across its wealth management, <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a>, asset management, and <a href="/wiki/Private_banking" title="Private banking">private banking</a> services. In Switzerland, UBS operations are regulated by <a href="/wiki/Federal_Act_on_Banks_and_Savings_Banks" title="Federal Act on Banks and Savings Banks">Swiss banking secrecy laws</a>, which legally prohibit it from disclosing client information to third parties, subject to terms and conditions.<a href="#cite_note-11">[10]</a> Outside of Switzerland, UBS complies with <a href="/wiki/Market_segmentation" title="Market segmentation">foreign market</a> mandates on banking secrecy and client privacy. In its third-largest market, the <a href="/wiki/United_States" title="United States">United States</a>, UBS complies with <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">FINRA privacy laws</a>, which prohibits the unauthorized distribution of client information or data, subject to terms and conditions.<a href="#cite_note-12">[11]</a> UBS imposes a basic standard of <a href="/wiki/Bank_secrecy" title="Bank secrecy">banking discretion</a> to all of its operations regardless legal directives.<a href="#cite_note-13">[12]</a><a href="#cite_note-14">[13]</a> The bank's global compliance policies ensures that it:<a href="#cite_note-15">[14]</a><a href="#cite_note-16">[15]</a> <ul><li>never acknowledges the existence of an account or client activity without consent or an accepted <a href="/wiki/Complaint" title="Complaint">criminal complaint</a></li> <li>maintains banking discretion through "client relationship agreements" (e.g. bank–client <a href="/wiki/Non-disclosure_agreement" title="Non-disclosure agreement">confidentiality agreements</a>)</li> <li>limits the disclosure and retention of client activity, all of which is stored off-site (or <a href="/wiki/Encryption" title="Encryption">encrypted online</a>) for security after one calendar year</li> <li>ensures full or partial <a href="/wiki/Deposit_insurance" title="Deposit insurance">deposit insurance</a> on all accounts</li> <li>offers the usage of bank vaults, as well as dormant and <a href="/wiki/Numbered_bank_account" title="Numbered bank account">numbered bank accounts</a> to select, pre-approved clients<div style="overflow:auto"></div></li></ul> </li> <li id="cite_note-29"><a href="#cite_ref-29">^</a> The "three keys" symbol was taken from the <a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>'s logo and are meant to represent the following, from left to right:<a href="#cite_note-28">[26]</a> <ul><li>Confidence (i.e. <a href="/wiki/Consumer_confidence" title="Consumer confidence">consumer confidence</a>)</li> <li>Security (i.e. <a href="/wiki/Economic_security" title="Economic security">economic</a> and <a href="/wiki/Physical_security" title="Physical security">physical security</a>)</li> <li>Discretion (i.e. <a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">banking secrecy</a>)</li></ul> </li> <li id="cite_note-46"><a href="#cite_ref-46">^</a> UBS is the largest wealth manager in the world.<a href="#cite_note-44">[41]</a><a href="#cite_note-45">[42]</a> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=UBS&action=edit&section=38" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHirtJanowski2023" class="citation news cs1">Hirt, Oliver; Janowski, Tomasz (9 May 2023). <a rel="nofollow" class="external text" href="https://www.reuters.com/business/finance/ubs-says-credit-suisse-ceo-koerner-join-leadership-combined-group-2023-05-09/">"UBS replaces CFO, keeps Credit Suisse's Koerner in top team"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230509091100/https://www.reuters.com/business/finance/ubs-says-credit-suisse-ceo-koerner-join-leadership-combined-group-2023-05-09/">Archived</a> from the original on 9 May 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+replaces+CFO%2C+keeps+Credit+Suisse%27s+Koerner+in+top+team&rft.date=2023-05-09&rft.aulast=Hirt&rft.aufirst=Oliver&rft.au=Janowski%2C+Tomasz&rft_id=https%3A%2F%2Fwww.reuters.com%2Fbusiness%2Ffinance%2Fubs-says-credit-suisse-ceo-koerner-join-leadership-combined-group-2023-05-09%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-2"><a href="#cite_ref-2">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/media/display-page-ndp/en-20230612-ubs-credit-suisse-acquisition.html">"UBS completes Credit Suisse acquisition"</a>. UBS. 12 June 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+completes+Credit+Suisse+acquisition&rft.date=2023-06-12&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fmedia%2Fdisplay-page-ndp%2Fen-20230612-ubs-credit-suisse-acquisition.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS_annual_reporting_2023-3"><a href="#cite_ref-UBS_annual_reporting_2023_3-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/content/dam/assets/cc/investor-relations/annual-report/2023/files/annual-report-ubs-group-2023.pdf">"UBS Annual Report 2023"</a> (PDF). UBS. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240329052107/https://www.ubs.com/content/dam/assets/cc/investor-relations/annual-report/2023/files/annual-report-ubs-group-2023.pdf">Archived</a> (PDF) from the original on 29 March 2024. Retrieved 6 April 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+Annual+Report+2023&rft_id=https%3A%2F%2Fwww.ubs.com%2Fcontent%2Fdam%2Fassets%2Fcc%2Finvestor-relations%2Fannual-report%2F2023%2Ffiles%2Fannual-report-ubs-group-2023.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-4"><a href="#cite_ref-4">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/investor-relations/investors/bondholder-information/ratings.html">"UBS Credit Ratings"</a>. 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Retrieved 16 June 2018. <q>The name 'UBS' came from one of our predecessor firms - the Union Bank of Switzerland. However, just like other prominent brands, which used to be an abbreviation of a company name, UBS is no longer considered an acronym.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ubs.com&rft.atitle=UBS+Corporate+Information%3A+What+does+%27UBS%27+stand+for%3F&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Ffaq%2Fabout.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-7"><a href="#cite_ref-7">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'Donnell2008" class="citation news cs1">O'Donnell, John (28 April 2008). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-ubs-ospel/ubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423">"UBS architect Ospel leaves battered bank"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210103074020/https://www.reuters.com/article/us-ubs-ospel/ubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423">Archived</a> from the original on 3 January 2021. Retrieved 8 August 2018. <q>The three-times married banker was the architect of what was originally meant to be called United Bank of Switzerland — the fusion of Swiss Bank Corporation and Union Bank of Switzerland in 1998. He later masterminded the acquisition of U.S.-based PaineWebber.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+architect+Ospel+leaves+battered+bank&rft.date=2008-04-28&rft.aulast=O%27Donnell&rft.aufirst=John&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ubs-ospel%2Fubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-8"><a href="#cite_ref-8">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/ubs_group/group.html">"UBS Organizational Structure: How we are organized"</a>. www.ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180808202805/https://www.ubs.com/global/en/about_ubs/about_us/ubs_group/group.html">Archived</a> from the original on 8 August 2018. 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Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201202173613/https://www.reuters.com/article/us-ubs-group-ag-results/wealth-management-boosts-ubs-profit-but-future-uncertain-idUSKBN17U0GY">Archived</a> from the original on 2 December 2020. 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Retrieved 5 April 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Betting+On+The+Future+Of+Wealth+Management+With+UBS&rft.date=2017-12-21&rft.aulast=Trainer&rft.aufirst=David&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fgreatspeculations%2F2017%2F12%2F21%2Fbetting-on-the-future-of-wealth-management-with-ubs%2F%234432be70177d&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-21"><a href="#cite_ref-21">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIllien2023" class="citation news cs1">Illien, Noele (12 June 2023). <a rel="nofollow" class="external text" href="https://www.reuters.com/markets/europe/ubs-completes-swiss-mega-merger-gains-clout-global-wealth-player-2023-06-12/">"UBS completes Credit Suisse takeover to become wealth management behemoth"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231209070030/https://www.reuters.com/markets/europe/ubs-completes-swiss-mega-merger-gains-clout-global-wealth-player-2023-06-12/">Archived</a> from the original on 9 December 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=UBS+completes+Credit+Suisse+takeover+to+become+wealth+management+behemoth&rft.date=2023-06-12&rft.aulast=Illien&rft.aufirst=Noele&rft_id=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Feurope%2Fubs-completes-swiss-mega-merger-gains-clout-global-wealth-player-2023-06-12%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedersdorf2015" class="citation news cs1">Friedersdorf, Conor (31 July 2015). <a rel="nofollow" class="external text" href="https://www.theatlantic.com/politics/archive/2015/07/hillary-helps-a-bankand-then-it-pays-bill-15-million-in-speaking-fees/400067/">"Hillary Helps a Bank—and Then It Funnels Millions to the Clintons"</a>. The Atlantic. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210227183626/https://www.theatlantic.com/politics/archive/2015/07/hillary-helps-a-bankand-then-it-pays-bill-15-million-in-speaking-fees/400067/">Archived</a> from the original on 27 February 2021. Retrieved 27 November 2018. <q>The Swiss bank UBS is one of the biggest, most powerful financial institutions in the world.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Atlantic&rft.atitle=Hillary+Helps+a+Bank%E2%80%94and+Then+It+Funnels+Millions+to+the+Clintons&rft.date=2015-07-31&rft.aulast=Friedersdorf&rft.aufirst=Conor&rft_id=https%3A%2F%2Fwww.theatlantic.com%2Fpolitics%2Farchive%2F2015%2F07%2Fhillary-helps-a-bankand-then-it-pays-bill-15-million-in-speaking-fees%2F400067%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-23"><a href="#cite_ref-23">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBallhaus2015" class="citation news cs1">Ballhaus, Rebecca (21 July 2015). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/ubs-deal-shows-clintons-complicated-ties-1438223492">"UBS Deal Shows Clinton's Complicated Ties"</a>. The Wall Street Journal. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210216114546/https://www.wsj.com/articles/ubs-deal-shows-clintons-complicated-ties-1438223492">Archived</a> from the original on 16 February 2021. Retrieved 27 November 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=UBS+Deal+Shows+Clinton%27s+Complicated+Ties&rft.date=2015-07-21&rft.aulast=Ballhaus&rft.aufirst=Rebecca&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fubs-deal-shows-clintons-complicated-ties-1438223492&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Kumar-2014-24">^ <a href="#cite_ref-Kumar-2014_24-0">a</a> <a href="#cite_ref-Kumar-2014_24-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKumar2014" class="citation book cs1">Kumar, Rajesh (2014). Strategies of Banks and Other Financial Institutions: Theories and Cases. Amsterdam: Elsevier. p. 380. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-416997-5" title="Special:BookSources/978-0-12-416997-5"><bdi>978-0-12-416997-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Strategies+of+Banks+and+Other+Financial+Institutions%3A+Theories+and+Cases&rft.place=Amsterdam&rft.pages=380&rft.pub=Elsevier&rft.date=2014&rft.isbn=978-0-12-416997-5&rft.aulast=Kumar&rft.aufirst=Rajesh&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-25"><a href="#cite_ref-25">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPohl1994" class="citation book cs1">Pohl, Manfred (1994). Handbook on the History of European Banks. Hants, UK: Edward Elgar Publishing. p. 1016. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-85278-919-0" title="Special:BookSources/1-85278-919-0"><bdi>1-85278-919-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+on+the+History+of+European+Banks&rft.place=Hants%2C+UK&rft.pages=1016&rft.pub=Edward+Elgar+Publishing&rft.date=1994&rft.isbn=1-85278-919-0&rft.aulast=Pohl&rft.aufirst=Manfred&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-26"><a href="#cite_ref-26">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1">UBS. Philadelphia, PA: WETFEET, INC. 2009. p. 14. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-58207-892-2" title="Special:BookSources/978-1-58207-892-2"><bdi>978-1-58207-892-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=UBS&rft.place=Philadelphia%2C+PA&rft.pages=14&rft.pub=WETFEET%2C+INC.&rft.date=2009&rft.isbn=978-1-58207-892-2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-27"><a href="#cite_ref-27">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOdekon2010" class="citation book cs1">Odekon, Mehmet (2010). Booms and Busts: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis. Routledge. p. 849. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7656-8224-6" title="Special:BookSources/978-0-7656-8224-6"><bdi>978-0-7656-8224-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Booms+and+Busts%3A+An+Encyclopedia+of+Economic+History+from+the+First+Stock+Market+Crash+of+1792+to+the+Current+Global+Economic+Crisis%3A+An+Encyclopedia+of+Economic+History+from+the+First+Stock+Market+Crash+of+1792+to+the+Current+Global+Economic+Crisis&rft.pages=849&rft.pub=Routledge&rft.date=2010&rft.isbn=978-0-7656-8224-6&rft.aulast=Odekon&rft.aufirst=Mehmet&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-28"><a href="#cite_ref-28">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOdekon2015" class="citation book cs1">Odekon, Mehmet (2015). Booms and Busts: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis. Routledge. p. 850. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781317475767" title="Special:BookSources/9781317475767"><bdi>9781317475767</bdi></a>. <q>...A logo of three keys, standing for confidence, security, and discretion, was taken over from [Swiss Bank Corporation]...</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Booms+and+Busts%3A+An+Encyclopedia+of+Economic+History+from+the+First+Stock+Market+Crash+of+1792+to+the+Current+Global+Economic+Crisis&rft.pages=850&rft.pub=Routledge&rft.date=2015&rft.isbn=9781317475767&rft.aulast=Odekon&rft.aufirst=Mehmet&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-:0-30"><a href="#cite_ref-:0_30-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWalker" class="citation web cs1">Walker, Owen. <a rel="nofollow" class="external text" href="https://www.ft.com/content/0ec8089d-df7c-4331-8c45-0f70a1f3cb8b">"Inside European finance's most secretive society"</a>. <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>. <a rel="nofollow" class="external text" href="https://archive.today/20240211051937/https://www.ft.com/content/0ec8089d-df7c-4331-8c45-0f70a1f3cb8b">Archived</a> from the original on 11 February 2024. Retrieved 12 February 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Inside+European+finance%27s+most+secretive+society&rft.aulast=Walker&rft.aufirst=Owen&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F0ec8089d-df7c-4331-8c45-0f70a1f3cb8b&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-31"><a href="#cite_ref-31">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGirling2013" class="citation book cs1">Girling, Philippa X. (2013). Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework. Hoboken, NJ: John Wiley & Sons. p. 301. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-53245-4" title="Special:BookSources/978-1-118-53245-4"><bdi>978-1-118-53245-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Operational+Risk+Management%3A+A+Complete+Guide+to+a+Successful+Operational+Risk+Framework&rft.place=Hoboken%2C+NJ&rft.pages=301&rft.pub=John+Wiley+%26+Sons&rft.date=2013&rft.isbn=978-1-118-53245-4&rft.aulast=Girling&rft.aufirst=Philippa+X.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.bilan.ch/tv-bilan/les_fonds_americains_rachetent_la_suisse">"Les fonds américains rachètent la Suisse"</a>. Mary Varkadis (in French). <a href="/wiki/Bilan_(magazine)" title="Bilan (magazine)">Bilan</a>. 9 December 2015. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210227173237/https://www.bilan.ch/tv-bilan/les_fonds_americains_rachetent_la_suisse">Archived</a> from the original on 27 February 2021. Retrieved 10 February 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Mary+Varkadis&rft.atitle=Les+fonds+am%C3%A9ricains+rach%C3%A8tent+la+Suisse&rft.date=2015-12-09&rft_id=http%3A%2F%2Fwww.bilan.ch%2Ftv-bilan%2Fles_fonds_americains_rachetent_la_suisse&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS-2021-33">^ <a href="#cite_ref-UBS-2021_33-0">a</a> <a href="#cite_ref-UBS-2021_33-1">b</a> <a href="#cite_ref-UBS-2021_33-2">c</a> <a href="#cite_ref-UBS-2021_33-3">d</a> <a href="#cite_ref-UBS-2021_33-4">e</a> <a href="#cite_ref-UBS-2021_33-5">f</a> <a href="#cite_ref-UBS-2021_33-6">g</a> <a href="#cite_ref-UBS-2021_33-7">h</a> <a href="#cite_ref-UBS-2021_33-8">i</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/our-firm/our-employees.html">"Our employees"</a>. UBS. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210518130318/https://www.ubs.com/global/en/our-firm/our-employees.html">Archived</a> from the original on 18 May 2021. Retrieved 9 May 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=Our+employees&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Four-firm%2Four-employees.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Our_clients_&_businesses_-_UBS_Global_topics-34">^ <a href="#cite_ref-Our_clients_&_businesses_-_UBS_Global_topics_34-0">a</a> <a href="#cite_ref-Our_clients_&_businesses_-_UBS_Global_topics_34-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/our_businesses.html">"Our clients & businesses – UBS Global topics"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210103074545/https://www.ubs.com/global/en/our-firm/what-we-do.html">Archived</a> from the original on 3 January 2021. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=Our+clients+%26+businesses+%E2%80%93+UBS+Global+topics&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fabout_us%2Four_businesses.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-35"><a href="#cite_ref-35">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20190607194353/https://www.ubs.com/global/en/about_ubs/investor_relations/releases/news-display-investor-releases.html/en/2015/01/14/ad-hoc.html">"Investor release"</a>. UBS. ubs.com. 14 January 2015. Archived from <a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/releases/news-display-investor-releases.html/en/2015/01/14/ad-hoc.html">the original</a> on 7 June 2019. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=Investor+release&rft.date=2015-01-14&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Freleases%2Fnews-display-investor-releases.html%2Fen%2F2015%2F01%2F14%2Fad-hoc.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-36"><a href="#cite_ref-36">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/investor-relations/investors/shareholder-information/significant-shareholder.html">"Significant shareholders"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210103074159/https://www.ubs.com/global/en/investor-relations/investors/shareholder-information/significant-shareholder.html">Archived</a> from the original on 3 January 2021. Retrieved 3 January 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Significant+shareholders&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Finvestor-relations%2Finvestors%2Fshareholder-information%2Fsignificant-shareholder.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-37"><a href="#cite_ref-37">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/shareholder_details/distribution.html#partitle0">"Shareholder distribution"</a>. Global topics. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190606064108/https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/shareholder_details/distribution.html#partitle0">Archived</a> from the original on 6 June 2019. Retrieved 1 August 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Global+topics&rft.atitle=Shareholder+distribution&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Fshare_information%2Fshareholder_details%2Fdistribution.html%23partitle0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-38"><a href="#cite_ref-38">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/ourprofile.html">"UBS in a few words"</a>. UBS. ubs.com. January 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141007102947/https://www.ubs.com/global/en/about_ubs/about_us/ourprofile.html">Archived</a> from the original on 7 October 2014. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+in+a+few+words&rft.date=2017-01&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fabout_us%2Fourprofile.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-39"><a href="#cite_ref-39">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNeghaiwi2018" class="citation news cs1">Neghaiwi, Brenna Hughes (1 June 2018). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-ubs-group-wealth/ubs-begins-global-wealth-management-shift-by-merging-teams-idUSKBN1H42B5">"UBS begins global wealth management shift by merging teams"</a>. U.S. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180616053556/https://www.reuters.com/article/us-ubs-group-wealth/ubs-begins-global-wealth-management-shift-by-merging-teams-idUSKBN1H42B5">Archived</a> from the original on 16 June 2018. Retrieved 1 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=U.S.&rft.atitle=UBS+begins+global+wealth+management+shift+by+merging+teams&rft.date=2018-06-01&rft.aulast=Neghaiwi&rft.aufirst=Brenna+Hughes&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ubs-group-wealth%2Fubs-begins-global-wealth-management-shift-by-merging-teams-idUSKBN1H42B5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-40"><a href="#cite_ref-40">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDunne2002" class="citation news cs1">Dunne, Helen (13 November 2002). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/2833426/UBS-means-RIP-for-Warburg.html">"UBS means RIP for Warburg"</a>. <a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/2833426/UBS-means-RIP-for-Warburg.html">Archived</a> from the original on 11 January 2022. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Daily+Telegraph&rft.atitle=UBS+means+RIP+for+Warburg&rft.date=2002-11-13&rft.aulast=Dunne&rft.aufirst=Helen&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2833426%2FUBS-means-RIP-for-Warburg.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS_Annual_Report_2014-41">^ <a href="#cite_ref-UBS_Annual_Report_2014_41-0">a</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-1">b</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-2">c</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-3">d</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-4">e</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-5">f</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-6">g</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-7">h</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-8">i</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-9">j</a> <a href="#cite_ref-UBS_Annual_Report_2014_41-10">k</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting/2016/_jcr_content/par/teaserbox_f1a7/teaser/linklist/link_a6d4.0036442955.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwtcmVwb3J0LzIwMTYvdWJzLWdyb3VwLTIwMTYtZW4ucGRm/ubs-group-2016-en.pdf">"UBS Annual Report 2016"</a> (PDF). UBS. ubs.com. 10 March 2017. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+Annual+Report+2016&rft.date=2017-03-10&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Fannualreporting%2F2016%2F_jcr_content%2Fpar%2Fteaserbox_f1a7%2Fteaser%2Flinklist%2Flink_a6d4.0036442955.file%2FbGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwtcmVwb3J0LzIwMTYvdWJzLWdyb3VwLTIwMTYtZW4ucGRm%2Fubs-group-2016-en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988">[<a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot">permanent dead link</a>‍] </li> <li id="cite_note-UBS_E-Paper-42">^ <a href="#cite_ref-UBS_E-Paper_42-0">a</a> <a href="#cite_ref-UBS_E-Paper_42-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/content/dam/static/epaper/index.html?id=a0ba9a78">"UBS E-Paper"</a>. www.ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180619063107/https://www.ubs.com/content/dam/static/epaper/index.html?id=a0ba9a78">Archived</a> from the original on 19 June 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ubs.com&rft.atitle=UBS+E-Paper&rft_id=https%3A%2F%2Fwww.ubs.com%2Fcontent%2Fdam%2Fstatic%2Fepaper%2Findex.html%3Fid%3Da0ba9a78&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-43"><a href="#cite_ref-43">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160731150924/http://www.scorpiopartnership.com/knowledge/report/scorpio-partnership-global-private-banking-benchmark-2016/">"SCORPIO PARTNERSHIP GLOBAL PRIVATE BANKING BENCHMARK 2016 | Scorpio Partnership"</a>. Scorpio Partnership. Archived from <a rel="nofollow" class="external text" href="http://www.scorpiopartnership.com/knowledge/report/scorpio-partnership-global-private-banking-benchmark-2016/">the original</a> on 31 July 2016. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Scorpio+Partnership&rft.atitle=SCORPIO+PARTNERSHIP+GLOBAL+PRIVATE+BANKING+BENCHMARK+2016+%7C+Scorpio+Partnership&rft_id=http%3A%2F%2Fwww.scorpiopartnership.com%2Fknowledge%2Freport%2Fscorpio-partnership-global-private-banking-benchmark-2016%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-44"><a href="#cite_ref-44">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNeghaiwi" class="citation news cs1">Neghaiwi, Brenna Hughes. <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-banks-wealth/ubs-retains-positions-as-worlds-biggest-private-bank-study-idUSKCN0ZU030">"UBS retains positions as world's biggest private bank: study"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180401003552/https://www.reuters.com/article/us-banks-wealth/ubs-retains-positions-as-worlds-biggest-private-bank-study-idUSKCN0ZU030">Archived</a> from the original on 1 April 2018. Retrieved 5 April 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+retains+positions+as+world%27s+biggest+private+bank%3A+study&rft.aulast=Neghaiwi&rft.aufirst=Brenna+Hughes&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-banks-wealth%2Fubs-retains-positions-as-worlds-biggest-private-bank-study-idUSKCN0ZU030&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-45"><a href="#cite_ref-45">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAvery2017" class="citation web cs1">Avery, Helen (14 December 2017). <a rel="nofollow" class="external text" href="https://www.euromoney.com/article/b161gqh7xx2ph0/zeltner-leaves-ubs-wealth-as-the-clear-global-leader">"Zeltner leaves UBS Wealth as the clear global leader"</a>. Euromoney. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180401003736/https://www.euromoney.com/article/b161gqh7xx2ph0/zeltner-leaves-ubs-wealth-as-the-clear-global-leader">Archived</a> from the original on 1 April 2018. Retrieved 5 April 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Euromoney&rft.atitle=Zeltner+leaves+UBS+Wealth+as+the+clear+global+leader&rft.date=2017-12-14&rft.aulast=Avery&rft.aufirst=Helen&rft_id=https%3A%2F%2Fwww.euromoney.com%2Farticle%2Fb161gqh7xx2ph0%2Fzeltner-leaves-ubs-wealth-as-the-clear-global-leader&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-47"><a href="#cite_ref-47">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/shared/quarterlies/2014/3q14/_jcr_content/par/columncontrol/col1/linklist/link.1891311526.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvMjAxNC8zcTE0LzNxMTQtZmluYW5jaWFsLXJlcG9ydC5wZGY=/3q14-financial-report.pdf">"Our financial results for the third quarter of 2014"</a> (PDF). UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160305021351/https://www.ubs.com/global/en/about_ubs/investor_relations/shared/quarterlies/2014/3q14/_jcr_content/par/columncontrol/col1/linklist/link.1891311526.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvMjAxNC8zcTE0LzNxMTQtZmluYW5jaWFsLXJlcG9ydC5wZGY=/3q14-financial-report.pdf">Archived</a> (PDF) from the original on 5 March 2016. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=Our+financial+results+for+the+third+quarter+of+2014&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Fshared%2Fquarterlies%2F2014%2F3q14%2F_jcr_content%2Fpar%2Fcolumncontrol%2Fcol1%2Flinklist%2Flink.1891311526.file%2FbGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvMjAxNC8zcTE0LzNxMTQtZmluYW5jaWFsLXJlcG9ydC5wZGY%3D%2F3q14-financial-report.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-48"><a href="#cite_ref-48">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/wealth-management.html">"About Us.Create the life you want"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180326131208/https://www.ubs.com/global/en/wealth-management.html">Archived</a> from the original on 26 March 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=About+Us.Create+the+life+you+want&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fwealth-management.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-ReferenceA-49"><a href="#cite_ref-ReferenceA_49-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/rfa_library/shared/facts_figures/_jcr_content/rightpar/teaser/linklist/link_3.1216230832.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvVUJTX0ZhY3RzaGVldF9FTkcucGRm/UBS_Factsheet_ENG.pdf">"UBS at a glance. UBS factsheet"</a> (PDF). UBS. ubs.com. 22 April 2016. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+at+a+glance.+UBS+factsheet&rft.date=2016-04-22&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fabout_us%2Frfa_library%2Fshared%2Ffacts_figures%2F_jcr_content%2Frightpar%2Fteaser%2Flinklist%2Flink_3.1216230832.file%2FbGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvVUJTX0ZhY3RzaGVldF9FTkcucGRm%2FUBS_Factsheet_ENG.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988">[<a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot">permanent dead link</a>‍] </li> <li id="cite_note-Our_Clients_and_Businesses-50">^ <a href="#cite_ref-Our_Clients_and_Businesses_50-0">a</a> <a href="#cite_ref-Our_Clients_and_Businesses_50-1">b</a> <a href="#cite_ref-Our_Clients_and_Businesses_50-2">c</a> <a href="#cite_ref-Our_Clients_and_Businesses_50-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/our_businesses.html">"UBS. About us. Our Businesses"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210103074545/https://www.ubs.com/global/en/our-firm/what-we-do.html">Archived</a> from the original on 3 January 2021. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS.+About+us.+Our+Businesses&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fabout_us%2Four_businesses.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-51"><a href="#cite_ref-51">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/us/en/wealth/news/wealth-management-americas-news.html/en/2017/03/08/ubs-partners-to-raise-largest-industry-impact-investing-with-gender-lens-overlay.html">"UBS Wealth Managements Americas. About us"</a>. UBS. ubs.com. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+Wealth+Managements+Americas.+About+us.&rft_id=https%3A%2F%2Fwww.ubs.com%2Fus%2Fen%2Fwealth%2Fnews%2Fwealth-management-americas-news.html%2Fen%2F2017%2F03%2F08%2Fubs-partners-to-raise-largest-industry-impact-investing-with-gender-lens-overlay.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988">[<a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot">permanent dead link</a>‍] </li> <li id="cite_note-52"><a href="#cite_ref-52">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/our_businesses.html">"UBS About us. Our Businesses"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210103074545/https://www.ubs.com/global/en/our-firm/what-we-do.html">Archived</a> from the original on 3 January 2021. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+About+us.+Our+Businesses.&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fabout_us%2Four_businesses.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-53"><a href="#cite_ref-53">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.euromoney.com/article/b13mr4bz6g6gc9/north-america39s-best-bank-for-wealth-management-2017-ubs">"North America's best bank for wealth management 2017: UBS"</a>. www.euromoney.com. 6 July 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180619062923/https://www.euromoney.com/article/b13mr4bz6g6gc9/north-america39s-best-bank-for-wealth-management-2017-ubs">Archived</a> from the original on 19 June 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.euromoney.com&rft.atitle=North+America%27s+best+bank+for+wealth+management+2017%3A+UBS&rft.date=2017-07-06&rft_id=https%3A%2F%2Fwww.euromoney.com%2Farticle%2Fb13mr4bz6g6gc9%2Fnorth-america39s-best-bank-for-wealth-management-2017-ubs&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-54"><a href="#cite_ref-54">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.barrons.com/articles/americas-top-40-wealth-management-firms-1474086678">"America's Top 40 Wealth Management Firms"</a>. www.barrons.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180222043718/https://www.barrons.com/articles/americas-top-40-wealth-management-firms-1474086678">Archived</a> from the original on 22 February 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.barrons.com&rft.atitle=America%27s+Top+40+Wealth+Management+Firms&rft_id=http%3A%2F%2Fwww.barrons.com%2Farticles%2Famericas-top-40-wealth-management-firms-1474086678&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-55"><a href="#cite_ref-55">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/ch/en/swissbank/private.html">"UBS. Private Clients. Private clients – Tailored money solutions"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170710030040/https://www.ubs.com/ch/en/swissbank/private.html">Archived</a> from the original on 10 July 2017. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS.+Private+Clients.+Private+clients+%E2%80%93+Tailored+money+solutions.&rft_id=https%3A%2F%2Fwww.ubs.com%2Fch%2Fen%2Fswissbank%2Fprivate.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-56"><a href="#cite_ref-56">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/ch/en/swissbank/corporates.html">"UBS. Companies. Corporate customers – The right solution for every need"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180619063131/https://www.ubs.com/ch/en/swissbank/corporates.html">Archived</a> from the original on 19 June 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS.+Companies.+Corporate+customers+%E2%80%93+The+right+solution+for+every+need.&rft_id=https%3A%2F%2Fwww.ubs.com%2Fch%2Fen%2Fswissbank%2Fcorporates.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Best_Domestic_Cash_Manager_Switzerland_2015-57"><a href="#cite_ref-Best_Domestic_Cash_Manager_Switzerland_2015_57-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/ch/de/awards/cash-manager-switzerland.html">"UBS gewinnt Euromoney Award "Best Cash Manager Switzerland 2017""</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181206143559/https://www.ubs.com/ch/de/awards/cash-manager-switzerland.html">Archived</a> from the original on 6 December 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+gewinnt+Euromoney+Award+%22Best+Cash+Manager+Switzerland+2017%22&rft_id=https%3A%2F%2Fwww.ubs.com%2Fch%2Fde%2Fawards%2Fcash-manager-switzerland.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS_quarterly_reporting_2018-58">^ <a href="#cite_ref-UBS_quarterly_reporting_2018_58-0">a</a> <a href="#cite_ref-UBS_quarterly_reporting_2018_58-1">b</a> <a href="#cite_ref-UBS_quarterly_reporting_2018_58-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/quarterly_reporting/2018.html">"UBS quarterly reporting 2018"</a>. UBS. ubs.com. 22 January 2019. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190603110850/https://www.ubs.com/global/en/about_ubs/investor_relations/quarterly_reporting/2018.html">Archived</a> from the original on 3 June 2019. Retrieved 18 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+quarterly+reporting+2018&rft.date=2019-01-22&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Fquarterly_reporting%2F2018.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS_Annual_Report_2013-59"><a href="#cite_ref-UBS_Annual_Report_2013_59-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.static-ubs.com/global/en/about_ubs/investor_relations/annualreporting/2013/_jcr_content/par/teaserbox_6c86/teaser_acb3/linklist/link_9f50.1705024293.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwyMDEzL0FSMjAxMy1lbi5wZGY=/AR2013-en.pdf">"UBS Annual Report 2013"</a> (PDF). UBS. ubs.com. 14 March 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171014040004/https://www.static-ubs.com/global/en/about_ubs/investor_relations/annualreporting/2013/_jcr_content/par/teaserbox_6c86/teaser_acb3/linklist/link_9f50.1705024293.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwyMDEzL0FSMjAxMy1lbi5wZGY=/AR2013-en.pdf">Archived</a> (PDF) from the original on 14 October 2017. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+Annual+Report+2013&rft.date=2014-03-14&rft_id=https%3A%2F%2Fwww.static-ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Fannualreporting%2F2013%2F_jcr_content%2Fpar%2Fteaserbox_6c86%2Fteaser_acb3%2Flinklist%2Flink_9f50.1705024293.file%2FbGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwyMDEzL0FSMjAxMy1lbi5wZGY%3D%2FAR2013-en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS_History-60">^ <a href="#cite_ref-UBS_History_60-0">a</a> <a href="#cite_ref-UBS_History_60-1">b</a> <a href="#cite_ref-UBS_History_60-2">c</a> <a href="#cite_ref-UBS_History_60-3">d</a> <a href="#cite_ref-UBS_History_60-4">e</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/about_us/history/ubs-and-the-world.html">"UBS. About us. UBS in the world"</a>. UBS. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181206164125/https://www.ubs.com/global/en/about_ubs/about_us/history/ubs-and-the-world.html">Archived</a> from the original on 6 December 2018. Retrieved 27 July 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS.+About+us.+UBS+in+the+world&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fabout_us%2Fhistory%2Fubs-and-the-world.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-UBS_Annual_Report_2015-61"><a href="#cite_ref-UBS_Annual_Report_2015_61-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting/2015/_jcr_content/par/teaserbox_4724/teaser/linklist/link_8678.647433737.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwtcmVwb3J0LzIwMTUvdWJzLWdyb3VwLWFuZC11YnMtYWctMjAxNS1lbi5wZGY=/ubs-group-and-ubs-ag-2015-en.pdf">"UBS Annual Report 2015"</a> (PDF). UBS. ubs.com. 18 March 2016. 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Retrieved 1 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ubs.com&rft.atitle=Asset+Management&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fasset-management.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-63"><a href="#cite_ref-63">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/hk/en/asset-management.html">"UBS Asset Management in Hong Kong"</a>. UBS Asset Management. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200113054527/https://www.ubs.com/hk/en/asset-management.html">Archived</a> from the original on 13 January 2020. Retrieved 13 January 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS+Asset+Management&rft.atitle=UBS+Asset+Management+in+Hong+Kong&rft_id=https%3A%2F%2Fwww.ubs.com%2Fhk%2Fen%2Fasset-management.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-64"><a href="#cite_ref-64">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/uk/en/asset-management.html">"Asset Management in the UK"</a>. Asset Management - UK. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200113054529/https://www.ubs.com/uk/en/asset-management.html">Archived</a> from the original on 13 January 2020. Retrieved 13 January 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Asset+Management+-+UK&rft.atitle=Asset+Management+in+the+UK&rft_id=https%3A%2F%2Fwww.ubs.com%2Fuk%2Fen%2Fasset-management.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-65"><a href="#cite_ref-65">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/sg/en/asset-management.html">"UBS Asset Management in Singapore"</a>. UBS Asset Management. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200113053020/https://www.ubs.com/sg/en/asset-management.html">Archived</a> from the original on 13 January 2020. Retrieved 13 January 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS+Asset+Management&rft.atitle=UBS+Asset+Management+in+Singapore&rft_id=https%3A%2F%2Fwww.ubs.com%2Fsg%2Fen%2Fasset-management.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-66"><a href="#cite_ref-66">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/au/en/asset-management/about-us.html">"About us"</a>. Asset Management - Australia. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200113054526/https://www.ubs.com/au/en/asset-management/about-us.html">Archived</a> from the original on 13 January 2020. Retrieved 13 January 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Asset+Management+-+Australia&rft.atitle=About+us&rft_id=https%3A%2F%2Fwww.ubs.com%2Fau%2Fen%2Fasset-management%2Fabout-us.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Total_Invested_Assets-67"><a href="#cite_ref-Total_Invested_Assets_67-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/asset-management/about.html">"Asset Management.Why invest with us. Helping you solve your global investment challenges"</a>. UBS. ubs.com. 31 March 2016. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200510101305/https://www.ubs.com/global/en/asset-management/about.html">Archived</a> from the original on 10 May 2020. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=Asset+Management.Why+invest+with+us.+Helping+you+solve+your+global+investment+challenges&rft.date=2016-03-31&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fasset-management%2Fabout.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-68"><a href="#cite_ref-68">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.northerntrust.com/about-us/news/press-release?c=082cdff3de9c14d31b8e1f89bc61b414">"Northern Trust Completes Strategic Acquisition of UBS Asset Management's Fund Services Units in Luxembourg and Switzerland"</a>. www.northerntrust.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171229113148/https://www.northerntrust.com/about-us/news/press-release?c=082cdff3de9c14d31b8e1f89bc61b414">Archived</a> from the original on 29 December 2017. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.northerntrust.com&rft.atitle=Northern+Trust+Completes+Strategic+Acquisition+of+UBS+Asset+Management%27s+Fund+Services+Units+in+Luxembourg+and+Switzerland&rft_id=https%3A%2F%2Fwww.northerntrust.com%2Fabout-us%2Fnews%2Fpress-release%3Fc%3D082cdff3de9c14d31b8e1f89bc61b414&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Northern_Trust_to_acquire_Fund_Services_Units_of_UBS_in_Luxembourg_and_Switzerland-69"><a href="#cite_ref-Northern_Trust_to_acquire_Fund_Services_Units_of_UBS_in_Luxembourg_and_Switzerland_69-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180705003634/https://www.ubs.com/global/en/about_ubs/media/global/releases/news_display_media_global.html/en/2017/02/20/northern-trust.html">"Northern Trust to acquire Fund Services Units of UBS in Luxembourg and Switzerland"</a>. UBS.com. Archived from <a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/media/global/releases/news_display_media_global.html/en/2017/02/20/northern-trust.html">the original</a> on 5 July 2018. Retrieved 4 February 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS.com&rft.atitle=Northern+Trust+to+acquire+Fund+Services+Units+of+UBS+in+Luxembourg+and+Switzerland&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Fmedia%2Fglobal%2Freleases%2Fnews_display_media_global.html%2Fen%2F2017%2F02%2F20%2Fnorthern-trust.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-70"><a href="#cite_ref-70">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.relbanks.com/rankings/largest-asset-managers">"Top Asset Management Firms"</a>. www.relbanks.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180212231529/https://www.relbanks.com/rankings/largest-asset-managers">Archived</a> from the original on 12 February 2018. 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Bloomberg.com. 19 April 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190810163929/https://www.bloomberg.com/news/articles/2017-04-19/mortgage-on-ubs-s-huge-trading-floor-sold-at-100-million-loss">Archived</a> from the original on 10 August 2019. 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The New York Times, 28 July 1939 </li> <li id="cite_note-89"><a href="#cite_ref-89">^</a> <a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/abstract.html?res=9C0DE7DA103AE532A25756C1A9669D946894D6CF">Swiss Agency will Open, Bank to Occupy Quarters in the Equitable Building</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160305184411/http://query.nytimes.com/gst/abstract.html?res=9C0DE7DA103AE532A25756C1A9669D946894D6CF">Archived</a> 5 March 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 15 October 1939 </li> <li id="cite_note-buyocconor-90">^ <a href="#cite_ref-buyocconor_90-0">a</a> <a href="#cite_ref-buyocconor_90-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1992/01/10/business/swiss-bank-buys-o-connor.html">"Swiss Bank Buys O'Connor"</a>. The New York Times. 10 January 1992. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201122010206/https://www.nytimes.com/1992/01/10/business/swiss-bank-buys-o-connor.html">Archived</a> from the original on 22 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Swiss+Bank+Buys+O%27Connor&rft.date=1992-01-10&rft_id=https%3A%2F%2Fwww.nytimes.com%2F1992%2F01%2F10%2Fbusiness%2Fswiss-bank-buys-o-connor.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-SBC-FUHistory-91">^ <a href="#cite_ref-SBC-FUHistory_91-0">a</a> <a href="#cite_ref-SBC-FUHistory_91-1">b</a> <a rel="nofollow" class="external text" href="http://www.fundinguniverse.com/company-histories/sbc-warburg-history/">SBC Warburg Company History</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210224130201/http://www.fundinguniverse.com/company-histories/sbc-warburg-history/">Archived</a> 24 February 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Funding Universe. Retrieved 21 March 2015 </li> <li id="cite_note-92"><a href="#cite_ref-92">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pionline.com/article/19971208/PRINT/712080756">"UBS-SBC WOULD BE LARGEST MANAGER YET: GARY BRINSON MAY LEAD INSTITUTIONAL SIDE"</a>. PIOnline. 8 December 1997. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181117004148/https://www.pionline.com/article/19971208/PRINT/712080756">Archived</a> from the original on 17 November 2018. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UBS-SBC+WOULD+BE+LARGEST+MANAGER+YET%3A+GARY+BRINSON+MAY+LEAD+INSTITUTIONAL+SIDE&rft.pub=PIOnline&rft.date=1997-12-08&rft_id=http%3A%2F%2Fwww.pionline.com%2Farticle%2F19971208%2FPRINT%2F712080756&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-93"><a href="#cite_ref-93">^</a> <a rel="nofollow" class="external text" href="http://www.managementtoday.co.uk/news/411031/UK-Outsider-changed-City/">Outsider who changed the City</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160529201055/http://www.managementtoday.co.uk/news/411031/UK-Outsider-changed-City/">Archived</a> 29 May 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Management Today, 1 November 1998 </li> <li id="cite_note-94"><a href="#cite_ref-94">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150402132408/http://www.highbeam.com/doc/1G1-15997442.html">"Jilted: Morgan Stanley and S.G. Warburg"</a>. <a href="/wiki/The_Economist" title="The Economist">The Economist</a>. December 1994. Archived from <a rel="nofollow" class="external text" href="http://www.highbeam.com/doc/1G1-15997442.html">the original</a> on 2 April 2015. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Jilted%3A+Morgan+Stanley+and+S.G.+Warburg&rft.date=1994-12&rft_id=http%3A%2F%2Fwww.highbeam.com%2Fdoc%2F1G1-15997442.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-95"><a href="#cite_ref-95">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStevenson1995" class="citation news cs1">Stevenson, Richard W. (11 May 1995). <a rel="nofollow" class="external text" href="https://www.nytimes.com/1995/05/11/business/international-business-swiss-bank-in-deal-to-buy-sg-warburg.html">"Swiss Bank in deal to buy S.G. Warburg"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150526143048/http://www.nytimes.com/1995/05/11/business/international-business-swiss-bank-in-deal-to-buy-sg-warburg.html">Archived</a> from the original on 26 May 2015. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Swiss+Bank+in+deal+to+buy+S.G.+Warburg&rft.date=1995-05-11&rft.aulast=Stevenson&rft.aufirst=Richard+W.&rft_id=https%3A%2F%2Fwww.nytimes.com%2F1995%2F05%2F11%2Fbusiness%2Finternational-business-swiss-bank-in-deal-to-buy-sg-warburg.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-dillonacq-96">^ <a href="#cite_ref-dillonacq_96-0">a</a> <a href="#cite_ref-dillonacq_96-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTruell1997" class="citation news cs1">Truell, Peter (16 May 1997). <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/05/16/business/swiss-bank-steps-up-to-buy-dillon-read-on-rebound.html">"Swiss Bank Steps Up to Buy Dillon, Read on Rebound"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201127025111/https://www.nytimes.com/1997/05/16/business/swiss-bank-steps-up-to-buy-dillon-read-on-rebound.html">Archived</a> from the original on 27 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Swiss+Bank+Steps+Up+to+Buy+Dillon%2C+Read+on+Rebound&rft.date=1997-05-16&rft.aulast=Truell&rft.aufirst=Peter&rft_id=https%3A%2F%2Fwww.nytimes.com%2F1997%2F05%2F16%2Fbusiness%2Fswiss-bank-steps-up-to-buy-dillon-read-on-rebound.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-97"><a href="#cite_ref-97">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNew_York_Media1997" class="citation book cs1">New York Media, LLC (17 November 1997). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=xOgCAAAAMBAJ&pg=PA28">Sell Division</a>. <a href="/wiki/New_York_City" title="New York City">New York</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Sell+Division&rft.place=New+York&rft.date=1997-11-17&rft.aulast=New+York+Media&rft.aufirst=LLC&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DxOgCAAAAMBAJ%26pg%3DPA28&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>) </li> <li id="cite_note-analyticalhist-98"><a href="#cite_ref-analyticalhist_98-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=794H9xxe-SIC&pg=PA132">Swiss banking: An Analytical History</a>. <a href="/wiki/Palgrave_Macmillan" title="Palgrave Macmillan">Palgrave Macmillan</a>. 1998. pp. 132–136. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780312212834" title="Special:BookSources/9780312212834"><bdi>9780312212834</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Swiss+banking%3A+An+Analytical+History&rft.pages=132-136&rft.pub=Palgrave+Macmillan&rft.date=1998&rft.isbn=9780312212834&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D794H9xxe-SIC%26pg%3DPA132&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-eurhandbook-99">^ <a href="#cite_ref-eurhandbook_99-0">a</a> <a href="#cite_ref-eurhandbook_99-1">b</a> <a href="#cite_ref-eurhandbook_99-2">c</a> <a href="#cite_ref-eurhandbook_99-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=eXvfNDHpfWwC">Handbook on the History of European Banks</a>. <a href="/wiki/Edward_Elgar_Publishing" title="Edward Elgar Publishing">Edward Elgar Publishing</a>. 1994. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781781954218" title="Special:BookSources/9781781954218"><bdi>9781781954218</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230319200454/https://books.google.com/books?id=eXvfNDHpfWwC">Archived</a> from the original on 19 March 2023. Retrieved 29 October 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+on+the+History+of+European+Banks&rft.pub=Edward+Elgar+Publishing&rft.date=1994&rft.isbn=9781781954218&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DeXvfNDHpfWwC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-100"><a href="#cite_ref-100">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=qmQmAQAAIAAJ">"Bankers Magazine"</a>. December 1920. p. 794. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bankers+Magazine&rft.pages=794&rft.date=1920-12&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DqmQmAQAAIAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-swissnazi-101"><a href="#cite_ref-swissnazi_101-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2001/12/02/world/swiss-were-part-of-nazi-economic-lifeline-historians-find.html">Swiss Were Part of Nazi Economic Lifeline, Historians Find</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201228084623/https://www.nytimes.com/2001/12/02/world/swiss-were-part-of-nazi-economic-lifeline-historians-find.html">Archived</a> 28 December 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 2 December 2001 </li> <li id="cite_note-102"><a href="#cite_ref-102">^</a> <a rel="nofollow" class="external text" href="http://content.time.com/time/magazine/article/0,9171,985947,00.html">Switzerland: A Painful History</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210224220345/http://content.time.com/time/magazine/article/0,9171,985947,00.html">Archived</a> 24 February 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Time, 24 February 1997 </li> <li id="cite_note-swisssquall-103"><a href="#cite_ref-swisssquall_103-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/01/20/world/swiss-envoy-in-us-in-midst-of-a-squall.html">Swiss Envoy in U.S. in Midst of a Squall</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200907152932/https://www.nytimes.com/1997/01/20/world/swiss-envoy-in-us-in-midst-of-a-squall.html">Archived</a> 7 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 20 January 1997 </li> <li id="cite_note-secrecyweapon-104"><a href="#cite_ref-secrecyweapon_104-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/08/01/news/01iht-qanda.t.html">Ulrich Jost, Swiss historian : Bank Secrecy Was Bern's Wartime 'Weapon'</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200907184133/https://www.nytimes.com/1997/08/01/news/qahans-ulrich-jost-swiss-historian-bank-secrecy-was-berns-wartime.html">Archived</a> 7 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 1 August 1997 </li> <li id="cite_note-105"><a href="#cite_ref-105">^</a> <a rel="nofollow" class="external text" href="http://www.swissinfo.ch/eng/probe-lays-bare-swiss-wartime-role/2611562">Probe lays bare Swiss wartime role</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201115234004/https://www.swissinfo.ch/eng/probe-lays-bare-swiss-wartime-role/2611562">Archived</a> 15 November 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, SwissInfo.ch, 22 March 2002 </li> <li id="cite_note-swissunraveled-106"><a href="#cite_ref-swissunraveled_106-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/01/26/world/how-swiss-strategy-on-holocaust-fund-unraveled.html">How Swiss Strategy on Holocaust Fund Unraveled</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200907151244/https://www.nytimes.com/1997/01/26/world/how-swiss-strategy-on-holocaust-fund-unraveled.html">Archived</a> 7 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 26 January 1997 </li> <li id="cite_note-blunderingswiss-107"><a href="#cite_ref-blunderingswiss_107-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/08/03/opinion/more-blundering-by-swiss-banks.html">More Blundering by Swiss Banks</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200908061349/https://www.nytimes.com/1997/08/03/opinion/more-blundering-by-swiss-banks.html">Archived</a> 8 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 3 August 1997 </li> <li id="cite_note-nypunishesswiss-108"><a href="#cite_ref-nypunishesswiss_108-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/10/10/nyregion/new-york-punishes-swiss-bank-over-nazi-gold.html">New York Punishes Swiss Bank Over Nazi Gold</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201211025002/https://www.nytimes.com/1997/10/10/nyregion/new-york-punishes-swiss-bank-over-nazi-gold.html">Archived</a> 11 December 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 10 October 1997 </li> <li id="cite_note-argor-109"><a href="#cite_ref-argor_109-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.argor.com/index.php/eng/">"Argor-Heraeus"</a>. Argor.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027131946/http://argor.com/index.php/eng">Archived</a> from the original on 27 October 2017. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Argor-Heraeus&rft.pub=Argor.com&rft_id=http%3A%2F%2Fwww.argor.com%2Findex.php%2Feng%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-volksbank-110">^ <a href="#cite_ref-volksbank_110-0">a</a> <a href="#cite_ref-volksbank_110-1">b</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html">Offer Made to Create Largest Swiss Bank Group</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304134026/http://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html">Archived</a> 4 March 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 6 January 1993 </li> <li id="cite_note-111"><a href="#cite_ref-111">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1991/02/22/business/company-news-swiss-bank-to-acquire-chase-investment-unit.html">Swiss Bank to Acquire Chase Investment Unit</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170804014717/http://www.nytimes.com/1991/02/22/business/company-news-swiss-bank-to-acquire-chase-investment-unit.html">Archived</a> 4 August 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 22 February 1991 </li> <li id="cite_note-conservative-112"><a href="#cite_ref-conservative_112-0">^</a> UBS Banks on Conservative Strategies --- Industry Leader Avoids Troubles That Have Snared Main Swiss Rivals. Wall Street Journal, 1 June 1993 </li> <li id="cite_note-113"><a href="#cite_ref-113">^</a> <a rel="nofollow" class="external text" href="http://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/credit-suisse-group">UBS AG Britannica</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180513081858/https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/credit-suisse-group">Archived</a> 13 May 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Britannica, 15 December 2008 </li> <li id="cite_note-independent.co.uk-114"><a href="#cite_ref-independent.co.uk_114-0">^</a> <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/ubs-buys-lloyds-tsbs-stake-in-smh-for-pounds-100m-1247535.html">UBS buys Lloyds TSB's stake in SMH for pounds 100m</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181127191637/https://www.independent.co.uk/news/business/ubs-buys-lloyds-tsbs-stake-in-smh-for-pounds-100m-1247535.html">Archived</a> 27 November 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The Independent (London), 27 August 1997 </li> <li id="cite_note-115"><a href="#cite_ref-115">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1995/01/09/business/swiss-battle-for-big-bank-proves-costly.html">Swiss Battle For Big Bank Proves Costly</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027130756/http://www.nytimes.com/1995/01/09/business/swiss-battle-for-big-bank-proves-costly.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 9 January 1995 </li> <li id="cite_note-116"><a href="#cite_ref-116">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2002/08/01/business/financier-who-shook-up-the-swiss-is-himself-shaken-up.html">Financier Who Shook Up the Swiss Is Himself Shaken Up</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027180609/http://www.nytimes.com/2002/08/01/business/financier-who-shook-up-the-swiss-is-himself-shaken-up.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 1 August 2002 </li> <li id="cite_note-117"><a href="#cite_ref-117">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1996/04/10/business/international-business-swiss-banks-considering-giant-merger.html">Swiss Banks Considering Giant Merger</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027074746/http://www.nytimes.com/1996/04/10/business/international-business-swiss-banks-considering-giant-merger.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 10 April 1996 </li> <li id="cite_note-118"><a href="#cite_ref-118">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1996/04/12/business/big-swiss-bank-rejects-merger-appeal-by-rival.html">Big Swiss Bank Rejects Merger Appeal by Rival</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027074747/http://www.nytimes.com/1996/04/12/business/big-swiss-bank-rejects-merger-appeal-by-rival.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 12 April 1996 </li> <li id="cite_note-119"><a href="#cite_ref-119">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1996/04/12/news/12iht-bank.t.html">Switzerland's Top Bank Spurns Merger Bid From Arch-Rival</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304084948/http://www.nytimes.com/1996/04/12/news/12iht-bank.t.html">Archived</a> 4 March 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 12 April 1996 </li> <li id="cite_note-financiers-120"><a href="#cite_ref-financiers_120-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=nZv6IMfToX0C&pg=PA295">Finance and Financiers in European History 1880–1960</a>. <a href="/wiki/Cambridge_University_Press" title="Cambridge University Press">Cambridge University Press</a>. 2002. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780521893732" title="Special:BookSources/9780521893732"><bdi>9780521893732</bdi></a>. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Finance+and+Financiers+in+European+History+1880%E2%80%931960&rft.pub=Cambridge+University+Press&rft.date=2002&rft.isbn=9780521893732&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DnZv6IMfToX0C%26pg%3DPA295&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-121"><a href="#cite_ref-121">^</a> <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/embattled-ubs-poised-for-merger-with-sbc-1287188.html">Embattled UBS poised for merger with SBC</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027025113/https://www.independent.co.uk/news/business/embattled-ubs-poised-for-merger-with-sbc-1287188.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> The Independent, 6 December 1997 </li> <li id="cite_note-heftybank-122">^ <a href="#cite_ref-heftybank_122-0">a</a> <a href="#cite_ref-heftybank_122-1">b</a> <a href="#cite_ref-heftybank_122-2">c</a> <a href="#cite_ref-heftybank_122-3">d</a> <a href="#cite_ref-heftybank_122-4">e</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/12/09/business/international-business-2-of-the-big-3-swiss-banks-to-join-to-seek-global-heft.html">2 of the Big 3 Swiss Banks To Join to Seek Global Heft</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027074721/http://www.nytimes.com/1997/12/09/business/international-business-2-of-the-big-3-swiss-banks-to-join-to-seek-global-heft.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 9 December 1997 </li> <li id="cite_note-O'Donnell-123"><a href="#cite_ref-O'Donnell_123-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'Donnell2008" class="citation news cs1">O'Donnell, John (28 April 2008). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-ubs-ospel/ubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423">"UBS architect Ospel leaves battered bank"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210103074020/https://www.reuters.com/article/us-ubs-ospel/ubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423">Archived</a> from the original on 3 January 2021. Retrieved 8 August 2018. <q>The three-times married banker was the architect of what was originally meant to be called United Bank of Switzerland – the fusion of Swiss Bank Corporation and Union Bank of Switzerland in 1998. He later masterminded the acquisition of U.S.-based PaineWebber.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+architect+Ospel+leaves+battered+bank&rft.date=2008-04-28&rft.aulast=O%27Donnell&rft.aufirst=John&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ubs-ospel%2Fubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-relies-124"><a href="#cite_ref-relies_124-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/12/09/business/international-business-performance-of-new-bank-relies-on-us.html">Performance Of New Bank Relies on U.S.</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027074754/http://www.nytimes.com/1997/12/09/business/international-business-performance-of-new-bank-relies-on-us.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> 9 December. 1997 </li> <li id="cite_note-125"><a href="#cite_ref-125">^</a> <a rel="nofollow" class="external text" href="https://www.bloomberg.com/bw/stories/1999-03-28/has-ubs-found-its-way-out-of-the-woods-intl-edition">Has UBS Found Its Way out of the Woods?</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160310065700/http://www.bloomberg.com/bw/stories/1999-03-28/has-ubs-found-its-way-out-of-the-woods-intl-edition">Archived</a> 10 March 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> BusinessWeek, 29 March 1999 </li> <li id="cite_note-126"><a href="#cite_ref-126">^</a> <a rel="nofollow" class="external text" href="https://www.independent.co.uk/news/business/four-leave-after-ubs-suffers-big-trading-loss-1295126.html">Four leave after UBS suffers big trading loss</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027025236/https://www.independent.co.uk/news/business/four-leave-after-ubs-suffers-big-trading-loss-1295126.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The Independent (London), 20 November 1997 </li> <li id="cite_note-127"><a href="#cite_ref-127">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/1998/01/31/business/international-business-a-swiss-bank-raises-loss-on-derivatives.html">A Swiss Bank Raises Loss on Derivatives</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171027125406/http://www.nytimes.com/1998/01/31/business/international-business-a-swiss-bank-raises-loss-on-derivatives.html">Archived</a> 27 October 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 31 January 1998 </li> <li id="cite_note-128"><a href="#cite_ref-128">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2000/10/24/business/painewebber-merger-vote.html">PaineWebber Merger Vote</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200912234747/https://www.nytimes.com/2000/10/24/business/painewebber-merger-vote.html">Archived</a> 12 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 24 October 2000 </li> <li id="cite_note-129"><a href="#cite_ref-129">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2000/07/12/business/swiss-bank-is-acquiring-painewebber.html">Swiss Bank Is Acquiring PaineWebber</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200912211008/https://www.nytimes.com/2000/07/12/business/swiss-bank-is-acquiring-painewebber.html">Archived</a> 12 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 12 July 2000 </li> <li id="cite_note-nytimes.com-130"><a href="#cite_ref-nytimes.com_130-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2001/03/05/business/05ADCO.html?ex=1226466000&en=1efd78d6fe2d3a1c&ei=5070">Advertising: Introducing UBS PaineWebber, Post Merger</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210227183521/https://www.nytimes.com/2001/03/05/business/media-business-advertising-story-line-vignettes-over-several-commercials.html">Archived</a> 27 February 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 5 March 2001 </li> <li id="cite_note-eclipsinggs-131">^ <a href="#cite_ref-eclipsinggs_131-0">a</a> <a href="#cite_ref-eclipsinggs_131-1">b</a> <a href="#cite_ref-eclipsinggs_131-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110813205741/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGaVnfgWhIpI">"Costas Sees UBS Eclipsing Goldman, Citigroup as Top Fee Earner"</a>. Bloomberg L.P. 1 March 2004. Archived from <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGaVnfgWhIpI">the original</a> on 13 August 2011. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Costas+Sees+UBS+Eclipsing+Goldman%2C+Citigroup+as+Top+Fee+Earner&rft.date=2004-03-01&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3Dnewsarchive%26sid%3DaGaVnfgWhIpI&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-132"><a href="#cite_ref-132">^</a> <a rel="nofollow" class="external text" href="http://www.efinancialnews.com/story/2010-05-03/costas-seeks-to-seize-middle-ground">Costas Seeks to Seize Middle Ground</a>. Financial News, 3 May 2010 <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100505232940/http://www.efinancialnews.com/story/2010-05-03/costas-seeks-to-seize-middle-ground">Archived</a> 5 May 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> </li> <li id="cite_note-133"><a href="#cite_ref-133">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2000/08/31/business/swiss-banks-calling-wall-st-home.html">Swiss Banks Calling Wall St. Home</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200912221341/https://www.nytimes.com/2000/08/31/business/swiss-banks-calling-wall-st-home.html">Archived</a> 12 September 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 31 August 2000 </li> <li id="cite_note-mirage-134"><a href="#cite_ref-mirage_134-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAtlas2002" class="citation news cs1">Atlas, Riva D. (26 May 2002). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2002/05/26/business/how-banks-chased-a-mirage.html">"How Banks Chased a Mirage"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200916024349/https://www.nytimes.com/2002/05/26/business/how-banks-chased-a-mirage.html">Archived</a> from the original on 16 September 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=How+Banks+Chased+a+Mirage&rft.date=2002-05-26&rft.aulast=Atlas&rft.aufirst=Riva+D.&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2002%2F05%2F26%2Fbusiness%2Fhow-banks-chased-a-mirage.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-moelisleaving-135">^ <a href="#cite_ref-moelisleaving_135-0">a</a> <a href="#cite_ref-moelisleaving_135-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://dealbook.nytimes.com//2007/03/19/moelis-leaving-ubs-the-memo/">"Moelis Is Leaving UBS"</a>. The New York Times. 19 March 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200812195024/https://dealbook.nytimes.com//2007/03/19/moelis-leaving-ubs-the-memo/">Archived</a> from the original on 12 August 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Moelis+Is+Leaving+UBS&rft.date=2007-03-19&rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F%2F2007%2F03%2F19%2Fmoelis-leaving-ubs-the-memo%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-136"><a href="#cite_ref-136">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2004/05/05/business/higher-fees-and-trading-help-double-ubs-income.html">"Higher Fees And Trading Help Double UBS Income"</a>. The New York Times. 5 May 2004. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201118155859/https://www.nytimes.com/2004/05/05/business/higher-fees-and-trading-help-double-ubs-income.html">Archived</a> from the original on 18 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Higher+Fees+And+Trading+Help+Double+UBS+Income&rft.date=2004-05-05&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2004%2F05%2F05%2Fbusiness%2Fhigher-fees-and-trading-help-double-ubs-income.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-blogs.wsj.com-137">^ <a href="#cite_ref-blogs.wsj.com_137-0">a</a> <a href="#cite_ref-blogs.wsj.com_137-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://blogs.wsj.com/deals/2009/06/26/health-scare-calculating-ubss-loss-of-banker-benjamin-lorello/">"Health Scare: Calculating UBS's Loss of Banker Benjamin Lorello"</a>. The Wall Street Journal. 26 June 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809181139/https://blogs.wsj.com/deals/2009/06/26/health-scare-calculating-ubss-loss-of-banker-benjamin-lorello/">Archived</a> from the original on 9 August 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Health+Scare%3A+Calculating+UBS%27s+Loss+of+Banker+Benjamin+Lorello&rft.date=2009-06-26&rft_id=https%3A%2F%2Fblogs.wsj.com%2Fdeals%2F2009%2F06%2F26%2Fhealth-scare-calculating-ubss-loss-of-banker-benjamin-lorello%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-138"><a href="#cite_ref-138">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.efinancialnews.com/story/2007-06-29/top-ubs-banker-founds-private-equity-firm">"Top UBS banker founds private equity firm"</a>. <a href="/wiki/Financial_News" title="Financial News">Financial News</a>. 29 June 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160828072852/http://www.efinancialnews.com/story/2007-06-29/top-ubs-banker-founds-private-equity-firm">Archived</a> from the original on 28 August 2016. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Top+UBS+banker+founds+private+equity+firm&rft.date=2007-06-29&rft_id=http%3A%2F%2Fwww.efinancialnews.com%2Fstory%2F2007-06-29%2Ftop-ubs-banker-founds-private-equity-firm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-moelisleaving2-139"><a href="#cite_ref-moelisleaving2_139-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/03/19/business/19ubs.html">"Prominent UBS Executive to Leave"</a>. The New York Times. 19 March 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201123204825/https://www.nytimes.com/2007/03/19/business/19ubs.html">Archived</a> from the original on 23 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Prominent+UBS+Executive+to+Leave&rft.date=2007-03-19&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2007%2F03%2F19%2Fbusiness%2F19ubs.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-suite-140"><a href="#cite_ref-suite_140-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAnderson2005" class="citation news cs1">Anderson, Jenny (9 September 2005). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2005/09/09/business/09wall.html">"From UBS's Suite of Power to the Sweat of a Hedge Fund"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130521173037/http://www.nytimes.com/2005/09/09/business/09wall.html">Archived</a> from the original on 21 May 2013. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=From+UBS%27s+Suite+of+Power+to+the+Sweat+of+a+Hedge+Fund&rft.date=2005-09-09&rft.aulast=Anderson&rft.aufirst=Jenny&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2005%2F09%2F09%2Fbusiness%2F09wall.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-141"><a href="#cite_ref-141">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/02/29/business/29blair.html">"Boutique Bank That's Riding Out the Storm"</a>. The New York Times. 29 February 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201126005013/https://www.nytimes.com/2008/02/29/business/29blair.html">Archived</a> from the original on 26 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Boutique+Bank+That%27s+Riding+Out+the+Storm&rft.date=2008-02-29&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2008%2F02%2F29%2Fbusiness%2F29blair.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-outtheygo-142">^ <a href="#cite_ref-outtheygo_142-0">a</a> <a href="#cite_ref-outtheygo_142-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCimilluca2007" class="citation news cs1">Cimilluca, Dana (21 March 2007). <a rel="nofollow" class="external text" href="https://blogs.wsj.com/deals/2007/03/21/out-they-go-moeliss-troops-at-ubs-begin-to-disperse/">"Out They Go: Moelis's Troops at UBS Begin to Disperse"</a>. <a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809180737/https://blogs.wsj.com/deals/2007/03/21/out-they-go-moeliss-troops-at-ubs-begin-to-disperse/">Archived</a> from the original on 9 August 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Out+They+Go%3A+Moelis%27s+Troops+at+UBS+Begin+to+Disperse&rft.date=2007-03-21&rft.aulast=Cimilluca&rft.aufirst=Dana&rft_id=https%3A%2F%2Fblogs.wsj.com%2Fdeals%2F2007%2F03%2F21%2Fout-they-go-moeliss-troops-at-ubs-begin-to-disperse%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Sorkin-2007-143"><a href="#cite_ref-Sorkin-2007_143-0">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/03/19/business/19ubs.html">Prominent UBS Executive to Leave</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201123204825/https://www.nytimes.com/2007/03/19/business/19ubs.html">Archived</a> 23 November 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 19 March 2007 </li> <li id="cite_note-144"><a href="#cite_ref-144">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.latimes.com/archives/la-xpm-2007-jul-20-fi-wrap20.4-story.html">"Ex-UBS executive Moelis opens firm"</a>. <a href="/wiki/LA_Times" class="mw-redirect" title="LA Times">LA Times</a>. 20 July 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160303192124/http://articles.latimes.com/2007/jul/20/business/fi-wrap20.4">Archived</a> from the original on 3 March 2016. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=LA+Times&rft.atitle=Ex-UBS+executive+Moelis+opens+firm&rft.date=2007-07-20&rft_id=https%3A%2F%2Fwww.latimes.com%2Farchives%2Fla-xpm-2007-jul-20-fi-wrap20.4-story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-145"><a href="#cite_ref-145">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPetruno2007" class="citation news cs1">Petruno, Tom (20 March 2007). <a rel="nofollow" class="external text" href="https://www.latimes.com/archives/la-xpm-2007-mar-20-fi-wrap20.1-story.html">"Ken Moelis parts ways with UBS: Some wonder if the high-profile investment banker will launch his own firm in L.A."</a> LA Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181021231949/http://articles.latimes.com/2007/mar/20/business/fi-wrap20.1">Archived</a> from the original on 21 October 2018. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=LA+Times&rft.atitle=Ken+Moelis+parts+ways+with+UBS%3A+Some+wonder+if+the+high-profile+investment+banker+will+launch+his+own+firm+in+L.A.&rft.date=2007-03-20&rft.aulast=Petruno&rft.aufirst=Tom&rft_id=https%3A%2F%2Fwww.latimes.com%2Farchives%2Fla-xpm-2007-mar-20-fi-wrap20.1-story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-futureofubsexec-146"><a href="#cite_ref-futureofubsexec_146-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/03/16/business/16swiss.html">"Future of UBS Executive Part of Wall Street Chatter"</a>. The New York Times. 16 March 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201123194445/https://www.nytimes.com/2007/03/16/business/16swiss.html">Archived</a> from the original on 23 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Future+of+UBS+Executive+Part+of+Wall+Street+Chatter&rft.date=2007-03-16&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2007%2F03%2F16%2Fbusiness%2F16swiss.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-147"><a href="#cite_ref-147">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2004/05/11/business/ubs-fined-100-million-over-trading-of-dollars.html">"UBS Fined $100 Million over Trading of Dollars"</a>. The New York Times. 11 May 2004. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210911110322/https://www.nytimes.com/2004/05/11/business/ubs-fined-100-million-over-trading-of-dollars.html">Archived</a> from the original on 11 September 2021. Retrieved 11 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=UBS+Fined+%24100+Million+over+Trading+of+Dollars&rft.date=2004-05-11&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2004%2F05%2F11%2Fbusiness%2Fubs-fined-100-million-over-trading-of-dollars.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-148"><a href="#cite_ref-148">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBumbacher2007" class="citation news cs1 cs1-prop-foreign-lang-source">Bumbacher, Beat (1 October 2007). <a rel="nofollow" class="external text" href="https://www.nzz.ch/ubs_groesster_opfer_kreditkrise-1.563256">"UBS leidet unter der Kreditkrise"</a>. Neue Zürcher Zeitung, nzz.ch (in German). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809131032/https://www.nzz.ch/ubs_groesster_opfer_kreditkrise-1.563256">Archived</a> from the original on 9 August 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Neue+Z%C3%BCrcher+Zeitung%2C+nzz.ch&rft.atitle=UBS+leidet+unter+der+Kreditkrise&rft.date=2007-10-01&rft.aulast=Bumbacher&rft.aufirst=Beat&rft_id=https%3A%2F%2Fwww.nzz.ch%2Fubs_groesster_opfer_kreditkrise-1.563256&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-149"><a href="#cite_ref-149">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClark2007" class="citation news cs1">Clark, Andrew (3 May 2007). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2007/may/04/usnews.internationalnews">"UBS shuts hedge fund after big sub-prime losses"</a>. The Guardian. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0261-3077">0261-3077</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210125025925/https://www.theguardian.com/business/2007/may/04/usnews.internationalnews">Archived</a> from the original on 25 January 2021. Retrieved 29 December 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=UBS+shuts+hedge+fund+after+big+sub-prime+losses&rft.date=2007-05-03&rft.issn=0261-3077&rft.aulast=Clark&rft.aufirst=Andrew&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2007%2Fmay%2F04%2Fusnews.internationalnews&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-150"><a href="#cite_ref-150">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSimonian2008" class="citation news cs1">Simonian, Haig (21 April 2008). <a rel="nofollow" class="external text" href="https://www.ft.com/content/d4e0b92a-0f69-11dd-8871-0000779fd2ac">"UBS details subprime losses"</a>. Financial Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200928070822/https://www.ft.com/content/d4e0b92a-0f69-11dd-8871-0000779fd2ac">Archived</a> from the original on 28 September 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=UBS+details+subprime+losses&rft.date=2008-04-21&rft.aulast=Simonian&rft.aufirst=Haig&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fd4e0b92a-0f69-11dd-8871-0000779fd2ac&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-151"><a href="#cite_ref-151">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2008-05-18/ubs-100-billion-wager-prompted-24-billion-loss-in-nine-months">"UBS $100 Billion Wager Prompted $24 billion Loss in Nine Months"</a>. Bloomberg. 18 May 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200827210202/https://www.bloomberg.com/news/articles/2008-05-18/ubs-100-billion-wager-prompted-24-billion-loss-in-nine-months">Archived</a> from the original on 27 August 2020. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg&rft.atitle=UBS+%24100+Billion+Wager+Prompted+%2424+billion+Loss+in+Nine+Months&rft.date=2008-05-18&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2008-05-18%2Fubs-100-billion-wager-prompted-24-billion-loss-in-nine-months&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-152"><a href="#cite_ref-152">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/07/06/business/06ubs.html">After Losses, UBS Ousts Its Chief</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210211035750/http://www.nytimes.com/2007/07/06/business/06ubs.html">Archived</a> 11 February 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 6 July 2007|access-date=29 March 2015 </li> <li id="cite_note-153"><a href="#cite_ref-153">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.nzz.ch/ubs_kommentar_nzz-1.563344">"Späte Offenbarung"</a>. Neue Zürcher Zeitung, nzz.ch) (in German). 1 October 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809133754/https://www.nzz.ch/ubs_kommentar_nzz-1.563344">Archived</a> from the original on 9 August 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Neue+Z%C3%BCrcher+Zeitung%2C+nzz.ch%29&rft.atitle=Sp%C3%A4te+Offenbarung&rft.date=2007-10-01&rft_id=https%3A%2F%2Fwww.nzz.ch%2Fubs_kommentar_nzz-1.563344&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-154"><a href="#cite_ref-154">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLehmann2008" class="citation news cs1">Lehmann, Andre (14 February 2008). <a rel="nofollow" class="external text" href="https://www.smh.com.au/world/swiss-bank-ubs-reports-huge-loss-after-subprime-debacle-20080214-1sbn.html">"Swiss bank UBS reports huge loss after subprime debacle"</a>. The Sydney Morning Herald. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809131724/https://www.smh.com.au/world/swiss-bank-ubs-reports-huge-loss-after-subprime-debacle-20080214-1sbn.html">Archived</a> from the original on 9 August 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Sydney+Morning+Herald&rft.atitle=Swiss+bank+UBS+reports+huge+loss+after+subprime+debacle&rft.date=2008-02-14&rft.aulast=Lehmann&rft.aufirst=Andre&rft_id=https%3A%2F%2Fwww.smh.com.au%2Fworld%2Fswiss-bank-ubs-reports-huge-loss-after-subprime-debacle-20080214-1sbn.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-155"><a href="#cite_ref-155">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/10/31/business/worldbusiness/31bank.html">Mortgage Woes Push UBS to Its First Loss in 5 Years</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201124204307/https://www.nytimes.com/2007/10/31/business/worldbusiness/31bank.html">Archived</a> 24 November 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 31 October 2007 </li> <li id="cite_note-156"><a href="#cite_ref-156">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2007/12/10/ubs-writes-down-10-billion-singapore-injects-capital.html">"UBS Writes Down $10 Billion, Singapore Injects Capital"</a>. Reuters. 10 December 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200819063046/https://www.cnbc.com/id/22178101">Archived</a> from the original on 19 August 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=UBS+Writes+Down+%2410+Billion%2C+Singapore+Injects+Capital&rft.date=2007-12-10&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2007%2F12%2F10%2Fubs-writes-down-10-billion-singapore-injects-capital.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-157"><a href="#cite_ref-157">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/12/11/business/worldbusiness/11bank.html">UBS Records a Big Write-Down and Sells a Stake</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210125052021/http://www.nytimes.com/2007/12/11/business/worldbusiness/11bank.html">Archived</a> 25 January 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. The New York Times, 11 December 2007 </li> <li id="cite_note-158"><a href="#cite_ref-158">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.nzz.ch/ubs_absturz_subprime_geschaeft-1.563341">"Absturz der UBS im Subprime-Geschäft"</a>. Neue Zürcher Zeitung, nzz.ch) (in German). 1 October 2007. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809160255/https://www.nzz.ch/ubs_absturz_subprime_geschaeft-1.563341">Archived</a> from the original on 9 August 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Neue+Z%C3%BCrcher+Zeitung%2C+nzz.ch%29&rft.atitle=Absturz+der+UBS+im+Subprime-Gesch%C3%A4ft&rft.date=2007-10-01&rft_id=https%3A%2F%2Fwww.nzz.ch%2Fubs_absturz_subprime_geschaeft-1.563341&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-159"><a href="#cite_ref-159">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.finma.ch/FinmaArchiv/ebk/e/publik/medienmit/20081016/ubs-subprime-bericht-ebk-e.pdf">"Subprime Crisis: SFBC Investigation into the Causes of the Write-downs of UBS AG"</a> (PDF). Swiss Federal Banking Commission (the SFBC). 30 September 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200927032916/https://www.finma.ch/FinmaArchiv/ebk/e/publik/medienmit/20081016/ubs-subprime-bericht-ebk-e.pdf">Archived</a> (PDF) from the original on 27 September 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Swiss+Federal+Banking+Commission+%28the+SFBC%29&rft.atitle=Subprime+Crisis%3A+SFBC+Investigation+into+the+Causes+of+the+Write-downs+of+UBS+AG&rft.date=2008-09-30&rft_id=https%3A%2F%2Fwww.finma.ch%2FFinmaArchiv%2Febk%2Fe%2Fpublik%2Fmedienmit%2F20081016%2Fubs-subprime-bericht-ebk-e.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-160"><a href="#cite_ref-160">^</a> <a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/04/02/business/worldbusiness/02ubs.html">UBS to Write Down Another $19 billion</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210211075517/https://www.nytimes.com/2008/04/02/business/worldbusiness/02ubs.html">Archived</a> 11 February 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.The New York Times, 2 April 2008|access-date=29 March 2015 </li> <li id="cite_note-161"><a href="#cite_ref-161">^</a> <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/markets/2817126/Downturn-hits-banks-fixed-income-trading.html">Downturn hits banks' fixed-income trading</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201122155101/https://www.telegraph.co.uk/finance/markets/2817126/Downturn-hits-banks-fixed-income-trading.html">Archived</a> 22 November 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> from <a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a>, date 5 October 2007 </li> <li id="cite_note-162"><a href="#cite_ref-162">^</a> <a rel="nofollow" class="external text" href="http://www.marketwatch.com/story/story/?guid={FB432404-34EC-415B-9EEA-5A0942D12C21}">UBS plans $19 bln write-down, capital injection</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110607010532/http://www.marketwatch.com/story/story/?guid=%7BFB432404-34EC-415B-9EEA-5A0942D12C21%7D">Archived</a> 7 June 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> from www.marketwatch.com, date 1 April 2008 </li> <li id="cite_note-163"><a href="#cite_ref-163">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMombelli2008" class="citation news cs1">Mombelli, Armando (16 October 2008). <a rel="nofollow" class="external text" href="https://www.swissinfo.ch/eng/2008-crisis_the-day-ubs--the-biggest-swiss-bank--was-saved/44474630">"2008 crisis. 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Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=swissinfo.ch&rft.atitle=2008+crisis.+The+day+UBS%2C+the+biggest+Swiss+bank%2C+was+saved&rft.date=2008-10-16&rft.aulast=Mombelli&rft.aufirst=Armando&rft_id=https%3A%2F%2Fwww.swissinfo.ch%2Feng%2F2008-crisis_the-day-ubs--the-biggest-swiss-bank--was-saved%2F44474630&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-164"><a href="#cite_ref-164">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCostello2008" class="citation news cs1">Costello, Miles (17 October 2008). <a rel="nofollow" class="external text" href="http://www.thetimes.co.uk/tto/business/industries/banking/article2159109.ece">"UBS and Credit Suisse secure $70bn"</a>. The Times. <a href="/wiki/London" title="London">London</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160507205028/http://www.thetimes.co.uk/tto/business/industries/banking/article2159109.ece">Archived</a> from the original on 7 May 2016. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Times&rft.atitle=UBS+and+Credit+Suisse+secure+%2470bn&rft.date=2008-10-17&rft.aulast=Costello&rft.aufirst=Miles&rft_id=http%3A%2F%2Fwww.thetimes.co.uk%2Ftto%2Fbusiness%2Findustries%2Fbanking%2Farticle2159109.ece&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-165"><a href="#cite_ref-165">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.parlament.ch/centers/documents/en/bericht-gpk-ns-ubs-kundendaten-usa-2010-05-30-res-e.pdf">"The Swiss authorities under the pressure of the financial crisis and the disclosure of UBS customer data to the USA. Report of the Control Committees of the Federal Assembly"</a> (PDF). 31 May 2010. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809124702/https://www.parlament.ch/centers/documents/en/bericht-gpk-ns-ubs-kundendaten-usa-2010-05-30-res-e.pdf">Archived</a> (PDF) from the original on 9 August 2020. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Swiss+authorities+under+the+pressure+of+the+financial+crisis+and+the+disclosure+of+UBS+customer+data+to+the+USA.+Report+of+the+Control+Committees+of+the+Federal+Assembly&rft.date=2010-05-31&rft_id=https%3A%2F%2Fwww.parlament.ch%2Fcenters%2Fdocuments%2Fen%2Fbericht-gpk-ns-ubs-kundendaten-usa-2010-05-30-res-e.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-166"><a href="#cite_ref-166">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/11/25/business/economy/25views.html">"Bad Assets Don't Just Disappear"</a>. The New York Times. 25 November 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201129044332/https://www.nytimes.com/2008/11/25/business/economy/25views.html">Archived</a> from the original on 29 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Bad+Assets+Don%27t+Just+Disappear&rft.date=2008-11-25&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2008%2F11%2F25%2Fbusiness%2Feconomy%2F25views.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-167"><a href="#cite_ref-167">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.taipeitimes.com/News/worldbiz/archives/2009/02/09/2003435611">"UBS expected to post biggest Swiss loss ever"</a>. <a href="/wiki/Taipei_Times" title="Taipei Times">Taipei Times</a>. 9 February 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200811102027/http://www.taipeitimes.com/News/worldbiz/archives/2009/02/09/2003435611">Archived</a> from the original on 11 August 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Taipei+Times&rft.atitle=UBS+expected+to+post+biggest+Swiss+loss+ever&rft.date=2009-02-09&rft_id=http%3A%2F%2Fwww.taipeitimes.com%2FNews%2Fworldbiz%2Farchives%2F2009%2F02%2F09%2F2003435611&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-168"><a href="#cite_ref-168">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWerdigier2009" class="citation news cs1">Werdigier, Julia (15 April 2009). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/04/16/business/global/16ubs.html">"UBS to Cut 7,500 More Jobs After $1.8 Billion Loss"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181117045754/https://www.nytimes.com/2009/04/16/business/global/16ubs.html">Archived</a> from the original on 17 November 2018. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=UBS+to+Cut+7%2C500+More+Jobs+After+%241.8+Billion+Loss&rft.date=2009-04-15&rft.aulast=Werdigier&rft.aufirst=Julia&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2009%2F04%2F16%2Fbusiness%2Fglobal%2F16ubs.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-169"><a href="#cite_ref-169">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCraigProtessSaltmarsh2011" class="citation news cs1">Craig, Susanne; Protess, Ben; Saltmarsh, Matthew (16 September 2011). <a rel="nofollow" class="external text" href="https://dealbook.nytimes.com/2011/09/16/ubs-faces-questions-on-oversight-after-traders-huge-loss/">"UBS Faces Questions on Oversight After a Trader Lost $2 Billion"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210225013932/https://dealbook.nytimes.com/2011/09/16/ubs-faces-questions-on-oversight-after-traders-huge-loss/">Archived</a> from the original on 25 February 2021. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=UBS+Faces+Questions+on+Oversight+After+a+Trader+Lost+%242+Billion&rft.date=2011-09-16&rft.aulast=Craig&rft.aufirst=Susanne&rft.au=Protess%2C+Ben&rft.au=Saltmarsh%2C+Matthew&rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F2011%2F09%2F16%2Fubs-faces-questions-on-oversight-after-traders-huge-loss%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-170"><a href="#cite_ref-170">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.risk.net/people/1503880/ubs-replaces-head-investment-banking">"UBS replaces head of investment banking"</a>. Risk.net. 27 April 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180612151017/https://www.risk.net/people/1503880/ubs-replaces-head-investment-banking">Archived</a> from the original on 12 June 2018. Retrieved 14 October 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=UBS+replaces+head+of+investment+banking&rft.date=2009-04-27&rft_id=https%3A%2F%2Fwww.risk.net%2Fpeople%2F1503880%2Fubs-replaces-head-investment-banking&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-171"><a href="#cite_ref-171">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20201109001850/http://www.stockozone.com/2009/04/swiss-bank-ubs-to-cut-8700-jobs-to.html">"Swiss Bank UBS To Cut 8700 Jobs To Return To Profitability"</a>. stockozone.com. 15 April 2009. Archived from <a rel="nofollow" class="external text" href="http://www.stockozone.com/2009/04/swiss-bank-ubs-to-cut-8700-jobs-to.html">the original</a> on 9 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Swiss+Bank+UBS+To+Cut+8700+Jobs+To+Return+To+Profitability&rft.date=2009-04-15&rft_id=http%3A%2F%2Fwww.stockozone.com%2F2009%2F04%2Fswiss-bank-ubs-to-cut-8700-jobs-to.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-172"><a href="#cite_ref-172">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBart2009" class="citation news cs1">Bart, Katharina (21 April 2009). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB124020500095834219">"UBS, in Asset Dump, to Sell Brazilian Bank"</a>. The Wall Street Journal. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809155557/https://www.wsj.com/articles/SB124020500095834219">Archived</a> from the original on 9 August 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=UBS%2C+in+Asset+Dump%2C+to+Sell+Brazilian+Bank&rft.date=2009-04-21&rft.aulast=Bart&rft.aufirst=Katharina&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB124020500095834219&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-173"><a href="#cite_ref-173">^</a> <a rel="nofollow" class="external text" href="https://www.stockwatch.com.cy/en/article/eyropaiki-oikonomia/switzerland-selling-ubs-stake-after-us-tax-accord">Switzerland Selling UBS Stake After U.S. Tax Accord</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180627144240/https://www.stockwatch.com.cy/en/article/eyropaiki-oikonomia/switzerland-selling-ubs-stake-after-us-tax-accord">Archived</a> 27 June 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. 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Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+problems+to+remain+after+%243.5+billion+capital+hike&rft.date=2009-06-26&rft.aulast=Rhodes&rft.aufirst=Jason&rft.au=Egenter%2C+Sven&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ubs-idUSTRE55P1DY20090626&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-175"><a href="#cite_ref-175">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWerdigiernov2009" class="citation news cs1">Werdigiernov, Julia (17 November 2009). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/11/18/business/global/18ubs.html">"UBS Plans to Be Making Nearly $15 Billion a Year in Profit by 2014"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180127105741/http://www.nytimes.com/2009/11/18/business/global/18ubs.html">Archived</a> from the original on 27 January 2018. Retrieved 10 March 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=UBS+Plans+to+Be+Making+Nearly+%2415+Billion+a+Year+in+Profit+by+2014&rft.date=2009-11-17&rft.aulast=Werdigiernov&rft.aufirst=Julia&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2009%2F11%2F18%2Fbusiness%2Fglobal%2F18ubs.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-176"><a href="#cite_ref-176">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/intl/cms/s/0/d8c1e14c-d35b-11de-9607-00144feabdc0.html#axzz3V1h3rbbG">"UBS sets out ambitious plans for return to growth"</a>. Financial Times. 17 November 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210227200357/https://www.ft.com/content/d8c1e14c-d35b-11de-9607-00144feabdc0#axzz3V1h3rbbG">Archived</a> from the original on 27 February 2021. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=UBS+sets+out+ambitious+plans+for+return+to+growth&rft.date=2009-11-17&rft_id=http%3A%2F%2Fwww.ft.com%2Fintl%2Fcms%2Fs%2F0%2Fd8c1e14c-d35b-11de-9607-00144feabdc0.html%23axzz3V1h3rbbG&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-177"><a href="#cite_ref-177">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.campaignlive.co.uk/article/ubs-new-brand-campaign-formula-1-tie-up/1023701">"UBS in new brand campaign and Formula 1 tie-up"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809161249/https://www.campaignlive.co.uk/article/ubs-new-brand-campaign-formula-1-tie-up/1023701">Archived</a> from the original on 9 August 2020. Retrieved 29 December 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=UBS+in+new+brand+campaign+and+Formula+1+tie-up&rft_id=https%3A%2F%2Fwww.campaignlive.co.uk%2Farticle%2Fubs-new-brand-campaign-formula-1-tie-up%2F1023701&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-178"><a href="#cite_ref-178">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilson2010" class="citation news cs1">Wilson, Harry (24 August 2010). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7960547/UBS-sticks-by-you-and-us-in-Formula-1-sponsorship-deal.html">"UBS sticks by 'you & us' in Formula 1 sponsorship deal"</a>. Daily Telegraph. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0307-1235">0307-1235</a>. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7960547/UBS-sticks-by-you-and-us-in-Formula-1-sponsorship-deal.html">Archived</a> from the original on 11 January 2022. Retrieved 29 December 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Daily+Telegraph&rft.atitle=UBS+sticks+by+%27you+%26+us%27+in+Formula+1+sponsorship+deal&rft.date=2010-08-24&rft.issn=0307-1235&rft.aulast=Wilson&rft.aufirst=Harry&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fnewsbysector%2Fbanksandfinance%2F7960547%2FUBS-sticks-by-you-and-us-in-Formula-1-sponsorship-deal.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-179"><a href="#cite_ref-179">^</a> <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052702303467004575575371095734894">UBS Stanches Outflow of Funds</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190919003148/https://www.wsj.com/articles/SB10001424052702303467004575575371095734894">Archived</a> 19 September 2019 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. 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Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=UBS+to+Cut+3%2C500+Jobs%2C+Half+in+Investment+Banking&rft.date=2011-08-23&rft.aulast=Werdigier&rft.aufirst=Julia&rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F2011%2F08%2F23%2Fubs-to-slash-3500-jobs%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-182"><a href="#cite_ref-182">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRobert_Peston2011" class="citation news cs1">Robert Peston (16 September 2011). <a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-14950873">"UBS trader Kweku Adoboli charged with fraud"</a>. BBC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200828014634/https://www.bbc.co.uk/news/business-14950873">Archived</a> from the original on 28 August 2020. 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BBC. 30 October 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200911233400/https://www.bbc.com/news/business-20132857">Archived</a> from the original on 11 September 2020. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=UBS+cuts+10%2C000+jobs+as+it+slims+down+investment+bank+arm&rft.date=2012-10-30&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-20132857&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-BBCUBS-189"><a href="#cite_ref-BBCUBS_189-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-20767984">"UBS fined $1.5bn for Libor rigging"</a>. BBC. 19 December 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201112002822/https://www.bbc.co.uk/news/business-20767984">Archived</a> from the original on 12 November 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=UBS+fined+%241.5bn+for+Libor+rigging&rft.date=2012-12-19&rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fbusiness-20767984&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-190"><a href="#cite_ref-190">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2012/12/19/ubs-traders-humongous-liborfixing-boasts.html">"UBS Agrees to Pay $1.54 Billion to Settle Libor Investigations"</a>. <a href="/wiki/CNBC" title="CNBC">CNBC</a>. 19 December 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200821031758/https://www.cnbc.com/id/100326489">Archived</a> from the original on 21 August 2020. Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UBS+Agrees+to+Pay+%241.54+Billion+to+Settle+Libor+Investigations&rft.pub=CNBC&rft.date=2012-12-19&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2012%2F12%2F19%2Fubs-traders-humongous-liborfixing-boasts.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-191"><a href="#cite_ref-191">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/news/23131/hands-slapped-5-banks-get-hit-with-fines-for-currency-manipulation">"HANDS SLAPPED: 5 Banks Get Hit with Fines for Currency Manipulation"</a>. Sovereign Wealth Fund Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210108191844/https://www.swfinstitute.org/news/23131/hands-slapped-5-banks-get-hit-with-fines-for-currency-manipulation">Archived</a> from the original on 8 January 2021. Retrieved 8 January 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Sovereign+Wealth+Fund+Institute&rft.atitle=HANDS+SLAPPED%3A+5+Banks+Get+Hit+with+Fines+for+Currency+Manipulation&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fnews%2F23131%2Fhands-slapped-5-banks-get-hit-with-fines-for-currency-manipulation&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-192"><a href="#cite_ref-192">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTouryalai2014" class="citation news cs1">Touryalai, Halah (6 January 2014). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/">"A tale of two bankers"</a>. Forbes. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809150006/https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/">Archived</a> from the original on 9 August 2020. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=A+tale+of+two+bankers&rft.date=2014-01-06&rft.aulast=Touryalai&rft.aufirst=Halah&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fhalahtouryalai%2F2014%2F01%2F06%2Ftale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-193"><a href="#cite_ref-193">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKatharina_Bart2015" class="citation news cs1">Katharina Bart (25 May 2015). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-ubs-wealth-australia-idUSKBN0OA10O20150525">"UBS seeks to offload Australian wealth unit to management"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160130072659/http://www.reuters.com/article/us-ubs-wealth-australia-idUSKBN0OA10O20150525">Archived</a> from the original on 30 January 2016. Retrieved 26 May 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+seeks+to+offload+Australian+wealth+unit+to+management&rft.date=2015-05-25&rft.au=Katharina+Bart&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-ubs-wealth-australia-idUSKBN0OA10O20150525&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Irrera-2016-194"><a href="#cite_ref-Irrera-2016_194-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIrrera2016" class="citation web cs1">Irrera, Anna (2 May 2016). <a rel="nofollow" class="external text" href="https://blogs.wsj.com/digits/2015/04/02/ubs-to-open-blockchain-research-lab-in-london/">"UBS to Open Blockchain Research Lab in London"</a>. The Wall Street Journal. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809191215/https://blogs.wsj.com/digits/2015/04/02/ubs-to-open-blockchain-research-lab-in-london/">Archived</a> from the original on 9 August 2020. Retrieved 14 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Wall+Street+Journal&rft.atitle=UBS+to+Open+Blockchain+Research+Lab+in+London&rft.date=2016-05-02&rft.aulast=Irrera&rft.aufirst=Anna&rft_id=https%3A%2F%2Fblogs.wsj.com%2Fdigits%2F2015%2F04%2F02%2Fubs-to-open-blockchain-research-lab-in-london%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Kelly-2016-195"><a href="#cite_ref-Kelly-2016_195-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKelly2016" class="citation news cs1">Kelly, Jemima (24 August 2016). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-banks-blockchain-ubs-idUSKCN10Z147">"UBS leads team of banks working on blockchain settlement system"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170519073429/http://www.reuters.com/article/us-banks-blockchain-ubs-idUSKCN10Z147">Archived</a> from the original on 19 May 2017. Retrieved 14 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+leads+team+of+banks+working+on+blockchain+settlement+system&rft.date=2016-08-24&rft.aulast=Kelly&rft.aufirst=Jemima&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-banks-blockchain-ubs-idUSKCN10Z147&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-196"><a href="#cite_ref-196">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPlender2014" class="citation web cs1">Plender, John (13 May 2014). <a rel="nofollow" class="external text" href="https://www.ft.com/content/02cac92c-d9ec-11e3-9b6a-00144feabdc0">"Welcome to the new era of bank downsizing"</a>. Financial Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809180841/https://www.ft.com/content/02cac92c-d9ec-11e3-9b6a-00144feabdc0">Archived</a> from the original on 9 August 2020. Retrieved 7 October 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Welcome+to+the+new+era+of+bank+downsizing&rft.date=2014-05-13&rft.aulast=Plender&rft.aufirst=John&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F02cac92c-d9ec-11e3-9b6a-00144feabdc0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Winters-2018-197"><a href="#cite_ref-Winters-2018_197-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWinters2018" class="citation web cs1">Winters, Patrick (3 April 2018). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2018-04-05/top-ubs-banker-orcel-says-he-has-very-aggressive-plan-for-u-s">"Top UBS Banker Has 'Very Aggressive Plan for U.S.'"</a>. www.bloomberg.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200904100422/https://www.bloomberg.com/news/articles/2018-04-05/top-ubs-banker-orcel-says-he-has-very-aggressive-plan-for-u-s">Archived</a> from the original on 4 September 2020. Retrieved 7 September 2018. <q>Fiat is like the bulge-bracket banks that are active on all the business segments, and they go for volume. UBS is like Ferrari: We are much smaller and focused.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bloomberg.com&rft.atitle=Top+UBS+Banker+Has+%27Very+Aggressive+Plan+for+U.S.%27&rft.date=2018-04-03&rft.aulast=Winters&rft.aufirst=Patrick&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-04-05%2Ftop-ubs-banker-orcel-says-he-has-very-aggressive-plan-for-u-s&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Lacqua-2018-198"><a href="#cite_ref-Lacqua-2018_198-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLacqua2018" class="citation news cs1">Lacqua, Francine (24 January 2018). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2018-01-24/ubs-chairman-weber-sees-possible-massive-bitcoin-correction">"UBS Chairman Says a 'Massive' Bitcoin Correction Is Possible"</a>. Bloomberg.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201126163536/https://www.bloomberg.com/news/articles/2018-01-24/ubs-chairman-weber-sees-possible-massive-bitcoin-correction">Archived</a> from the original on 26 November 2020. Retrieved 14 May 2018. <q>We fear that in the future if these investments implode and the market corrects, then investors will be looking at 'who sold us this?'</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=UBS+Chairman+Says+a+%27Massive%27+Bitcoin+Correction+Is+Possible&rft.date=2018-01-24&rft.aulast=Lacqua&rft.aufirst=Francine&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-01-24%2Fubs-chairman-weber-sees-possible-massive-bitcoin-correction&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Irrera-2017-199"><a href="#cite_ref-Irrera-2017_199-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIrrera2017" class="citation news cs1">Irrera, Anna (4 October 2017). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-blockchain-banks/commerzbank-other-banks-join-ubs-and-ibm-trade-finance-blockchain-idUSKCN1C90ST">"Commerzbank, other banks join UBS and IBM trade finance blockchain"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201207150826/https://www.reuters.com/article/us-blockchain-banks/commerzbank-other-banks-join-ubs-and-ibm-trade-finance-blockchain-idUSKCN1C90ST">Archived</a> from the original on 7 December 2020. Retrieved 14 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Commerzbank%2C+other+banks+join+UBS+and+IBM+trade+finance+blockchain&rft.date=2017-10-04&rft.aulast=Irrera&rft.aufirst=Anna&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-blockchain-banks%2Fcommerzbank-other-banks-join-ubs-and-ibm-trade-finance-blockchain-idUSKCN1C90ST&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-200"><a href="#cite_ref-200">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/business/finance/ubs-q1-profit-up-14-switzerlands-no-1-bank-unveils-archegos-charge-2021-04-27/">"UBS, Nomura push global banks' Archegos losses over $10 bln"</a>. Reuters. 27 April 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210427204634/https://www.reuters.com/business/finance/ubs-q1-profit-up-14-switzerlands-no-1-bank-unveils-archegos-charge-2021-04-27/">Archived</a> from the original on 27 April 2021. Retrieved 28 April 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Reuters&rft.atitle=UBS%2C+Nomura+push+global+banks%27+Archegos+losses+over+%2410+bln&rft.date=2021-04-27&rft_id=https%3A%2F%2Fwww.reuters.com%2Fbusiness%2Ffinance%2Fubs-q1-profit-up-14-switzerlands-no-1-bank-unveils-archegos-charge-2021-04-27%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-201"><a href="#cite_ref-201">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFForman2021" class="citation news cs1">Forman, Laura (21 June 2021). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/work-flexibility-popular-with-employees-is-hardly-a-holy-grail-11624300543">"Work Flexibility, Popular With Employees, Is Hardly a Holy Grail"</a>. <a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210714121025/https://www.wsj.com/articles/work-flexibility-popular-with-employees-is-hardly-a-holy-grail-11624300543">Archived</a> from the original on 14 July 2021. Retrieved 14 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Work+Flexibility%2C+Popular+With+Employees%2C+Is+Hardly+a+Holy+Grail&rft.date=2021-06-21&rft.issn=0099-9660&rft.aulast=Forman&rft.aufirst=Laura&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fwork-flexibility-popular-with-employees-is-hardly-a-holy-grail-11624300543&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-202"><a href="#cite_ref-202">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPatrick2021" class="citation news cs1">Patrick, Margot (28 June 2021). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/ubs-says-hybrid-work-is-here-to-stay-11624895456">"UBS Says Hybrid Work Is Here to Stay"</a>. The Wall Street Journal. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210714012351/https://www.wsj.com/articles/ubs-says-hybrid-work-is-here-to-stay-11624895456">Archived</a> from the original on 14 July 2021. Retrieved 14 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=UBS+Says+Hybrid+Work+Is+Here+to+Stay&rft.date=2021-06-28&rft.issn=0099-9660&rft.aulast=Patrick&rft.aufirst=Margot&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fubs-says-hybrid-work-is-here-to-stay-11624895456&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-203"><a href="#cite_ref-203">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankingdive.com/news/morgan-stanley-bank-of-america-ceos-break-relative-silence-on-office-retur/601830/">"Morgan Stanley, Bank of America CEOs break relative silence on office returns"</a>. Banking Dive. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210714121027/https://www.bankingdive.com/news/morgan-stanley-bank-of-america-ceos-break-relative-silence-on-office-retur/601830/">Archived</a> from the original on 14 July 2021. Retrieved 14 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Banking+Dive&rft.atitle=Morgan+Stanley%2C+Bank+of+America+CEOs+break+relative+silence+on+office+returns&rft_id=https%3A%2F%2Fwww.bankingdive.com%2Fnews%2Fmorgan-stanley-bank-of-america-ceos-break-relative-silence-on-office-retur%2F601830%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-wf-204">^ <a href="#cite_ref-wf_204-0">a</a> <a href="#cite_ref-wf_204-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShields2022" class="citation news cs1">Shields, Michael (26 January 2022). <a rel="nofollow" class="external text" href="https://www.reuters.com/business/finance/ubs-buy-us-wealth-management-specialist-wealthfront-14-bln-2022-01-26/">"UBS steps up U.S. push with $1.4 bln Wealthfront purchase"</a>. <a href="/wiki/Reuters" title="Reuters">Reuters</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220409094816/https://www.reuters.com/business/finance/ubs-buy-us-wealth-management-specialist-wealthfront-14-bln-2022-01-26/">Archived</a> from the original on 9 April 2022. Retrieved 9 April 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=UBS+steps+up+U.S.+push+with+%241.4+bln+Wealthfront+purchase&rft.date=2022-01-26&rft.aulast=Shields&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.reuters.com%2Fbusiness%2Ffinance%2Fubs-buy-us-wealth-management-specialist-wealthfront-14-bln-2022-01-26%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-205"><a href="#cite_ref-205">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBalezou2022" class="citation web cs1">Balezou, Myriam (5 September 2022). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2022-09-05/ubs-growth-strategy-in-us-dented-after-wealthfront-deal-spiked">"UBS Growth Plans in US Dented After Wealthfront Deal Fails"</a>. <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230319200418/https://www.bloomberg.com/news/articles/2022-09-05/ubs-growth-strategy-in-us-dented-after-wealthfront-deal-spiked">Archived</a> from the original on 19 March 2023. Retrieved 7 September 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bloomberg+News&rft.atitle=UBS+Growth+Plans+in+US+Dented+After+Wealthfront+Deal+Fails&rft.date=2022-09-05&rft.aulast=Balezou&rft.aufirst=Myriam&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-09-05%2Fubs-growth-strategy-in-us-dented-after-wealthfront-deal-spiked&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-barrons2022-206">^ <a href="#cite_ref-barrons2022_206-0">a</a> <a href="#cite_ref-barrons2022_206-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSnel2022" class="citation web cs1">Snel, Ross (2 September 2022). <a rel="nofollow" class="external text" href="https://www.barrons.com/advisor/articles/ubs-wealthfront-cancel-merger-robo-advisor-51662157295">"UBS Planned to Buy Robo-Advisor Wealthfront. Now the Deal's off"</a>. <a href="/wiki/Barron%27s_(newspaper)" class="mw-redirect" title="Barron's (newspaper)">Barron's</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220905223645/https://www.barrons.com/advisor/articles/ubs-wealthfront-cancel-merger-robo-advisor-51662157295">Archived</a> from the original on 5 September 2022. Retrieved 7 September 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Barron%27s&rft.atitle=UBS+Planned+to+Buy+Robo-Advisor+Wealthfront.+Now+the+Deal%27s+off&rft.date=2022-09-02&rft.aulast=Snel&rft.aufirst=Ross&rft_id=https%3A%2F%2Fwww.barrons.com%2Fadvisor%2Farticles%2Fubs-wealthfront-cancel-merger-robo-advisor-51662157295&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Chau-2022-207">^ <a href="#cite_ref-Chau-2022_207-0">a</a> <a href="#cite_ref-Chau-2022_207-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChau2022" class="citation web cs1">Chau, Candice (2 November 2022). <a rel="nofollow" class="external text" href="https://hongkongfp.com/2022/11/02/dont-bet-against-china-and-hong-kong-and-dont-read-too-much-foreign-news-top-chinese-regulator-tells-banking-summit/">"Don't bet against China and Hong Kong and don't read too much foreign news, top Chinese regulator tells banking summit"</a>. Hong Kong Free Press HKFP. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230319200419/https://hongkongfp.com/2022/11/02/dont-bet-against-china-and-hong-kong-and-dont-read-too-much-foreign-news-top-chinese-regulator-tells-banking-summit/">Archived</a> from the original on 19 March 2023. Retrieved 2 November 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Hong+Kong+Free+Press+HKFP&rft.atitle=Don%27t+bet+against+China+and+Hong+Kong+and+don%27t+read+too+much+foreign+news%2C+top+Chinese+regulator+tells+banking+summit&rft.date=2022-11-02&rft.aulast=Chau&rft.aufirst=Candice&rft_id=https%3A%2F%2Fhongkongfp.com%2F2022%2F11%2F02%2Fdont-bet-against-china-and-hong-kong-and-dont-read-too-much-foreign-news-top-chinese-regulator-tells-banking-summit%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-FT-2022-208"><a href="#cite_ref-FT-2022_208-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/037cc9d0-b214-43a6-8bcb-43f76507f9c5">"Global bankers 'very pro-China', says UBS chair"</a>. Financial Times. 2 November 2022. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221129180705/https://www.ft.com/content/037cc9d0-b214-43a6-8bcb-43f76507f9c5">Archived</a> from the original on 29 November 2022. Retrieved 2 November 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Global+bankers+%27very+pro-China%27%2C+says+UBS+chair&rft.date=2022-11-02&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F037cc9d0-b214-43a6-8bcb-43f76507f9c5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-209"><a href="#cite_ref-209">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSorkinMattuWarnerKessler2022" class="citation news cs1">Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Gandel, Stephen; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (2 November 2022). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2022/11/02/business/dealbook/investors-market-fed-interest-rates-inflation-fomc.html">"Investors Await the Fed's Next Move"</a>. The New York Times. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221116223025/https://www.nytimes.com/2022/11/02/business/dealbook/investors-market-fed-interest-rates-inflation-fomc.html">Archived</a> from the original on 16 November 2022. 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Retrieved 29 May 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UBS&rft.atitle=UBS+Annual+Report+2016&rft.date=2017-03-10&rft_id=https%3A%2F%2Fwww.ubs.com%2Fcontent%2Fdam%2Fstatic%2Fepaper%2Findex.html%3Fid%3Da0ba9a78&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-229"><a href="#cite_ref-229">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/significant.html">"Significant shareholders"</a>. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150709040839/http://www.ubs.com/global/en/about_ubs/investor_relations/share_information/significant.html">Archived</a> from the original on 9 July 2015. Retrieved 29 December 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Significant+shareholders&rft.pub=ubs.com&rft_id=https%3A%2F%2Fwww.ubs.com%2Fglobal%2Fen%2Fabout_ubs%2Finvestor_relations%2Fshare_information%2Fsignificant.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-230"><a href="#cite_ref-230">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/shareholder_details/distribution.html">"Shareholder distribution"</a>. ubs.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190606064108/https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/shareholder_details/distribution.html">Archived</a> from the original on 6 June 2019. 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Retrieved 16 May 2018. <q>The subterranean vaults of Geneva and Zurich have served as sanctuaries for the wealth of dictators and despots, mobsters and arms dealers, corrupt officials and tax cheats of all kinds.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CBC+News%3A+60+Minutes&rft.atitle=Banking%3A+A+Crack+in+the+Swiss+Vault&rft.date=2009-12-30&rft.aulast=Kroft&rft.aufirst=Steve&rft_id=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fbanking-a-crack-in-the-swiss-vault%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Baker-2016-245">^ <a href="#cite_ref-Baker-2016_245-0">a</a> <a href="#cite_ref-Baker-2016_245-1">b</a> <a href="#cite_ref-Baker-2016_245-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaker2016" class="citation news cs1">Baker, Stephanie (30 September 2016). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2016-09-30/secret-swiss-gold-vaults-are-the-new-swiss-bank-accounts">"Secret Alpine Gold Vaults Are the New Swiss Bank Accounts"</a>. 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Retrieved 18 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=Secret+Alpine+Gold+Vaults+Are+the+New+Swiss+Bank+Accounts&rft.date=2016-09-30&rft.aulast=Baker&rft.aufirst=Stephanie&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2016-09-30%2Fsecret-swiss-gold-vaults-are-the-new-swiss-bank-accounts&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-IWJC-1996-246"><a href="#cite_ref-IWJC-1996_246-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/pages/frontline/shows/nazis/readings/sinister.html">"The Sinister Face Of 'Neutrality' | Frontline | PBS"</a>. www.pbs.org. 1996. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210216144246/https://www.pbs.org/wgbh/pages/frontline/shows/nazis/readings/sinister.html">Archived</a> from the original on 16 February 2021. Retrieved 17 May 2018. <q>Before the Second World War, with the rise of Nazism, many Jews in Central and East Europe sought to protect a part of their assets by depositing money in Swiss accounts, and their valuables in Swiss safe deposit boxes. 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Newsweek. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190207180229/https://www.newsweek.com/ubs-swiss-banks-shadowy-operations-76447">Archived</a> from the original on 7 February 2019. Retrieved 18 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Newsweek&rft.atitle=UBS%3A+A+Swiss+Bank%27s+Shadowy+Operations&rft.date=2009-08-13&rft.aulast=Evan&rft.aufirst=Thomas&rft_id=http%3A%2F%2Fwww.newsweek.com%2Fubs-swiss-banks-shadowy-operations-76447&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-249"><a href="#cite_ref-249">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090222083323/https://news.yahoo.com/s/ap/20090219/ap_on_bi_ge/ubs_secrets">"Feds Sue UBS for All American Customer Names"</a>. 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Retrieved 21 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Los+Angeles+Times&rft.atitle=He+put+a+dent+in+tax+evasion&rft.date=2009-10-26&rft.aulast=Pfeifer&rft.aufirst=Stuart&rft_id=https%3A%2F%2Fwww.latimes.com%2Farchives%2Fla-xpm-2009-oct-26-fi-swiss26-story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-252"><a href="#cite_ref-252">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.cbsnews.com/news/banking-a-crack-in-the-swiss-vault/2/">"Banking: A Crack in the Swiss Vault"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210227180431/https://www.cbsnews.com/news/banking-a-crack-in-the-swiss-vault/2/">Archived</a> from the original on 27 February 2021. 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(4 June 2013). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/robertwood/2013/06/04/french-criminal-tax-probe-of-ubs-talk-about-deja-vu/">"French Criminal Tax Probe of UBS – Talk About Déjà Vu"</a>. Forbes. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201130154211/https://www.forbes.com/sites/robertwood/2013/06/04/french-criminal-tax-probe-of-ubs-talk-about-deja-vu/">Archived</a> from the original on 30 November 2020. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=French+Criminal+Tax+Probe+of+UBS+%E2%80%93+Talk+About+D%C3%A9j%C3%A0+Vu&rft.date=2013-06-04&rft.aulast=Wood&rft.aufirst=Robert+W.&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Frobertwood%2F2013%2F06%2F04%2Ffrench-criminal-tax-probe-of-ubs-talk-about-deja-vu%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-Europe_Loses_Billions2-256"><a href="#cite_ref-Europe_Loses_Billions2_256-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGodoy2012" class="citation news cs1">Godoy, Julio (19 April 2012). <a rel="nofollow" class="external text" href="http://www.ipsnews.net/2012/04/europe-loses-billions-to-tax-evasion/">"Europe Loses Billions to Tax Evasion"</a>. Inter Press Service News Agency. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201203004914/http://www.ipsnews.net/2012/04/europe-loses-billions-to-tax-evasion/">Archived</a> from the original on 3 December 2020. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Inter+Press+Service+News+Agency&rft.atitle=Europe+Loses+Billions+to+Tax+Evasion&rft.date=2012-04-19&rft.aulast=Godoy&rft.aufirst=Julio&rft_id=http%3A%2F%2Fwww.ipsnews.net%2F2012%2F04%2Feurope-loses-billions-to-tax-evasion%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-European_court_rejects2-257"><a href="#cite_ref-European_court_rejects2_257-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFranklin,_Angelika_Gruber,_Chine_Labbé" class="citation news cs1">Franklin, Angelika Gruber, Chine Labbé, Joshua. <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-france-ubs-europeancourt-verdict-idUSKBN14W1N8">"European court rejects UBS appeal against bail in French tax case"</a>. Reuters. 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Retrieved 27 January 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=European+court+rejects+UBS+appeal+against+bail+in+French+tax+case&rft.aulast=Franklin%2C+Angelika+Gruber%2C+Chine+Labb%C3%A9&rft.aufirst=Joshua&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-france-ubs-europeancourt-verdict-idUSKBN14W1N8&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"><code class="cs1-code">{{<a href="/wiki/Template:Cite_news" title="Template:Cite news">cite news</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>) </li> <li id="cite_note-UBS_Officials_Face_Arrest2-258"><a href="#cite_ref-UBS_Officials_Face_Arrest2_258-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBenedetti-Valentini2015" class="citation news cs1">Benedetti-Valentini, Fabio and Jeffrey Voegeli (17 February 2015). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2015-02-17/three-ex-ubs-officials-said-to-face-arrest-in-french-tax-probe">"Three Ex-UBS Officials Said to Face Arrest in French Tax Probe"</a>. Bloomberg. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200828102953/https://www.bloomberg.com/news/articles/2015-02-17/three-ex-ubs-officials-said-to-face-arrest-in-french-tax-probe">Archived</a> from the original on 28 August 2020. Retrieved 29 March 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Three+Ex-UBS+Officials+Said+to+Face+Arrest+in+French+Tax+Probe&rft.date=2015-02-17&rft.aulast=Benedetti-Valentini&rft.aufirst=Fabio+and+Jeffrey+Voegeli&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2015-02-17%2Fthree-ex-ubs-officials-said-to-face-arrest-in-french-tax-probe&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-259"><a href="#cite_ref-259">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.swissinfo.ch/eng/ubs-fails-to-overturn-french-tax-evasion-guilty-verdict/47187104">"UBS fails to overturn guilty verdict in French tax evasion case"</a>. 13 December 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211220220459/https://www.swissinfo.ch/eng/ubs-fails-to-overturn-french-tax-evasion-guilty-verdict/47187104">Archived</a> from the original on 20 December 2021. Retrieved 28 December 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UBS+fails+to+overturn+guilty+verdict+in+French+tax+evasion+case&rft.date=2021-12-13&rft_id=https%3A%2F%2Fwww.swissinfo.ch%2Feng%2Fubs-fails-to-overturn-french-tax-evasion-guilty-verdict%2F47187104&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-260"><a href="#cite_ref-260">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/ubs-penalties-slashed-by-around-3-billion-in-french-tax-case-11639402771">"UBS Penalties Slashed by Around $3 Billion in French Tax Case"</a>. 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Retrieved 30 November 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.internationalinvestment.net&rft.atitle=UBS%2C+Allianz%2C+Aviva+and+Pimco+join+UN+to+rev+up+sustainable+development+investments&rft.date=2019-10-29&rft_id=https%3A%2F%2Fwww.internationalinvestment.net%2Fnews%2F4006370%2Fubs-allianz-aviva-pimco-join-rev-sustainable-development-investments&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-271"><a href="#cite_ref-271">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20200809150010/https://www.level39.co/members/ubs/">"UBS"</a>. Level39. Archived from <a rel="nofollow" class="external text" href="https://www.level39.co/members/ubs/">the original</a> on 9 August 2020. 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Bloomberg.com. 10 May 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210709181932/https://www.bloomberg.com/news/articles/2021-05-10/ubs-exploring-ways-to-offer-crypto-investments-to-rich-clients">Archived</a> from the original on 9 July 2021. Retrieved 1 July 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=UBS+Explores+Offering+Crypto+Investments+to+Rich+Clients&rft.date=2021-05-10&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2021-05-10%2Fubs-exploring-ways-to-offer-crypto-investments-to-rich-clients&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-274"><a href="#cite_ref-274">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://fortune.com/2018/07/05/ubs-digital-clone-chief-economist-daniel-kalt/">"UBS Digitally Cloned Its Chief Economist So He Wouldn't Miss His Meetings"</a>. 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Retrieved 28 January 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=World%27s+Best+Banks+2017.Enhancing+The+Customer+Experience&rft.pub=gfmag.com&rft.date=2017-10-02&rft_id=https%3A%2F%2Fwww.gfmag.com%2Fmagazine%2Foctober-2017%2Fworlds-best-banks-2017-enhancing-customer-experience&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-295"><a href="#cite_ref-295">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gfmag.com/magazine/december-2016/finding-and-filling-niches?page=2">"World's Best Private Banks 2017"</a>. gfmag.com. 8 December 2016. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180129004538/https://www.gfmag.com/magazine/december-2016/finding-and-filling-niches?page=2">Archived</a> from the original on 29 January 2018. Retrieved 28 January 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=World%27s+Best+Private+Banks+2017&rft.pub=gfmag.com&rft.date=2016-12-08&rft_id=https%3A%2F%2Fwww.gfmag.com%2Fmagazine%2Fdecember-2016%2Ffinding-and-filling-niches%3Fpage%3D2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-296"><a href="#cite_ref-296">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gfmag.com/magazine/april-2017/2017-worlds-best-investment-banks-global-winners?page=4">"Global Winners: Tacking into The Wind"</a>. gfmag.com. 6 April 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180129004540/https://www.gfmag.com/magazine/april-2017/2017-worlds-best-investment-banks-global-winners?page=4">Archived</a> from the original on 29 January 2018. Retrieved 28 January 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Winners%3A+Tacking+into+The+Wind&rft.pub=gfmag.com&rft.date=2017-04-06&rft_id=https%3A%2F%2Fwww.gfmag.com%2Fmagazine%2Fapril-2017%2F2017-worlds-best-investment-banks-global-winners%3Fpage%3D4&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-297"><a href="#cite_ref-297">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://universumglobal.com/wmae-2019">"WMAE 2019"</a>. Universum. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200406092539/https://universumglobal.com/wmae-2019/">Archived</a> from the original on 6 April 2020. Retrieved 30 November 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Universum&rft.atitle=WMAE+2019&rft_id=https%3A%2F%2Funiversumglobal.com%2Fwmae-2019&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> <li id="cite_note-298"><a href="#cite_ref-298">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVogel2012" class="citation news cs1">Vogel, Carol (11 April 2012). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/04/12/arts/design/guggenheim-and-ubs-project-plan-cross-cultural-program.html">"Guggenheim and UBS Project Plan Cross-Cultural Program"</a>. The New York Times. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190204065846/https://www.nytimes.com/2012/04/12/arts/design/guggenheim-and-ubs-project-plan-cross-cultural-program.html">Archived</a> from the original on 4 February 2019. Retrieved 3 February 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Guggenheim+and+UBS+Project+Plan+Cross-Cultural+Program&rft.date=2012-04-11&rft.issn=0362-4331&rft.aulast=Vogel&rft.aufirst=Carol&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2012%2F04%2F12%2Farts%2Fdesign%2Fguggenheim-and-ubs-project-plan-cross-cultural-program.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUBS" class="Z3988"> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2>[<a href="/w/index.php?title=UBS&action=edit&section=39" title="Edit section: Further reading">edit</a>]</div> <ul><li>Schutz, Dirk. The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland, 1st ed. Pyramid Media Group, 2000. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-57441-308-3" title="Special:BookSources/978-1-57441-308-3">978-1-57441-308-3</a>.</li> <li>Fox, Guy. How the World Really Works: Investment Banking, Guy Fox Publishing, 2009. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-90471-111-7" title="Special:BookSources/978-1-90471-111-7">978-1-90471-111-7</a>.</li> <li>Suter, Martin. Montecristo. Roman. Diogenes-Verlag, Zürich 2015. 320 S. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-257-06920-4" title="Special:BookSources/978-3-257-06920-4">978-3-257-06920-4</a>.</li> <li>Blum, Georges. Société de Banque Suisse – Union de Banques Suisses. La vérité et le pourquoi de cette fusion. Favre, Lausanne 2015. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-2-8289-1548-3" title="Special:BookSources/978-2-8289-1548-3">978-2-8289-1548-3</a> (French)</li> <li>Temkin, Ann. Contemporary Voices: Works from the UBS Art Collection, Museum of Modern Art; First Paperback edition, 2005. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-870-70087-3" title="Special:BookSources/978-0-870-70087-3">978-0-870-70087-3</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=UBS&action=edit&section=40" title="Edit section: External links">edit</a>]</div> <ul><li><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a> Media related to <a href="https://commons.wikimedia.org/wiki/Category:UBS" class="extiw" title="commons:Category:UBS">UBS</a> at Wikimedia Commons</li> <li><a rel="nofollow" class="external text" href="http://www.ubs.com">Official website</a></li> <li class="mw-empty-elt"></li> <li>Business data for UBS: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><div class="hlist inline"><ul><li><a rel="nofollow" class="external text" href="https://www.bloomberg.com/quote/UBS:US">Bloomberg</a></li><li><a rel="nofollow" class="external text" href="https://www.google.com/finance/quote/NYSE:UBS">Google</a></li><li><a rel="nofollow" class="external text" href="https://www.reuters.com/markets/companies/UBS">Reuters</a></li><li><a rel="nofollow" class="external text" href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=UBS">SEC filings</a></li><li><a rel="nofollow" class="external text" href="https://finance.yahoo.com/quote/UBS">Yahoo!</a></li></ul></div></li> <li><a rel="nofollow" class="external text" href="http://purl.org/pressemappe20/folder/co/022728">Documents and clippings about UBS</a> in the <a href="/wiki/20th_Century_Press_Archives" title="20th Century Press Archives">20th Century Press Archives</a> of the <a href="/wiki/German_National_Library_of_Economics" title="German National Library of Economics">ZBW</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output 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style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output 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AG</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Historical predecessors</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a></li> <li><a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a></li> <li><a href="/wiki/Interhandel" title="Interhandel">Interhandel</a></li> <li><a href="/wiki/Phillips_%26_Drew" title="Phillips & Drew">Phillips & Drew</a></li> <li><a href="/wiki/Schr%C3%B6der,_M%C3%BCnchmeyer,_Hengst_%26_Co." title="Schröder, Münchmeyer, Hengst & Co.">SMH</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Basler_%26_Z%C3%BCrcher_Bankverein" class="mw-redirect" title="Basler & Zürcher Bankverein">Basler & Zürcher Bankverein</a></li> <li><a href="/wiki/Basler_Handelsbank" class="mw-redirect" title="Basler Handelsbank">Basler Handelsbank</a></li> <li><a href="/wiki/Warburg_Dillon_Read" class="mw-redirect" title="Warburg Dillon Read">Warburg Dillon Read</a></li> <li><a href="/wiki/SG_Warburg_%26_Co" class="mw-redirect" title="SG Warburg & Co">SG Warburg & Co</a></li> <li><a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon, Read & Co.</a></li> <li><a href="/wiki/Brinson_Partners" title="Brinson Partners">Brinson Partners</a></li> <li><a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor & Associates</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Paine_%26_Webber" class="mw-redirect" title="Paine & Webber">Paine & Webber</a></li> <li><a href="/wiki/Jackson_%26_Curtis" title="Jackson & Curtis">Jackson & Curtis</a></li> <li><a href="/wiki/Blyth,_Eastman_Dillon_%26_Co." title="Blyth, Eastman Dillon & Co.">Blyth, Eastman Dillon & Co.</a></li> <li><a href="/wiki/Kidder,_Peabody_%26_Company" title="Kidder, Peabody & Company">Kidder, Peabody & Company</a></li> <li><a href="/wiki/Mitchell_Hutchins" title="Mitchell Hutchins">Mitchell Hutchins</a></li> <li><a href="/wiki/Union_Securities" title="Union Securities">Union Securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other companies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/McDonald_%26_Co." title="McDonald & Co.">McDonald & Co.</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current executives and directors</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Colm_Kelleher" title="Colm Kelleher">Colm Kelleher</a> (Chairman)</li> <li><a href="/wiki/Sergio_Ermotti" title="Sergio Ermotti">Sergio Ermotti</a> (CEO)</li> <li><a href="/wiki/Markus_U._Diethelm" title="Markus U. Diethelm">Markus U. Diethelm</a></li> <li><a href="/wiki/John_A._Fraser_(businessman)" title="John A. Fraser (businessman)">John A. Fraser</a></li> <li><a href="/wiki/Naureen_Hassan" title="Naureen Hassan">Naureen Hassan</a></li> <li><a href="/wiki/Ulrich_K%C3%B6rner" title="Ulrich Körner">Ulrich Körner</a></li> <li><a href="/wiki/Tom_Naratil" title="Tom Naratil">Tom Naratil</a></li> <li><a href="/wiki/Alex_Wilmot-Sitwell" title="Alex Wilmot-Sitwell">Alex Wilmot-Sitwell</a></li> <li><a href="/w/index.php?title=Robert_McCann_(business)&action=edit&redlink=1" class="new" title="Robert McCann (business) (page does not exist)">Robert McCann</a></li> <li><a href="/wiki/Chi-Won_Yoon" title="Chi-Won Yoon">Chi-Won Yoon</a></li> <li><a href="/wiki/William_G._Parrett" title="William G. Parrett">William G. Parrett</a></li> <li><a href="/wiki/Phil_Gramm" title="Phil Gramm">Phil Gramm</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Former executives and directors</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Gary_P._Brinson" title="Gary P. Brinson">Gary P. Brinson</a></li> <li><a href="/wiki/John_P._Costas_(business)" title="John P. Costas (business)">John Costas</a></li> <li><a href="/wiki/John_Cryan" title="John Cryan">John Cryan</a></li> <li><a href="/wiki/Blair_Effron" title="Blair Effron">Blair Effron</a></li> <li><a href="/wiki/Oswald_Gr%C3%BCbel" title="Oswald Grübel">Oswald Grübel</a></li> <li><a href="/wiki/Ralph_Hamers" title="Ralph Hamers">Ralph Hamers</a></li> <li><a href="/wiki/Marten_Hoekstra" title="Marten Hoekstra">Marten Hoekstra</a></li> <li><a href="/wiki/Jerker_Johansson" title="Jerker Johansson">Jerker Johansson</a></li> <li><a href="/wiki/Peter_Kurer" title="Peter Kurer">Peter Kurer</a></li> <li><a href="/wiki/Ken_Moelis" title="Ken Moelis">Ken Moelis</a></li> <li><a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a></li> <li><a href="/wiki/Marcel_Rohner_(banker)" title="Marcel Rohner (banker)">Marcel Rohner</a></li> <li><a href="/wiki/Olivier_Sarkozy" title="Olivier Sarkozy">Olivier Sarkozy</a></li> <li><a href="/wiki/Kaspar_Villiger" title="Kaspar Villiger">Kaspar Villiger</a></li> <li><a href="/wiki/Axel_A._Weber" title="Axel A. Weber">Axel A. Weber</a></li> <li><a href="/wiki/Robert_Wolf_(business)" title="Robert Wolf (business)">Robert Wolf</a></li> <li><a href="/wiki/J%C3%BCrg_Zeltner" title="Jürg Zeltner">Jürg Zeltner</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Largest shareholders</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/MFS_Investment_Management" title="MFS Investment Management">MFS Investment Management</a></li> <li><a href="/wiki/Norges_Bank" title="Norges Bank">Norges Bank</a></li> <li><a href="/wiki/Wellington_Management_Company" title="Wellington Management Company">Wellington Management Company</a></li> <li><a href="/wiki/Wealthfront" title="Wealthfront">Wealthfront</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" 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style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banks_of_Switzerland" title="Template:Banks of Switzerland"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banks_of_Switzerland" title="Template talk:Banks of Switzerland"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banks_of_Switzerland" title="Special:EditPage/Template:Banks of Switzerland"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Banks_of_Switzerland_23x16px&#124;border_&#124;alt=Switzerland&#124;link=Switzerland" style="font-size:114%;margin:0 4em"><a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">Banks of Switzerland</a> <a href="/wiki/Switzerland" title="Switzerland"><img alt="Switzerland" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Central_bank" title="Central bank">Central</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Retail_banking" title="Retail banking">Retail</a> & <a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_Bank_Switzerland" title="Alternative Bank Switzerland">Alternative Bank Switzerland</a></li> <li><a href="/wiki/Bank_Cler" title="Bank Cler">Bank Cler</a></li> <li><a href="/wiki/PostFinance" title="PostFinance">PostFinance</a></li> <li><a href="/wiki/Migros_Bank" title="Migros Bank">Migros Bank</a></li> <li><a href="/wiki/Raiffeisen_(Switzerland)" title="Raiffeisen (Switzerland)">Raiffeisen</a></li> <li><a href="/wiki/Swissquote" title="Swissquote">Swissquote</a></li> <li><a class="mw-selflink selflink">UBS</a> <ul><li><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Cantonal_bank" title="Cantonal bank">Cantonal</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aargauische_Kantonalbank" title="Aargauische Kantonalbank">Aargauische Kantonalbank</a> (AKB)</li> <li><a href="/wiki/Appenzeller_Kantonalbank" title="Appenzeller Kantonalbank">Appenzeller Kantonalbank</a> (APPKB)</li> <li><a href="/wiki/Banca_dello_Stato_del_Cantone_Ticino" title="Banca dello Stato del Cantone Ticino">Banca dello Stato del Cantone Ticino</a> (BancaStato)</li> <li><a href="/wiki/Berner_Kantonalbank" title="Berner Kantonalbank">Berner Kantonalbank</a> (BEKB/BCBE)</li> <li><a href="/wiki/Banque_cantonale_de_Fribourg" title="Banque cantonale de Fribourg">Banque cantonale de Fribourg</a> (BCF/FKB)</li> <li><a href="/wiki/Banque_cantonale_de_Gen%C3%A8ve" title="Banque cantonale de Genève">Banque cantonale de Genève</a> (BCGE)</li> <li><a href="/wiki/Banque_cantonale_du_Jura" title="Banque cantonale du Jura">Banque cantonale du Jura</a> (BCJU)</li> <li><a href="/wiki/Banque_cantonale_du_Valais" title="Banque cantonale du Valais">Banque cantonale du Valais</a> (BCVS/BWKB)</li> <li><a href="/wiki/Banque_cantonale_neuch%C3%A2teloise" title="Banque cantonale neuchâteloise">Banque cantonale neuchâteloise</a> (BCN)</li> <li><a href="/wiki/Banque_cantonale_vaudoise" title="Banque cantonale vaudoise">Banque cantonale vaudoise</a> (BCV)</li> <li><a href="/wiki/Basellandschaftliche_Kantonalbank" title="Basellandschaftliche Kantonalbank">Basellandschaftliche Kantonalbank</a> (BLKB)</li> <li><a href="/wiki/Basler_Kantonalbank" title="Basler Kantonalbank">Basler Kantonalbank</a> (BKB)</li> <li><a href="/wiki/Glarner_Kantonalbank" title="Glarner Kantonalbank">Glarner Kantonalbank</a> (GLKB)</li> <li><a href="/wiki/Graub%C3%BCndner_Kantonalbank" title="Graubündner Kantonalbank">Graubündner Kantonalbank</a> (GKB)</li> <li><a href="/wiki/Luzerner_Kantonalbank" title="Luzerner Kantonalbank">Luzerner Kantonalbank</a> (LUKB)</li> <li>Nidwaldner Kantonabank (NWKB)</li> <li>Obwaldner Kantonalbank (OWKB)</li> <li>St.Galler Kantonalbank (SGKB)</li> <li><a href="/wiki/Schaffhauser_Kantonalbank" title="Schaffhauser Kantonalbank">Schaffhauser Kantonalbank</a> (SHKB)</li> <li><a href="/wiki/Schwyzer_Kantonalbank" title="Schwyzer Kantonalbank">Schwyzer Kantonalbank</a> (SZKB)</li> <li><a href="/wiki/Thurgauer_Kantonalbank" title="Thurgauer Kantonalbank">Thurgauer Kantonalbank</a> (TKB)</li> <li><a href="/wiki/Urner_Kantonalbank" title="Urner Kantonalbank">Urner Kantonalbank</a> (URKB)</li> <li><a href="/wiki/Zuger_Kantonalbank" title="Zuger Kantonalbank">Zuger Kantonalbank</a> (ZugerKB)</li> <li><a href="/wiki/Zurich_Cantonal_Bank" title="Zurich Cantonal Bank">Zurich Cantonal Bank</a> (ZKB)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Private_bank" title="Private bank">Private</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_Lombard_Odier_%26_Co" title="Bank Lombard Odier & Co">Bank Lombard Odier & Co</a></li> <li><a href="/wiki/Banque_Bonh%C3%B4te" title="Banque Bonhôte">Banque Bonhôte</a></li> <li><a href="/wiki/Edmond_de_Rothschild_Group" title="Edmond de Rothschild Group">Banque privée Edmond de Rothschild</a></li> <li><a href="/wiki/CIM_Bank" title="CIM Bank">CIM Bank</a></li> <li><a href="/wiki/EFG_International" title="EFG International">EFG International</a></li> <li><a href="/wiki/Hinduja_Bank_(Switzerland)" title="Hinduja Bank (Switzerland)">Hinduja Bank</a></li> <li><a href="/wiki/J._Safra_Sarasin" title="J. Safra Sarasin">J. Safra Sarasin</a></li> <li><a href="/wiki/Julius_Baer_Group" title="Julius Baer Group">Julius Baer Group</a></li> <li><a href="/wiki/Mirabaud_Group" title="Mirabaud Group">Mirabaud Group</a></li> <li><a href="/wiki/Pictet_Group" title="Pictet Group">The Pictet Group</a></li> <li><a href="/wiki/REYL_%26_Cie" title="REYL & Cie">REYL & Cie</a></li> <li><a href="/wiki/Union_Bancaire_Priv%C3%A9e" title="Union Bancaire Privée">Union Bancaire Privée</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Defunct</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BSI_Ltd" title="BSI Ltd">BSI Ltd</a></li> <li><a href="/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a></li> <li><a href="/wiki/Toggenburger_Bank" title="Toggenburger Bank">Toggenburger Bank</a></li></ul> </div></td></tr></tbody></table></div> <div 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style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barclays" title="Barclays">Barclays</a></li> <li><a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a></li> <li><a href="/wiki/Citigroup" title="Citigroup">Citigroup</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a></li> <li><a class="mw-selflink selflink">UBS</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Americas" title="Americas">Americas</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banco_Bradesco" title="Banco Bradesco">Bradesco BBI</a></li> <li><a href="/wiki/BMO_Capital_Markets" title="BMO Capital Markets">BMO Capital Markets</a></li> <li><a href="/wiki/CIBC_World_Markets" class="mw-redirect" title="CIBC World Markets">CIBC World Markets</a></li> <li><a href="/wiki/Ita%C3%BA_Unibanco" title="Itaú Unibanco">Itaú BBA</a></li> <li><a href="/wiki/National_Bank_of_Canada" title="National Bank of Canada">National Bank Financial Markets</a></li> <li><a href="/wiki/RBC_Capital_Markets" title="RBC Capital Markets">RBC Capital Markets</a></li> <li><a href="/wiki/Scotiabank" title="Scotiabank">Scotiabank GBM</a></li> <li><a href="/wiki/TD_Securities" title="TD Securities">TD Securities</a> <ul><li><a href="/wiki/TD_Cowen" title="TD Cowen">TD Cowen</a></li></ul></li> <li><a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo Securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Europe,_the_Middle_East_and_Africa" title="Europe, the Middle East and Africa">EMEA</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banca_Akros" title="Banca Akros">Banca Akros</a></li> <li><a href="/wiki/Banca_IMI" title="Banca IMI">Banca IMI</a></li> <li><a href="/wiki/BNP_Paribas_CIB" title="BNP Paribas CIB">BNP Paribas CIB</a></li> <li><a href="/wiki/Cr%C3%A9dit_Agricole_Corporate_and_Investment_Bank" title="Crédit Agricole Corporate and Investment Bank">Crédit Agricole CIB</a></li> <li><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></li> <li><a href="/wiki/Danske_Bank" title="Danske Bank">Danske Bank LC&I</a></li> <li><a href="/wiki/First_Abu_Dhabi_Bank" title="First Abu Dhabi Bank">First Abu Dhabi Bank CIB</a></li> <li><a href="/wiki/Handelsbanken" title="Handelsbanken">Handelsbanken Capital Markets</a></li> <li><a href="/wiki/HSBC" title="HSBC">HSBC GBM</a></li> <li><a href="/wiki/ING_Group" title="ING Group">ING WB</a></li> <li><a href="/wiki/%C4%B0%C5%9F_Yat%C4%B1r%C4%B1m" title="İş Yatırım">İş Yatırım</a></li> <li><a href="/wiki/Lloyds_Bank_Corporate_Markets" title="Lloyds Bank Corporate Markets">Lloyds Bank Corporate Markets</a></li> <li><a href="/wiki/Natixis" class="mw-redirect" title="Natixis">Natixis</a></li> <li><a href="/wiki/NatWest_Markets" title="NatWest Markets">NatWest Markets</a></li> <li><a href="/wiki/Nordea" title="Nordea">Nordea CI&IB</a></li> <li><a href="/wiki/Banco_Santander" title="Banco Santander">Santander CIB</a></li> <li><a href="/wiki/Sberbank_CIB" title="Sberbank CIB">Sberbank CIB</a></li> <li><a href="/wiki/SEB_Group" title="SEB Group">SEB LC&FI</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale CIB</a></li> <li><a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered CCIB</a></li> <li><a href="/wiki/UniCredit" title="UniCredit">UniCredit CIB</a></li> <li><a href="/wiki/VTB_Capital" title="VTB Capital">VTB Capital</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;"><a href="/wiki/Asia%E2%80%93Pacific" title="Asia–Pacific">APAC</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BOC_International" title="BOC International">BOC International</a></li> <li><a href="/wiki/CITIC_Securities" title="CITIC Securities">CITIC Securities</a> <ul><li><a href="/wiki/CLSA" title="CLSA">CLSA</a></li> <li><a href="/wiki/CSC_Financial" title="CSC Financial">CSC Financial</a></li></ul></li> <li><a href="/wiki/Mitsubishi_UFJ_Securities" title="Mitsubishi UFJ Securities">Mitsubishi UFJ Securities</a></li> <li><a href="/wiki/Mizuho_Securities" title="Mizuho Securities">Mizuho Securities</a></li> <li><a href="/wiki/NH_Investment_%26_Securities" title="NH Investment & Securities">NH Investment & Securities</a></li> <li><a href="/wiki/SBI_Capital_Markets" title="SBI Capital Markets">SBI Capital Markets</a></li> <li><a href="/wiki/SMBC_Nikko_Securities" title="SMBC Nikko Securities">SMBC Nikko Securities</a></li> <li><a href="/wiki/UOB-Kay_Hian" title="UOB-Kay Hian">UOB-Kay Hian</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;">Independents</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">Bulge bracket</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a></li> <li><a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">Americas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Allen_%26_Company" title="Allen & Company">Allen & Company</a></li> <li><a href="/wiki/B.C._Ziegler" title="B.C. Ziegler">B.C. Ziegler</a></li> <li><a href="/wiki/B._Riley_Financial" title="B. Riley Financial">B. Riley Financial</a> <ul><li><a href="/wiki/FBR_Capital_Markets" title="FBR Capital Markets">FBR Capital Markets</a></li></ul></li> <li><a href="/wiki/Baird_(investment_bank)" title="Baird (investment bank)">Baird</a></li> <li><a href="/wiki/BDT_%26_MSD_Partners" title="BDT & MSD Partners">BDT & MSD Partners</a></li> <li><a href="/wiki/Brown_Brothers_Harriman" class="mw-redirect" title="Brown Brothers Harriman">Brown Brothers Harriman</a></li> <li><a href="/wiki/Brown_Gibbons_Lang_%26_Company" title="Brown Gibbons Lang & Company">Brown Gibbons Lang & Company</a></li> <li><a href="/wiki/BTG_Pactual" title="BTG Pactual">BTG Pactual</a></li> <li><a href="/wiki/Canaccord_Genuity" title="Canaccord Genuity">Canaccord Genuity</a></li> <li><a href="/wiki/Cantor_Fitzgerald" title="Cantor Fitzgerald">Cantor Fitzgerald</a></li> <li><a href="/wiki/Centerview_Partners" title="Centerview Partners">Centerview Partners</a></li> <li><a href="/wiki/Drexel_Hamilton" title="Drexel Hamilton">Drexel Hamilton</a></li> <li><a href="/wiki/Ducera_Partners" title="Ducera Partners">Ducera Partners</a></li> <li><a href="/wiki/Evercore" title="Evercore">Evercore</a></li> <li><a href="/wiki/Financial_Technology_Partners" title="Financial Technology Partners">Financial Technology Partners</a></li> <li><a href="/wiki/Greenhill_%26_Co." title="Greenhill & Co.">Greenhill & Co.</a></li> <li><a href="/wiki/Guggenheim_Partners" title="Guggenheim Partners">Guggenheim Partners</a></li> <li><a href="/wiki/Harris_Williams_%26_Co." title="Harris Williams & Co.">Harris Williams & Co.</a></li> <li><a href="/wiki/Houlihan_Lokey" title="Houlihan Lokey">Houlihan Lokey</a></li> <li><a href="/wiki/Jefferies_Group" title="Jefferies Group">Jefferies</a></li> <li><a href="/wiki/Lazard" title="Lazard">Lazard</a></li> <li><a href="/wiki/Leerink_Partners" title="Leerink Partners">Leerink Partners</a></li> <li><a href="/wiki/Lincoln_International" title="Lincoln International">Lincoln International</a></li> <li><a href="/wiki/LionTree" title="LionTree">LionTree</a></li> <li><a href="/wiki/Marathon_Capital" title="Marathon Capital">Marathon Capital</a></li> <li><a href="/wiki/Moelis_%26_Company" title="Moelis & Company">Moelis & Company</a></li> <li><a href="/wiki/Needham_%26_Company" title="Needham & Company">Needham & Company</a></li> <li><a href="/wiki/Oppenheimer_Holdings" title="Oppenheimer Holdings">Oppenheimer</a></li> <li><a href="/wiki/Perella_Weinberg_Partners" title="Perella Weinberg Partners">Perella Weinberg Partners</a></li> <li><a href="/wiki/Piper_Sandler" class="mw-redirect" title="Piper Sandler">Piper Sandler</a></li> <li><a href="/wiki/PJT_Partners" title="PJT Partners">PJT Partners</a></li> <li><a href="/wiki/Qatalyst_Partners" title="Qatalyst Partners">Qatalyst Partners</a></li> <li><a href="/wiki/The_Raine_Group" title="The Raine Group">The Raine Group</a></li> <li><a href="/wiki/Raymond_James_Financial" title="Raymond James Financial">Raymond James Financial</a></li> <li><a href="/wiki/Roth_Capital_Partners" title="Roth Capital Partners">Roth Capital Partners</a></li> <li><a href="/wiki/Seabury_Capital" title="Seabury Capital">Seabury Capital</a></li> <li><a href="/wiki/Solomon_Partners" title="Solomon Partners">Solomon Partners</a></li> <li><a href="/wiki/Stephens_Inc." title="Stephens Inc.">Stephens Inc.</a></li> <li><a href="/wiki/Stifel" title="Stifel">Stifel</a> <ul><li><a href="/wiki/Keefe,_Bruyette_%26_Woods" title="Keefe, Bruyette & Woods">Keefe, Bruyette & Woods</a></li> <li><a href="/wiki/Miller_Buckfire_%26_Co." title="Miller Buckfire & Co.">Miller Buckfire & Co.</a></li></ul></li> <li><a href="/wiki/Stone_Key_Partners" title="Stone Key Partners">Stone Key Partners</a></li> <li><a href="/wiki/Wedbush_Securities" title="Wedbush Securities">Wedbush Securities</a></li> <li><a href="/wiki/William_Blair_%26_Company" title="William Blair & Company">William Blair & Company</a></li> <li><a href="/wiki/WR_Hambrecht_%2B_Co" title="WR Hambrecht + Co">WR Hambrecht + Co</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">EMEA</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbuthnot_Latham" title="Arbuthnot Latham">Arbuthnot Latham</a></li> <li><a href="/wiki/African_Alliance_Investment_Bank" title="African Alliance Investment Bank">AAIB</a></li> <li><a href="/wiki/ABG_Sundal_Collier" title="ABG Sundal Collier">ABG Sundal Collier</a></li> <li><a href="/wiki/Berenberg_Bank" title="Berenberg Bank">Berenberg Bank</a></li> <li><a href="/wiki/Bpifrance" title="Bpifrance">Bpifrance</a></li> <li><a href="/wiki/Carnegie_Investment_Bank" title="Carnegie Investment Bank">Carnegie</a></li> <li><a href="/wiki/EFG_Hermes" class="mw-redirect" title="EFG Hermes">EFG Hermes</a></li> <li><a href="/wiki/Investec" title="Investec">Investec</a></li> <li><a href="/wiki/Van_Lanschot_Kempen" title="Van Lanschot Kempen">Kempen</a></li> <li><a href="/wiki/Mediobanca" title="Mediobanca">Mediobanca</a></li> <li><a href="/wiki/Numis" title="Numis">Numis</a></li> <li><a href="/wiki/Renaissance_Capital_(Russian_company)" class="mw-redirect" title="Renaissance Capital (Russian company)">Renaissance Capital</a></li> <li><a href="/wiki/Robey_Warshaw" title="Robey Warshaw">Robey Warshaw</a></li> <li><a href="/wiki/Rothschild_%26_Co" title="Rothschild & Co">Rothschild & Co</a></li> <li><a href="/wiki/Zaoui_%26_Co." title="Zaoui & Co.">Zaoui & Co.</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align: left;background-color: #eee;">APAC</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barrenjoey_Capital_Partners" title="Barrenjoey Capital Partners">Barrenjoey Capital Partners</a></li> <li><a href="/wiki/China_Galaxy_Securities" title="China Galaxy Securities">China Galaxy Securities</a></li> <li><a href="/wiki/China_International_Capital_Corporation" title="China International Capital Corporation">China International Capital Corporation</a></li> <li><a href="/wiki/China_Renaissance" title="China Renaissance">China Renaissance</a></li> <li><a href="/wiki/Daiwa_Securities_Group" title="Daiwa Securities Group">Daiwa Securities Group</a></li> <li><a href="/wiki/Everbright_Securities" title="Everbright Securities">Everbright Securities</a></li> <li><a href="/wiki/GF_Securities" title="GF Securities">GF Securities</a></li> <li><a href="/wiki/Guosen_Securities" title="Guosen Securities">Guosen Securities</a></li> <li><a href="/wiki/Guotai_Junan_Securities" title="Guotai Junan Securities">Guotai Junan Securities</a></li> <li><a href="/wiki/Haitong_Securities" title="Haitong Securities">Haitong Securities</a></li> <li><a href="/wiki/Huatai_Securities" title="Huatai Securities">Huatai Securities</a></li> <li><a href="/wiki/JM_Financial" title="JM Financial">JM Financial</a></li> <li><a href="/wiki/Macquarie_Group" title="Macquarie Group">Macquarie Group</a></li> <li><a href="/wiki/Mirae_Asset_Securities" title="Mirae Asset Securities">Mirae Asset Securities</a></li> <li><a href="/wiki/Nomura_Securities" title="Nomura Securities">Nomura Securities</a></li> <li><a href="/wiki/Orient_Securities" title="Orient Securities">Orient Securities</a></li> <li><a href="/wiki/Samsung_Securities" title="Samsung Securities">Samsung Securities</a></li> <li><a href="/wiki/Shenwan_Hongyuan" title="Shenwan Hongyuan">Shenwan Hongyuan</a></li> <li><a href="/wiki/Somerley_Capital" title="Somerley Capital">Somerley Capital</a></li> <li><a href="/wiki/Zhongtai_Securities" title="Zhongtai Securities">Zhongtai Securities</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Investment_banks" title="Category:Investment banks">Category</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" 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href="/wiki/BNP_Paribas" title="BNP Paribas">BNP Paribas</a></li> <li><a href="/wiki/BNY" class="mw-redirect" title="BNY">BNY</a></li> <li><a href="/wiki/Brown_Brothers_Harriman" class="mw-redirect" title="Brown Brothers Harriman">Brown Brothers Harriman</a></li> <li><a href="/wiki/Citi" class="mw-redirect" title="Citi">Citi</a></li> <li><a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a></li> <li><a href="/wiki/HSBC" title="HSBC">HSBC</a></li> <li><a href="/wiki/J.P._Morgan" class="mw-redirect" title="J.P. Morgan">J.P. Morgan</a></li> <li><a href="/wiki/Mizuho_Bank" title="Mizuho Bank">Mizuho Bank</a></li> <li><a href="/wiki/MUFG" class="mw-redirect" title="MUFG">MUFG</a></li> <li><a href="/wiki/Northern_Trust" title="Northern Trust">Northern Trust</a></li> <li><a href="/wiki/Royal_Bank_of_Canada" title="Royal Bank of Canada">Royal Bank of Canada</a></li> <li><a href="/wiki/Sumitomo_Mitsui_Banking_Corporation" title="Sumitomo Mitsui Banking Corporation">SMBC</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale</a></li> <li><a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered</a></li> <li><a href="/wiki/State_Street_Bank" class="mw-redirect" title="State Street Bank">State Street</a></li> <li><a class="mw-selflink selflink">UBS</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" 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//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></a> <a href="/wiki/Swiss_Market_Index" title="Swiss Market Index">Swiss Market Index</a> companies of Switzerland</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/ABB" title="ABB">ABB</a></li> <li><a href="/wiki/Alcon" title="Alcon">Alcon</a></li> <li><a href="/wiki/Geberit" title="Geberit">Geberit</a></li> <li><a href="/wiki/Givaudan" title="Givaudan">Givaudan</a></li> <li><a href="/wiki/Holcim_Group" title="Holcim Group">Holcim</a></li> <li><a href="/wiki/K%C3%BChne_%2B_Nagel" class="mw-redirect" title="Kühne + Nagel">Kühne + Nagel</a></li> <li><a href="/wiki/Logitech" title="Logitech">Logitech</a></li> <li><a href="/wiki/Lonza_Group" title="Lonza Group">Lonza</a></li> <li><a href="/wiki/Nestl%C3%A9" title="Nestlé">Nestlé</a></li> <li><a href="/wiki/Novartis" title="Novartis">Novartis</a></li> <li><a href="/wiki/Partners_Group" title="Partners Group">Partners Group</a></li> <li><a href="/wiki/Richemont" title="Richemont">Richemont</a></li> <li><a href="/wiki/Roche" title="Roche">Roche</a></li> <li><a href="/wiki/Sika_AG" title="Sika AG">Sika</a></li> <li><a href="/wiki/Sonova" title="Sonova">Sonova</a></li> <li><a href="/wiki/Swiss_Life" title="Swiss Life">Swiss Life</a></li> <li><a href="/wiki/Swiss_Re" title="Swiss Re">Swiss Re</a></li> <li><a href="/wiki/Swisscom" title="Swisscom">Swisscom</a></li> <li><a class="mw-selflink selflink">UBS</a></li> <li><a href="/wiki/Zurich_Insurance_Group" title="Zurich Insurance Group">Zurich Insurance Group</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" 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href="/wiki/Swiss_Leader_Index" title="Swiss Leader Index">Swiss Leader Index</a> companies of Switzerland</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/ABB" title="ABB">ABB</a></li> <li><a href="/wiki/The_Adecco_Group" class="mw-redirect" title="The Adecco Group">Adecco</a></li> <li><a href="/wiki/Ams_AG" class="mw-redirect" title="Ams AG">ams</a></li> <li><a href="/wiki/Alcon" title="Alcon">Alcon</a></li> <li><a href="/wiki/Geberit" title="Geberit">Geberit</a></li> <li><a href="/wiki/Givaudan" title="Givaudan">Givaudan</a></li> <li><a href="/wiki/Holcim_Group" title="Holcim Group">Holcim</a></li> <li><a href="/wiki/Julius_Baer_Group" title="Julius Baer Group">Julius Bär</a></li> <li><a href="/wiki/Kuehne_%2B_Nagel" title="Kuehne + Nagel">Kuehne + Nagel</a></li> <li><a href="/wiki/Lindt" title="Lindt">Lindt</a> (PS)</li> <li><a href="/wiki/Logitech" title="Logitech">Logitech</a></li> <li><a href="/wiki/Lonza_Group" title="Lonza Group">Lonza</a></li> <li><a href="/wiki/Nestl%C3%A9" title="Nestlé">Nestlé</a></li> <li><a href="/wiki/Novartis" title="Novartis">Novartis</a></li> <li><a href="/wiki/Partners_Group" title="Partners Group">Partners Group</a></li> <li><a href="/wiki/Richemont" title="Richemont">Richemont</a></li> <li><a href="/wiki/Roche" title="Roche">Roche</a></li> <li><a href="/wiki/Schindler_Group" title="Schindler Group">Schindler</a></li> <li><a href="/wiki/SGS_S.A." title="SGS S.A.">SGS</a></li> <li><a href="/wiki/Sika_AG" title="Sika AG">Sika</a></li> <li><a href="/wiki/Sonova" title="Sonova">Sonova</a></li> <li><a href="/wiki/Straumann" title="Straumann">Straumann</a></li> <li><a href="/wiki/The_Swatch_Group" title="The Swatch Group">Swatch Group</a></li> <li><a href="/wiki/Swiss_Life" title="Swiss Life">Swiss Life</a></li> <li><a href="/wiki/Swiss_Re" title="Swiss Re">Swiss Re</a></li> <li><a href="/wiki/Swisscom" title="Swisscom">Swisscom</a></li> <li><a href="/wiki/Temenos_AG" title="Temenos AG">Temenos</a></li> <li><a class="mw-selflink selflink">UBS</a></li> <li><a href="/wiki/VAT_Group" title="VAT Group">VAT Group</a></li> <li><a href="/wiki/Zurich_Insurance_Group" title="Zurich Insurance Group">Zurich Insurance Group</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="23x15px&#124;border_&#124;alt=Europe&#124;link=Europe_Members_of_the_Euro_Banking_Association" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" 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src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/23px-Flag_of_Europe.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/35px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/45px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /></a> Members of the <a href="/wiki/Euro_Banking_Association" title="Euro Banking Association">Euro Banking Association</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Austria</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_f%C3%BCr_Tirol_und_Vorarlberg" title="Bank für Tirol und Vorarlberg">Bank für Tirol und Vorarlberg</a></li> <li><a href="/w/index.php?title=BKS_Bank&action=edit&redlink=1" class="new" title="BKS Bank (page does not exist)">BKS Bank</a></li> <li><a href="/wiki/Erste_Group_Bank" class="mw-redirect" title="Erste Group Bank">Erste Group Bank</a></li> <li><a href="/wiki/Oberbank" title="Oberbank">Oberbank</a></li> <li><a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Oesterreichische Nationalbank</a></li> <li><a href="/wiki/Raiffeisen_Bank_International" title="Raiffeisen Bank International">Raiffeisen Bank International</a></li> <li><a href="/wiki/Raiffeisenlandesbank_Ober%C3%B6sterreich" title="Raiffeisenlandesbank Oberösterreich">Raiffeisenlandesbank Oberösterreich</a></li> <li><a href="/wiki/UniCredit_Bank_Austria" class="mw-redirect" title="UniCredit Bank Austria">UniCredit Bank Austria</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Belgium</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Belfius" title="Belfius">Belfius</a></li> <li><a href="/wiki/BNP_Paribas_Fortis" title="BNP Paribas Fortis">BNP Paribas Fortis</a></li> <li><a href="/w/index.php?title=Bpost_bank&action=edit&redlink=1" class="new" title="Bpost bank (page does not exist)">bpost bank</a></li> <li><a href="/wiki/KBC_Bank" class="mw-redirect" title="KBC Bank">KBC Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Cyprus</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_Cyprus" title="Bank of Cyprus">Bank of Cyprus</a></li> <li><a href="/wiki/Hellenic_Bank" title="Hellenic Bank">Hellenic Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Denmark</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Danske_Bank" title="Danske Bank">Danske Bank</a></li> <li><a href="/wiki/Spar_Nord" title="Spar Nord">Spar Nord Bank</a></li> <li><a href="/wiki/Sparekassen_Sj%C3%A6lland" title="Sparekassen Sjælland">Sparekassen Sjælland</a></li> <li><a href="/wiki/Sydbank" title="Sydbank">Sydbank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Finland</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aktia_Bank" title="Aktia Bank">Aktia Bank</a></li> <li><a href="/wiki/Bank_of_%C3%85land" title="Bank of Åland">Bank of Åland</a></li> <li><a href="/wiki/DNB_ASA" title="DNB ASA">DnB Bank</a></li> <li><a href="/wiki/Nordea" title="Nordea">Nordea Bank</a></li> <li><a href="/wiki/Pohjola_Bank" class="mw-redirect" title="Pohjola Bank">Pohjola Bank</a></li> <li><a href="/wiki/S-Bank" title="S-Bank">S-Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">France</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BNP_Paribas" title="BNP Paribas">BNP Paribas</a></li> <li><a href="/wiki/Groupe_BPCE" title="Groupe BPCE">BPCE</a></li> <li><a href="/wiki/BRED_Banque_Populaire" class="mw-redirect" title="BRED Banque Populaire">BRED Banque Populaire</a></li> <li><a href="/wiki/Cr%C3%A9dit_Agricole" title="Crédit Agricole">Crédit Agricole</a></li> <li><a href="/wiki/Cr%C3%A9dit_Mutuel_Ark%C3%A9a" class="mw-redirect" title="Crédit Mutuel Arkéa">Crédit Mutuel Arkéa</a></li> <li><a href="/w/index.php?title=My_Money_Bank&action=edit&redlink=1" class="new" title="My Money Bank (page does not exist)">My Money Bank</a></li> <li><a href="/wiki/La_Banque_postale" title="La Banque postale">La Banque postale</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale" title="Société Générale">Société Générale</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Germany</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_America" title="Bank of America">Bank of America Europe</a> (USA)</li> <li><a href="/wiki/Bank_of_China" title="Bank of China">Bank of China</a> (CHN)</li> <li><a href="/wiki/Berenberg_Bank" title="Berenberg Bank">Berenberg Bank</a></li> <li><a href="/wiki/Commerzbank" title="Commerzbank">Commerzbank</a></li> <li><a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></li> <li><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a></li> <li><a href="/wiki/DZ_Bank" title="DZ Bank">DZ Bank</a></li> <li><a href="/wiki/Landesbank_Baden-W%C3%BCrttemberg" title="Landesbank Baden-Württemberg">Landesbank Baden-Württemberg</a></li> <li><a href="/wiki/Helaba" title="Helaba">Landesbank Hessen-Thüringen</a></li> <li><a href="/wiki/SIX_Group" title="SIX Group">SECB Swiss Euro Clearing Bank</a></li> <li><a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered</a></li> <li><a class="mw-selflink selflink">UBS Europe</a></li> <li><a href="/wiki/Unicredit" class="mw-redirect" title="Unicredit">Unicredit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Greece</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_Bank" title="Alpha Bank">Alpha Bank</a></li> <li><a href="/wiki/Eurobank_Ergasias" title="Eurobank Ergasias">Eurobank Ergasias</a></li> <li><a href="/wiki/National_Bank_of_Greece" title="National Bank of Greece">National Bank of Greece</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Hungary</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/OTP_Bank" title="OTP Bank">OTP Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ireland</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Allied_Irish_Banks" title="Allied Irish Banks">Allied Irish Banks</a></li> <li><a href="/wiki/Bank_of_Ireland" title="Bank of Ireland">Bank of Ireland</a></li> <li><a href="/wiki/Elavon" title="Elavon">Elavon</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Italy</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/w/index.php?title=Banca_del_Fucino&action=edit&redlink=1" class="new" title="Banca del Fucino (page does not exist)">Banca del Fucino</a></li> <li><a href="/wiki/Banca_Monte_dei_Paschi_di_Siena" title="Banca Monte dei Paschi di Siena">Banca Monte dei Paschi di Siena</a></li> <li><a href="/wiki/Banca_Popolare_del_Lazio" title="Banca Popolare del Lazio">Banca Popolare del Lazio</a></li> <li><a href="/wiki/Banca_Popolare_di_Sondrio" title="Banca Popolare di Sondrio">Banca Popolare di Sondrio</a></li> <li><a href="/wiki/Banca_Sella" class="mw-redirect" title="Banca Sella">Banca Sella</a></li> <li><a href="/wiki/Banco_BPM" title="Banco BPM">Banco BPM</a></li> <li><a href="/w/index.php?title=BFF_Bank&action=edit&redlink=1" class="new" title="BFF Bank (page does not exist)">BFF Bank</a></li> <li><a href="/wiki/BPER_Banca" title="BPER Banca">BPER Banca</a></li> <li><a href="/wiki/Cassa_di_Risparmio_di_Fermo" title="Cassa di Risparmio di Fermo">Cassa di Risparmio di Fermo</a></li> <li><a href="/wiki/Credito_Emiliano" title="Credito Emiliano">Credito Emiliano</a></li> <li><a href="/wiki/ICCREA_Banca" title="ICCREA Banca">ICCREA Banca</a></li> <li><a href="/wiki/Intesa_Sanpaolo" title="Intesa Sanpaolo">Intesa Sanpaolo</a></li> <li><a href="/wiki/Raiffeisen_Landesbank_S%C3%BCdtirol_%E2%80%93_Cassa_Centrale_Raiffeisen_dell%27Alto_Adige" title="Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige">Raiffeisen Landesbank Südtirol</a></li> <li><a href="/wiki/UniCredit" title="UniCredit">UniCredit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Luxembourg</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banque_et_Caisse_d%27%C3%89pargne_de_l%27%C3%89tat" title="Banque et Caisse d'Épargne de l'État">Spuerkeess</a></li> <li><a href="/wiki/Banque_Internationale_%C3%A0_Luxembourg" title="Banque Internationale à Luxembourg">Banque Internationale à Luxembourg</a></li> <li><a href="/wiki/Gazprombank" title="Gazprombank">Gazprombank Luxembourg</a> (RUS)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Netherlands</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/ABN_AMRO" title="ABN AMRO">ABN AMRO</a></li> <li><a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a></li> <li><a href="/wiki/ING_Bank" class="mw-redirect" title="ING Bank">ING Bank</a></li> <li><a href="/wiki/Rabobank" title="Rabobank">Rabobank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Portugal</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banco_Angolano_de_Investimentos" title="Banco Angolano de Investimentos">Banco BAI Europa</a> (AGO)</li> <li><a href="/wiki/Banco_Comercial_Portugu%C3%AAs" title="Banco Comercial Português">Banco BCP</a></li> <li><a href="/wiki/Banco_Montepio" title="Banco Montepio">Banco Montepio</a></li> <li><a href="/w/index.php?title=Caixa_Central_de_Cr%C3%A9dito_Agr%C3%ADcola_M%C3%BAtuo&action=edit&redlink=1" class="new" title="Caixa Central de Crédito Agrícola Mútuo (page does not exist)">Crédito Agrícola</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Slovenia</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_Slovenia" title="Bank of Slovenia">Bank of Slovenia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Spain</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abanca" title="Abanca">Abanca</a></li> <li><a href="/wiki/Banco_Bilbao_Vizcaya_Argentaria" title="Banco Bilbao Vizcaya Argentaria">BBVA</a></li> <li><a href="/w/index.php?title=Banco_Cooperativo_Espa%C3%B1ol&action=edit&redlink=1" class="new" title="Banco Cooperativo Español (page does not exist)">Banco Cooperativo Español</a></li> <li><a href="/wiki/Banco_Sabadell" title="Banco Sabadell">Banco Sabadell</a></li> <li><a href="/wiki/Banco_Santander" title="Banco Santander">Banco Santander</a></li> <li><a href="/wiki/Bankinter" title="Bankinter">Bankinter</a></li> <li><a href="/wiki/CaixaBank" title="CaixaBank">CaixaBank</a></li> <li><a href="/wiki/Spanish_Confederation_of_Savings_Banks" title="Spanish Confederation of Savings Banks">Cecabank</a></li> <li><a href="/wiki/Ibercaja_Banco" title="Ibercaja Banco">Ibercaja Banco</a></li> <li><a href="/wiki/Kutxabank" title="Kutxabank">Kutxabank</a></li> <li><a href="/wiki/Unicaja" title="Unicaja">Unicaja Banco</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sweden</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Handelsbanken" title="Handelsbanken">Handelsbanken</a></li> <li><a href="/wiki/SEB_Group" title="SEB Group">SEB</a></li> <li><a href="/wiki/Swedbank" title="Swedbank">Swedbank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United Kingdom</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barclays" title="Barclays">Barclays</a></li> <li><a href="/wiki/Citibank_Europe" title="Citibank Europe">Citibank Europe</a> (USA)</li> <li><a href="/wiki/HSBC_Bank_(Europe)" class="mw-redirect" title="HSBC Bank (Europe)">HSBC Bank</a></li> <li><a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase Bank, London Branch</a> (USA)</li> <li><a href="/wiki/Lloyds_Bank" title="Lloyds Bank">Lloyds Bank</a></li> <li><a href="/wiki/MUFG_Bank" title="MUFG Bank">MUFG Bank</a> (JPN)</li> <li><a href="/wiki/NatWest" title="NatWest">NatWest</a></li> <li><a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo</a> (USA)</li></ul> </div></td></tr></tbody></table></div></div></td></tr></tbody></table></div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;flex:0 1 auto;padding:0.15em 0;column-gap:1em;align-items:baseline;margin:0;list-style:none}.mw-parser-output .portal-bar-content-related{margin:0;list-style:none}.mw-parser-output .portal-bar-item{display:inline-block;margin:0.15em 0.2em;min-height:24px;line-height:24px}@media screen and (max-width:768px){.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;flex-flow:column wrap;align-items:baseline}.mw-parser-output .portal-bar-header{text-align:center;flex:0;padding-left:0.5em;margin:0 auto}.mw-parser-output .portal-bar-related{font-size:100%;align-items:flex-start}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;align-items:center;flex:0;column-gap:1em;border-top:1px solid #a2a9b1;margin:0 auto;list-style:none}.mw-parser-output .portal-bar-content-related{border-top:none;margin:0;list-style:none}}.mw-parser-output .navbox+link+.portal-bar,.mw-parser-output .navbox+style+.portal-bar,.mw-parser-output .navbox+link+.portal-bar-bordered,.mw-parser-output .navbox+style+.portal-bar-bordered,.mw-parser-output .sister-bar+link+.portal-bar,.mw-parser-output .sister-bar+style+.portal-bar,.mw-parser-output .portal-bar+.navbox-styles+.navbox,.mw-parser-output .portal-bar+.navbox-styles+.sister-bar{margin-top:-1px}</style><div class="portal-bar noprint metadata noviewer portal-bar-bordered" role="navigation" aria-label="Portals"><a href="/wiki/Wikipedia:Contents/Portals" title="Wikipedia:Contents/Portals">Portals</a>:<ul class="portal-bar-content"><li class="portal-bar-item"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/19px-Industry5.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/29px-Industry5.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/38px-Industry5.svg.png 2x" data-file-width="512" data-file-height="512" /> <a href="/wiki/Portal:Companies" title="Portal:Companies">Companies</a></li><li class="portal-bar-item"><img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/19px-Flag_of_Switzerland.svg.png" decoding="async" width="19" height="19" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/29px-Flag_of_Switzerland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/38px-Flag_of_Switzerland.svg.png 2x" data-file-width="512" data-file-height="512" /> <a href="/wiki/Portal:Switzerland" title="Portal:Switzerland">Switzerland</a></li></ul></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q193199#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q193199#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <a href="https://www.wikidata.org/wiki/Q193199#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://isni.org/isni/000000012369308X">ISNI</a></li><li><a rel="nofollow" class="external text" href="https://viaf.org/viaf/122312097">VIAF</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/10002382-4">Germany</a></li><li><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/no99065828">United States</a></li><li><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ko2006359032&CON_LNG=ENG">Czech Republic</a><ul><li><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ko2003174425&CON_LNG=ENG">2</a></li></ul></li><li><a rel="nofollow" class="external text" href="https://libris.kb.se/hftwtrd13t3dd6t">Sweden</a></li><li><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007304503005171">Israel</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><a rel="nofollow" class="external text" href="https://hls-dhs-dss.ch/fr/articles/045643">Historical Dictionary of Switzerland</a></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=UBS&oldid=1256679607">https://en.wikipedia.org/w/index.php?title=UBS&oldid=1256679607</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div 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href="/wiki/Category:Multinational_companies_headquartered_in_Switzerland" title="Category:Multinational companies headquartered in Switzerland">Multinational companies headquartered in Switzerland</a></li><li><a href="/wiki/Category:Banks_based_in_Zurich" title="Category:Banks based in Zurich">Banks based in Zurich</a></li><li><a href="/wiki/Category:Swiss_brands" title="Category:Swiss brands">Swiss brands</a></li><li><a href="/wiki/Category:Warburg_family" title="Category:Warburg family">Warburg family</a></li><li><a href="/wiki/Category:Companies_based_in_Zurich" title="Category:Companies based in Zurich">Companies based in Zurich</a></li><li><a href="/wiki/Category:Companies_based_in_Basel" title="Category:Companies based in Basel">Companies based in Basel</a></li><li><a href="/wiki/Category:Companies_based_in_Stamford,_Connecticut" title="Category:Companies based in Stamford, Connecticut">Companies based in Stamford, Connecticut</a></li><li><a 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