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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Aggressive_acquisitions_(1990–1998)"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Aggressive acquisitions (1990–1998)</span> </div> </a> <ul id="toc-Aggressive_acquisitions_(1990–1998)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Merger_with_Union_Bank_of_Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Merger_with_Union_Bank_of_Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Merger with Union Bank of Switzerland</span> </div> </a> <ul id="toc-Merger_with_Union_Bank_of_Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-After_the_merger" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#After_the_merger"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>After the merger</span> </div> </a> <ul id="toc-After_the_merger-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Acquisition_history" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Acquisition_history"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.7</span> <span>Acquisition history</span> </div> </a> <ul id="toc-Acquisition_history-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>References</span> </div> </a> <ul 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Click here for more information." src="//upload.wikimedia.org/wikipedia/en/thumb/9/94/Symbol_support_vote.svg/19px-Symbol_support_vote.svg.png" decoding="async" width="19" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/94/Symbol_support_vote.svg/29px-Symbol_support_vote.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/94/Symbol_support_vote.svg/39px-Symbol_support_vote.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span></div></div> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></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">Swiss investment bank and financial services firm</div> <p class="mw-empty-elt"> </p> <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"><b>Swiss Bank Corporation</b></caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span typeof="mw:File"><a href="/wiki/File:Swiss_Bank_Corp_1973_logo.png" class="mw-file-description" title="Swiss Bank Corporation logo (c. 1973)"><img alt="Swiss Bank Corporation logo (c. 1973)" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/280px-Swiss_Bank_Corp_1973_logo.png" decoding="async" width="280" height="89" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/420px-Swiss_Bank_Corp_1973_logo.png 1.5x, //upload.wikimedia.org/wikipedia/en/a/a6/Swiss_Bank_Corp_1973_logo.png 2x" data-file-width="554" data-file-height="176" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category">Acquired</td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Banking" class="mw-redirect" title="Banking">Banking</a><br /><a href="/wiki/Financial_services" title="Financial services">Financial services</a><br /><a href="/wiki/Investment" title="Investment">Investment services</a></td></tr><tr><th scope="row" class="infobox-label">Predecessor</th><td class="infobox-data">Bankverein (1854–1872)<br />Basler Bankverein (1872–1895)<br />Basler & Zürcher Bankverein (1895)</td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1854<span class="noprint">; 170 years ago</span><span style="display:none"> (<span class="bday dtstart published updated">1854</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Defunct</th><td class="infobox-data">1998</td></tr><tr><th scope="row" class="infobox-label">Fate</th><td class="infobox-data">Merged with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> to form <a href="/wiki/UBS" title="UBS">UBS</a></td></tr><tr><th scope="row" class="infobox-label">Successor</th><td class="infobox-data"><a href="/wiki/UBS" title="UBS">UBS</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"><a href="/wiki/Basel" title="Basel">Basel</a>, <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a></td></tr></tbody></table> <p><b>Swiss Bank Corporation</b> (<a href="/wiki/French_language" title="French language">French</a>: <i>Société de banque suisse</i>; <a href="/wiki/German_language" title="German language">German</a>: <i>Schweizerischer Bankverein</i>) was a Swiss <a href="/wiki/Investment_banking" title="Investment banking">investment bank</a> and <a href="/wiki/Financial_services" title="Financial services">financial services</a> company located in Switzerland. Prior to its merger, the bank was the third largest in Switzerland, with over <a href="/wiki/Swiss_franc" title="Swiss franc">CHF</a> 300 billion of assets and CHF 11.7 billion of equity.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Throughout the 1990s, SBC engaged in a large growth initiative, shifting its focus from traditional <a href="/wiki/Commercial_banking" class="mw-redirect" title="Commercial banking">commercial banking</a> into <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a>, in an effort to match its larger Swiss rival <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>. As part of this strategy, SBC acquired US-based investment bank <a href="/wiki/Dillon_Read_%26_Co." class="mw-redirect" title="Dillon Read & Co.">Dillon Read & Co.</a> as well as London-based merchant bank <a href="/wiki/S.G._Warburg" class="mw-redirect" title="S.G. Warburg">S.G. Warburg</a> in the mid-1990s. SBC also acquired Chicago-based <a href="/wiki/Brinson_Partners" title="Brinson Partners">Brinson Partners</a> and <a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor & Associates</a>. These acquisitions formed the basis for a global investment banking business. </p><p>In 1998, SBC merged with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> to form <a href="/wiki/UBS" title="UBS">UBS</a>, the largest bank in Europe and the second largest bank in the world. The company's logo, which featured three keys, symbolizing "confidence, security, and discretion", was adopted by <a href="/wiki/UBS" title="UBS">UBS</a> after the 1998 merger. Although the combination of the two banks was billed as a merger of equals, it quickly became evident that from a management perspective, it was SBC that was buying UBS. Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Today, what was SBC forms the core of many of UBS's businesses, particularly <a href="/wiki/UBS_Investment_Bank" class="mw-redirect" title="UBS Investment Bank">UBS Investment Bank</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <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"><span typeof="mw:File"><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></span></div><div class="thumbcaption">The <a href="/wiki/Basel,_Switzerland" class="mw-redirect" title="Basel, Switzerland">Basel, Switzerland</a>, offices of Swiss Bank Corporation c.1920<sup id="cite_ref-bankersmag1920_2-0" class="reference"><a href="#cite_note-bankersmag1920-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></div></div><div class="tsingle" style="width:131px;max-width:131px"><div class="thumbimage"><span typeof="mw:File"><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></span></div><div class="thumbcaption">1872 Basler Bankverein investor prospectus</div></div></div></div></div> <p>Swiss Bank Corporation traces its history to 1854. In that year, six private banking firms in <a href="/wiki/Basel,_Switzerland" class="mw-redirect" title="Basel, Switzerland">Basel, Switzerland</a>, pooled their resources to form the <i>Bankverein</i>, a consortium that acted as an underwriting syndicate for its member banks.<sup id="cite_ref-UBS-FUHistory_3-0" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-UBShist_4-0" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Among the original member banks were Bischoff zu St Alban, Ehinger & Cie., J. Merian-Forcart, Passavant & Cie., J. Riggenbach and von Speyr & Cie.<sup id="cite_ref-UBShist_4-1" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The establishment of <a href="/wiki/Joint_stock_company" class="mw-redirect" title="Joint stock company">joint-stock</a> banks in Switzerland such as Swiss Bank's earliest predecessors (often structured as a <a href="/wiki/Swiss_Verein" class="mw-redirect" title="Swiss Verein">Swiss Verein</a>) was driven by the industrialization of the country and the construction of railroads in the mid-19th century.<sup id="cite_ref-analyticalhist_5-0" class="reference"><a href="#cite_note-analyticalhist-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The Basler Bankverein was formally organized in 1872 in Basel, replacing the original Bankverein consortium. Basler Bankverein was founded with an initial commitment of CHF 30 million, of which CHF 6 million of initial share capital was paid in. Among the Bankverein's early backers was the <a href="/wiki/Bank_in_Winterthur" title="Bank in Winterthur">Bank in Winterthur</a>, one of the early predecessors of the <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>. The bank experienced initial growing pains after heavy losses in Germany caused the bank to suspend its dividend in favor of a loss reserve.<sup id="cite_ref-UBS-FUHistory_3-1" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> By 1879, Basler Bankverein has accumulated enough capital to resume dividends, initially at an 8% annual rate and then increasing to 10% in 1880.<sup id="cite_ref-UBShist_4-2" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Basler Bankverein later combined with Zürcher Bankverein in 1895 to become the Basler & Zürcher Bankverein. The next year, Basler Depositenbank and Schweizerische Unionbank were acquired. After the take-over of the Basler Depositenbank, the bank changes its name to Schweizerischer Bankverein (Swiss Bank).<sup id="cite_ref-UBShist_4-3" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The English name of the bank was changed to Swiss Bank Corporation in 1917.<sup id="cite_ref-UBS-FUHistory_3-2" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1900–1939"><span id="1900.E2.80.931939"></span>1900–1939</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=2" title="Edit section: 1900–1939"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="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 in Swiss Bank Corporation c.1920<sup id="cite_ref-bankersmag1920_2-1" class="reference"><a href="#cite_note-bankersmag1920-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>SBC continued to grow in the early decades of the 20th century, acquiring weaker rivals. In 1906, SBC purchased Banque d'Espine, Fatio & Cie, establishing a branch in <a href="/wiki/Geneva,_Switzerland" class="mw-redirect" title="Geneva, Switzerland">Geneva, Switzerland</a>, for the first time.<sup id="cite_ref-UBShist_4-4" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Two years later, in 1908, the bank acquired Fratelli Pasquali, a bank in <a href="/wiki/Chiasso,_Switzerland" class="mw-redirect" title="Chiasso, Switzerland">Chiasso, Switzerland</a>, its first representation in the Italian-speaking portion of the country. This was followed by the 1909 acquisition of Bank für Appenzell (est. 1866) and the 1912 acquisition of Banque d'Escompte et de Dépots.<sup id="cite_ref-UBShist_4-5" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The onset of <a href="/wiki/World_War_I" title="World War I">World War I</a> put a hold on much of the bank's development. Although SBC survived the war intact, it suffered the loss of its investments in a number of large industrial companies.<sup id="cite_ref-UBS-FUHistory_3-3" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Nevertheless, the bank surpassed CHF 1 billion for the first time at the end of 1918 and grew to 2,000 employees by 1920.<sup id="cite_ref-UBShist_4-6" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In 1918, SBC purchased <a href="/wiki/M%C3%A9taux_Pr%C3%A9cieux_SA_M%C3%A9talor" class="mw-redirect" title="Métaux Précieux SA Métalor">Métaux Précieux SA Métalor</a> to refine precious metals and produce bank ingots. the company would be established as a separate subsidiary in 1936 and spun off in 1998. 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> would be severe, particularly as the Swiss franc suffered major devaluation in 1936. The bank would see its assets fall from a 1929 peak of CHF 1.6 billion to its 1918 levels of CHF 1 billion by 1936.<sup id="cite_ref-UBShist_4-7" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In 1937, SBC adopted its three keys logo symbolizing confidence, security and discretion. The logo was designed by a Swiss artist and illustrator, <a href="/wiki/Warja_Honegger-Lavater" class="mw-redirect" title="Warja Honegger-Lavater">Warja Honegger-Lavater</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Activities_in_World_War_II">Activities in World War II</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=3" title="Edit section: Activities in World War II"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On the eve of <a href="/wiki/World_War_II" title="World War II">World War II</a>, SBC was the recipient of large influxes of foreign funds for safekeeping. Just prior to the outbreak of World War II, in 1939, Swiss Bank Corporation made the timely decision to open an office in New York City.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The office was able to begin operations, located in the <a href="/wiki/Equitable_Building_(Manhattan)" title="Equitable Building (Manhattan)">Equitable Building</a>, just weeks after the outbreak of the war and was intended as a safe place to store assets in case of an invasion.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> During the war, the bank's traditional business fell off and the Swiss government became its largest client.<sup id="cite_ref-UBS-FUHistory_3-4" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Overall, SBC saw its business grow as a result of its wartime government underwriting business. </p><p>Decades after the war, it was demonstrated that Swiss Bank Corporation likely took an active role in trading stolen gold, securities and other assets during World War II.<sup id="cite_ref-swissnazi_8-0" class="reference"><a href="#cite_note-swissnazi-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In 1997, the <a href="/wiki/World_Jewish_Congress_lawsuit_against_Swiss_banks" title="World Jewish Congress lawsuit against Swiss banks">World Jewish Congress lawsuit against Swiss banks</a> (WJC) was launched to retrieve deposits made by victims of Nazi persecution during and prior to World War II. Negotiations involving SBC's successor <a href="/wiki/UBS" title="UBS">UBS</a>, <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>, the <a href="/wiki/World_Jewish_Congress" title="World Jewish Congress">World Jewish Congress</a> and <a href="/wiki/Stuart_Eizenstat" class="mw-redirect" title="Stuart Eizenstat">Stuart Eizenstat</a>, on behalf of the US, ultimately resulted in a settlement of US$1.25 billion in August 1998 paid by the two large Swiss banks <a href="/wiki/UBS" title="UBS">UBS</a> and <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>.<sup id="cite_ref-swissnazi_8-1" class="reference"><a href="#cite_note-swissnazi-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-nearingwwiipact_9-0" class="reference"><a href="#cite_note-nearingwwiipact-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-golddisputeended_10-0" class="reference"><a href="#cite_note-golddisputeended-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The settlement, which coincided with UBS's merger with Swiss Bank, together with the bank's embarrassment in the <a href="/wiki/Long_Term_Capital_Management" class="mw-redirect" title="Long Term Capital Management">Long Term Capital Management</a> collapse in 1998 brought a degree of closure to the issue.<sup id="cite_ref-swissrelieved_11-0" class="reference"><a href="#cite_note-swissrelieved-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1945–1990"><span id="1945.E2.80.931990"></span>1945–1990</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=4" title="Edit section: 1945–1990"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Swiss Bank Corporation found itself in relatively strong financial condition at the end of World War II, with CHF 1.8 billion of assets.<sup id="cite_ref-UBShist_4-8" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> By contrast, the Basler Handelsbank (Commercial Bank of Basel), founded in 1862 and one of the largest banks in Switzerland, was insolvent at the end of the war and was consequently acquired by SBC in 1945. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. However, by 1947 SBC was shifting its focus back to its traditional business of lending money principally to private companies as part of the postwar rebuilding of Europe.<sup id="cite_ref-UBS-FUHistory_3-5" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Meanwhile, the firm continued its expansion to international markets, particularly the United States where SBC focused primarily on commercial banking for corporate clients. Within Switzerland, SBC remained a full-service bank with a domestic retail banking network and an asset management business.<sup id="cite_ref-eurhandbook_14-0" class="reference"><a href="#cite_note-eurhandbook-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Swiss_Bank_Board_Room_(UBS)c.1920.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Swiss_Bank_Board_Room_%28UBS%29c.1920.png/220px-Swiss_Bank_Board_Room_%28UBS%29c.1920.png" decoding="async" width="220" height="153" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Swiss_Bank_Board_Room_%28UBS%29c.1920.png/330px-Swiss_Bank_Board_Room_%28UBS%29c.1920.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Swiss_Bank_Board_Room_%28UBS%29c.1920.png/440px-Swiss_Bank_Board_Room_%28UBS%29c.1920.png 2x" data-file-width="1502" data-file-height="1045" /></a><figcaption>The Swiss Bank Corporation board room in <a href="/wiki/Basel,_Switzerland" class="mw-redirect" title="Basel, Switzerland">Basel, Switzerland</a></figcaption></figure> <p>SBC prospered throughout the 1950s and embarked on a period of sustained growth. The bank, 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 by the mid-1960s, exceeding CHF 10 billion in 1965.<sup id="cite_ref-UBShist_4-9" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> SBC acquired Banque Populaire Valaisanne, <a href="/wiki/Sion,_Switzerland" title="Sion, Switzerland">Sion, Switzerland</a>, and the Banque Populaire de Sierre. The firm continued to open new offices in the US in the mid-1960s and it was also at this time that SBC began to expand into Asia and opened representative offices throughout Latin America. The bank opened a full branch office in Tokyo in 1970. The bank also made a number of acquisitions to enhance its position in various products. SBC acquired a controlling interest in Frei, Treig & Cie. in 1968, Warag Bank in 1970 and Bank Prokredit in 1979 (later sold to <a href="/wiki/GE_Capital" title="GE Capital">GE Capital</a> in 1997).<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> All three banks focused on consumer lending. Similarly, SBC acquired a number of banks in the private banking sector, including Ehinger & Cie. in 1974; Armand von Ernst & Cie. and Adler & Co. in 1976; and a majority interest in Geneva-based Ferrier Lullin & Cie. in 1978. The bank continued its consolidation of Swiss banks acquiring Banque Commerciale de Sion in 1978 and in 1979 acquired Handwerkerbank Basle, the Banca Prealpina SA and Bank für Hypothekarkredite.<sup id="cite_ref-UBShist_4-10" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>As its own home market was highly competitive, SBC focused on commercial banking for American and other multinational companies. Through 1979, SBC was consistently the largest of the three major Swiss Bank by assets, except for short periods in 1962 and 1968 when UBS temporarily moved ahead of SBC. After 1979, although its balance sheet had grown to CHF 74 billion of assets, the bank would typically rank second to UBS which firmly established itself as the largest Swiss bank in the 1980s.<sup id="cite_ref-eurhandbook_14-1" class="reference"><a href="#cite_note-eurhandbook-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> SBC would retain this position for the next 15 years until <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> leapfrogged into the top spot following its 1995 acquisitions of <a href="/wiki/Schweizerische_Volksbank" class="mw-redirect" title="Schweizerische Volksbank">Schweizerische Volksbank</a> and <a href="/wiki/Winterthur_Group" title="Winterthur Group">Winterthur Group</a>.<sup id="cite_ref-UBShist_4-11" class="reference"><a href="#cite_note-UBShist-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Aggressive_acquisitions_(1990–1998)"><span id="Aggressive_acquisitions_.281990.E2.80.931998.29"></span>Aggressive acquisitions (1990–1998)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=5" title="Edit section: Aggressive acquisitions (1990–1998)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Swiss_Bank_Tower_(623_Fifth_Avenue).png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Swiss_Bank_Tower_%28623_Fifth_Avenue%29.png/200px-Swiss_Bank_Tower_%28623_Fifth_Avenue%29.png" decoding="async" width="200" height="251" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Swiss_Bank_Tower_%28623_Fifth_Avenue%29.png/300px-Swiss_Bank_Tower_%28623_Fifth_Avenue%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Swiss_Bank_Tower_%28623_Fifth_Avenue%29.png/400px-Swiss_Bank_Tower_%28623_Fifth_Avenue%29.png 2x" data-file-width="1388" data-file-height="1744" /></a><figcaption>The former Swiss Bank Tower off of <a href="/wiki/Fifth_Avenue_(Manhattan)" class="mw-redirect" title="Fifth Avenue (Manhattan)">Fifth Avenue</a> in New York City opened in 1990.<sup id="cite_ref-tower_16-0" class="reference"><a href="#cite_note-tower-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Swiss Bank began the 1990s as the weakest of the "Big Three" Swiss banks but by the end of 1997 would be the driving force behind the merger with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>. SBC had been impacted by losses on its real estate investments and a series of minor controversies, despite the bank's historically conservative posture. Beginning in the 1980s, SBC along with its Swiss peers began to embrace a more aggressive strategy to keep up with competitors in the US, Japan, Germany and the UK. The bank signaled its new posture in 1990 when it opened its new US headquarters, Swiss Bank Tower, a 29 floor building on 49th Street, adjoining <a href="/wiki/Saks_Fifth_Avenue" title="Saks Fifth Avenue">Saks Fifth Avenue</a>.<sup id="cite_ref-tower_16-1" class="reference"><a href="#cite_note-tower-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>SBC shifted its focus from traditional <a href="/wiki/Commercial_banking" class="mw-redirect" title="Commercial banking">commercial banking</a> toward <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a> with an emphasis on building its trading operations. To bolster its trading initiative, in 1992, SBC acquired <a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor & Associates</a>, a Chicago-based options trading firm, with an expertise in financial derivatives.<sup id="cite_ref-buyocconor_17-0" class="reference"><a href="#cite_note-buyocconor-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> <a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor</a> was founded in 1977 by mathematician Michael Greenbaum and was named for Edmund (Ed) and Williams (Bill) O'Connor. The O'Connor brothers had made a fortune trading grain on the <a href="/wiki/Chicago_Board_of_Trade" title="Chicago Board of Trade">Chicago Board of Trade</a> and founded a First Options, a <a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">clearing house</a> business. The O'Connors provided Greenbaum, who had run risk management for First Options, with the capital to start his own firm.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> SBC had established a strategic relationship with <a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor</a>, which was the largest <a href="/wiki/Market_maker" title="Market maker">market maker</a> in the financial options exchanges in the US, beginning in 1988. O'Connor had been looking to partner with a larger financial institution<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> and in 1989 entered into a currency joint venture with SBC that proved to be the first step towards a sale of O'Connor to SBC.<sup id="cite_ref-oconnor_20-0" class="reference"><a href="#cite_note-oconnor-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Following the merger, 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 treasury operation.<sup id="cite_ref-buyocconor_17-1" class="reference"><a href="#cite_note-buyocconor-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> A number of O'Connor executives were brought into key positions within the bank in an attempt to cultivate a more entrepreneurial culture at SBC.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Brinson_Partners.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/5/59/Brinson_Partners.png/225px-Brinson_Partners.png" decoding="async" width="225" height="64" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/5/59/Brinson_Partners.png 1.5x" data-file-width="323" data-file-height="92" /></a><figcaption>SBC acquired <a href="/wiki/Gary_P._Brinson" title="Gary P. Brinson">Gary P. Brinson</a>'s <a href="/wiki/Brinson_Partners" title="Brinson Partners">Brinson Partners</a> in 1994 to bolster the bank's US asset management business.</figcaption></figure> <p>In 1994, SBC followed up its acquisition of O'Connor by acquiring Brinson Partners an asset management firm focused on providing access for US institutions to global markets.<sup id="cite_ref-SBC-FUHistory_22-0" class="reference"><a href="#cite_note-SBC-FUHistory-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Founded by Gary P. Brinson, an innovator in financial management, Brinson Partners had emerged as one of largest managers of pension plans and also managed a series of mutual funds.<sup id="cite_ref-chicagostar_23-0" class="reference"><a href="#cite_note-chicagostar-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Brinson was a pioneer in the development of the theory of <a href="/wiki/Asset_allocation" title="Asset allocation">asset allocation</a><sup id="cite_ref-brinson1_24-0" class="reference"><a href="#cite_note-brinson1-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> which had largely become conventional wisdom among money managers in the 1980s and 1990s.<sup id="cite_ref-chicagostar_23-1" class="reference"><a href="#cite_note-chicagostar-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Brinson had begun working at <a href="/wiki/First_Chicago_Corporation" class="mw-redirect" title="First Chicago Corporation">First Chicago Corporation</a> in the 1970s and by 1981 began building the business that would become Brinson Partners.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> In 1989, Brinson led a US$100 million <a href="/wiki/Management_buyout" title="Management buyout">management buyout</a> of his firm from <a href="/wiki/First_Chicago_Corporation" class="mw-redirect" title="First Chicago Corporation">First Chicago Corporation</a> and over the next five years built up the firm to approximately US$36 billion of assets under management. SBC paid US$750 million to acquire Brinson Partners, which resulted in a profit to Brinson and his partners of US$460 million on the sale of their 75% stake in the company.<sup id="cite_ref-chicagostar_23-2" class="reference"><a href="#cite_note-chicagostar-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Following the acquisition of Brinson Partners, Gary Brinson ran SBC's asset management business and after the merger with UBS, Brinson was named chief investment officer of <a href="/wiki/UBS_Global_Asset_Management" class="mw-redirect" title="UBS Global Asset Management">UBS Global Asset Management</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237032888/mw-parser-output/.tmulti"><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:254px;max-width:254px"><div class="trow"><div class="tsingle" style="width:252px;max-width:252px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Sbc-Warburg_logo_(1996).png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/6/61/Sbc-Warburg_logo_%281996%29.png/250px-Sbc-Warburg_logo_%281996%29.png" decoding="async" width="250" height="65" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/6/61/Sbc-Warburg_logo_%281996%29.png/375px-Sbc-Warburg_logo_%281996%29.png 1.5x, //upload.wikimedia.org/wikipedia/en/6/61/Sbc-Warburg_logo_%281996%29.png 2x" data-file-width="455" data-file-height="119" /></a></span></div></div></div><div class="trow"><div class="tsingle" style="width:252px;max-width:252px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Dillon_Read_Logo.png" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Dillon_Read_Logo.png/250px-Dillon_Read_Logo.png" decoding="async" width="250" height="32" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/d/d9/Dillon_Read_Logo.png 1.5x" data-file-width="325" data-file-height="42" /></a></span></div><div class="thumbcaption">SBC spent US$2 billion to assemble an investment banking franchise through the acquisitions of <a href="/wiki/S.G._Warburg" class="mw-redirect" title="S.G. Warburg">S.G. Warburg</a> in 1995 and <a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon, Read & Co.</a> in 1997 to form <a href="/wiki/Warburg_Dillon_Read" class="mw-redirect" title="Warburg Dillon Read">Warburg Dillon Read</a>.</div></div></div></div></div> <p>SBC's next made a major push into investment banking with the acquisition of <a href="/wiki/S.G._Warburg_%26_Co." class="mw-redirect" title="S.G. Warburg & Co.">S.G. Warburg & Co.</a> a leading British investment banking firm in 1995 for US$1.4 billion. S.G. Warburg was founded by <a href="/wiki/Siegmund_Warburg" class="mw-redirect" title="Siegmund Warburg">Siegmund Warburg</a>, a member of the <a href="/wiki/Warburg_family" title="Warburg family">Warburg banking family</a>. After World War II, S.G. Warburg 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 London.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Following a flawed and costly expansion into the US, in 1994 a merger was announced with <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>, but the talks collapsed.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The following year S.G. Warburg was purchased by Swiss Bank Corporation.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The bank merged S.G. Warburg with its own existing investment banking unit to create SBC Warburg, which became a leading player in global investment banking.<sup id="cite_ref-SBC-FUHistory_22-1" class="reference"><a href="#cite_note-SBC-FUHistory-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Two years later, in 1997, SBC paid US$600 million to acquire <a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon, Read & Co.</a>, a <a href="/wiki/White_shoe" class="mw-redirect" title="White shoe">white shoe</a> US investment banking firm considered to be a member of the <a href="/wiki/Bulge_bracket" title="Bulge bracket">bulge bracket</a>.<sup id="cite_ref-dillonacq_30-0" class="reference"><a href="#cite_note-dillonacq-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Dillon, Read, which traced its roots to the 1830s was among the powerhouse firms on Wall Street 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, however Dillon Read partners balked at ING's integration plans.<sup id="cite_ref-dillonacq_30-1" class="reference"><a href="#cite_note-dillonacq-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read.<sup id="cite_ref-dillonacq_30-2" class="reference"><a href="#cite_note-dillonacq-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> The Dillon Read name was discontinued after the merger with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> although it was brought back in 2005 as <a href="/wiki/Dillon_Read_Capital_Management" class="mw-redirect" title="Dillon Read Capital Management">Dillon Read Capital Management</a>, UBS's ill-fated hedge fund operations. </p> <div class="mw-heading mw-heading3"><h3 id="Merger_with_Union_Bank_of_Switzerland">Merger with Union Bank of Switzerland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=6" title="Edit section: Merger with Union Bank of Switzerland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></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">See also: <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a></div> <p>Aggressively pushing ahead its various acquisitions, UBS was mired in a series of entanglements with <a href="/wiki/Activist_shareholders" class="mw-redirect" title="Activist shareholders">activist shareholders</a> who were critical of bank's relatively conservative management.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Martin_Ebner" title="Martin Ebner">Martin Ebner</a>, through his investment trust, BK Vision became the largest shareholder in UBS and attempted to force a major restructuring of the bank’s operations.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The groundwork for the merger of SBC and UBS was actually laid by their mutual competitor, <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a> which had approached UBS about a merger that would have created the second largest bank in the world in 1996.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> UBS's management and board unanimously rebuffed the proposed merger.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Ebner, who supported the idea of a merger, led a major shareholder revolt that resulted in the replacement of UBS's chairman, Robert Studer.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Studer's successor Mathis Cabiallavetta would be one of the key architects of the merger with SBC. </p> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:UBS_sign.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/UBS_sign.png/260px-UBS_sign.png" decoding="async" width="260" height="173" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/88/UBS_sign.png/390px-UBS_sign.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/88/UBS_sign.png/520px-UBS_sign.png 2x" data-file-width="1024" data-file-height="681" /></a><figcaption>The combined UBS logo incorporated UBS's name with SBC's "three keys" symbol.</figcaption></figure> <p>On December 8, 1997, <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> and SBC 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, both trailing <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>.<sup id="cite_ref-financiers_37-0" class="reference"><a href="#cite_note-financiers-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Discussions between the two banks had begun several months earlier, less than a year after rebuffing <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>'s merger overtures.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p><p>The all-stock merger resulted in the creation <a href="/wiki/UBS_AG" class="mw-redirect" title="UBS AG">UBS AG</a>, a huge new bank with total assets of more than US$590 billion.<sup id="cite_ref-heftybank_39-0" class="reference"><a href="#cite_note-heftybank-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Also referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world, at that time, behind only the <a href="/wiki/Bank_of_Tokyo-Mitsubishi" class="mw-redirect" title="Bank of Tokyo-Mitsubishi">Bank of Tokyo-Mitsubishi</a>.<sup id="cite_ref-heftybank_39-1" class="reference"><a href="#cite_note-heftybank-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Additionally, the merger pulled together the banks' various asset 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>.<sup id="cite_ref-heftybank_39-2" class="reference"><a href="#cite_note-heftybank-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>The merger, which was billed as a merger of equals, resulted in SBC's shareholders receiving 40% of the bank's common shares and Union Bank's shareholders receiving 60% of the combined company. SBC's <a href="/wiki/Marcel_Ospel" title="Marcel Ospel">Marcel Ospel</a> was named chief executive officer while Union Bank's Mathis Cabiallavetta became chairman of the new bank.<sup id="cite_ref-heftybank_39-3" class="reference"><a href="#cite_note-heftybank-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> However, it quickly became evident that from a management perspective, it was SBC that was buying UBS as nearly 80% of the top management positions were filled by legacy Swiss Bank professionals.<sup id="cite_ref-UBS-FUHistory_3-6" class="reference"><a href="#cite_note-UBS-FUHistory-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Additionally, UBS professionals suffered more headcount reductions, particularly in the investment banking unit where there were heavy cuts in the corporate finance and equities businesses.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Prior to the merger, Swiss Bank Corporation had built a global investment banking business, <a href="/wiki/Warburg_Dillon_Read" class="mw-redirect" title="Warburg Dillon Read">Warburg Dillon Read</a> through its acquisitions of <a href="/wiki/Dillon_Read" class="mw-redirect" title="Dillon Read">Dillon Read</a> in New York and <a href="/wiki/S._G._Warburg_%26_Co" class="mw-redirect" title="S. G. Warburg & Co">S.G. Warburg</a> in London. SBC was generally considered to be further along than UBS 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.<sup id="cite_ref-relies_42-0" class="reference"><a href="#cite_note-relies-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>After the merger was completed, it was widely 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 provided SBC with the leverage it required to consummate the merger.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> It would become clear that the derivatives losses prompted UBS to accept the terms proposed by SBC more readily than they otherwise would have.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="After_the_merger">After the merger</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=7" title="Edit section: After the merger"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure 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/425px-StamfordCTUBSNorthAmericanHQ11112007.jpg" decoding="async" width="425" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/StamfordCTUBSNorthAmericanHQ11112007.jpg/638px-StamfordCTUBSNorthAmericanHQ11112007.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/StamfordCTUBSNorthAmericanHQ11112007.jpg/850px-StamfordCTUBSNorthAmericanHQ11112007.jpg 2x" data-file-width="2269" data-file-height="877" /></a><figcaption>SBC had announced in 1994 that the bank would move its US headquarters to <a href="/wiki/Stamford,_Connecticut" title="Stamford, Connecticut">Stamford, Connecticut</a>, in exchange for US$120 million in tax credits.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Later the headquarters of <a href="/wiki/UBS_Investment_Bank" class="mw-redirect" title="UBS Investment Bank">UBS Investment Bank</a>'s trading operations, the Stamford complex featured the largest trading floor ever built, roughly the size of two football fields. Following an expansion in 2002, the floor covers 103,000-square-foot (9,600 m<sup>2</sup>) with 40-foot (12 m) arched ceilings.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup></figcaption></figure> <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" title="UBS">UBS</a></div> <p><a href="/wiki/UBS" title="UBS">UBS</a>, the successor of the Union Bank of Switzerland, is among the largest diversified financial institutions in the world. As of 2010, <a href="/wiki/UBS" title="UBS">UBS</a> operated in all of the major financial centers worldwide with offices in over 50 countries and 64,000 employees globally. </p><p>In November 2000, <a href="/wiki/UBS" title="UBS">UBS</a> merged with Paine Webber an <a href="/wiki/United_States" title="United States">American</a> <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>.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> The acquisition pushed <a href="/wiki/UBS" title="UBS">UBS</a> 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 <a href="/wiki/Paine_Webber" title="Paine Webber">Paine Webber</a> disappeared when it was renamed "UBS Wealth Management USA."<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>The bank would grow considerably in the 2000s, building a large investment banking franchise to compete with the major US and European bulge bracket firms. However, <a href="/wiki/UBS" title="UBS">UBS</a> suffered major setbacks in 2007, 2008 and 2009. <a href="/wiki/UBS" title="UBS">UBS</a> suffered among the largest losses of any European bank during the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> and the bank was required to raise large amounts of outside capital 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>,<sup id="cite_ref-Robinson_53-0" class="reference"><a href="#cite_note-Robinson-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> the Swiss government<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> and through a series of equity offerings in 2008 and 2009. </p> <div class="mw-heading mw-heading3"><h3 id="Acquisition_history">Acquisition history</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=8" title="Edit section: Acquisition history"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Swiss Bank Corporation, prior to its merger with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> was the result of the combination of dozens of individual firms, many of which date to the 19th century. The following is an illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <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:90%;line-height:110%"> <tbody><tr> <td class="clade-label first" style="border-left:none;border-right:none;border-bottom:0px solid;"><span typeof="mw:File"><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/110px-Swiss_Bank_Corp_1973_logo.png" decoding="async" width="110" height="35" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/165px-Swiss_Bank_Corp_1973_logo.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a6/Swiss_Bank_Corp_1973_logo.png/220px-Swiss_Bank_Corp_1973_logo.png 2x" data-file-width="554" data-file-height="176" /></a></span><br />Swiss Bank Corporation<br /><small>(merged 1977)</small> </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 class="mw-selflink selflink">Swiss Bank Corporation</a><br /><small>(merged 1897)</small> </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><br /><small>(est. 1880)</small> </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"> <p><a href="/wiki/Basler_Bankverein" class="mw-redirect" title="Basler Bankverein">Basler Bankverein</a><br /><small>(est. 1856 as Bankverein,<br />renamed in 1872)</small> </p> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <p><a href="/wiki/Z%C3%BCrcher_Bankverein" class="mw-redirect" title="Zürcher Bankverein">Zürcher Bankverein</a><br /><small>(est. 1889)</small> </p> </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"> <p>Basler Depositenbank<br /><small>(est. 1882)</small> </p> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <p>Schweiz Unionbank<br /><small>(est. 1889)</small> </p> </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"> <p>Basler Handelsbank<br /><small>(est. 1862, acq. 1945)</small> </p> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <p><a href="/wiki/O%27Connor_%26_Associates" title="O'Connor & Associates">O'Connor</a><br /><small>(est. 1977, acq. 1992)</small> </p> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <p>Brinson Partners<br /><small>(est. 1989 originally division of <a href="/wiki/First_Chicago_Corporation" class="mw-redirect" title="First Chicago Corporation">First Chicago Corporation</a> started c. 1981, acq. 1994)</small> </p> </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><br /><small>(merged 1997 with SBC-Warburg under SBC ownership)</small> </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"> <p><a href="/wiki/S._G._Warburg_%26_Co." title="S. G. Warburg & Co.">S. G. Warburg & Co.</a><br /><small>(est. 1946, acq. 1995<br />to form SBC-Warburg)</small> </p> </td></tr> <tr> <td class="clade-slabel"> </td></tr> <tr> <td class="clade-label"> </td> <td rowspan="2" class="clade-leaf"> <p><a href="/wiki/Dillon,_Read_%26_Co." title="Dillon, Read & Co.">Dillon, Read & Co.</a><br /><small>(est. 1832, acq. 1997)</small> </p> </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="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=9" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style 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class="portalbox-image"><span class="mw-image-border noviewer" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/28px-Flag_of_Switzerland.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/42px-Flag_of_Switzerland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Flag_of_Switzerland.svg/56px-Flag_of_Switzerland.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Switzerland" title="Portal:Switzerland">Switzerland portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><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" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><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="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; font-style: italic;"><a href="https://commons.wikimedia.org/wiki/Category:UBS" class="extiw" title="commons:Category:UBS">Swiss Bank Corporation</a></span>.</div></div> </div> <ul><li><a href="/wiki/UBS" title="UBS">UBS</a>, successor following merger with <a href="/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a></li> <li><a href="/wiki/Banking_in_Switzerland" title="Banking in Switzerland">Banking in Switzerland</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=10" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></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 reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><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 class="citation web cs1"><a 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Palgrave Macmillan, 2007</span> </li> <li id="cite_note-SBC-FUHistory-22"><span class="mw-cite-backlink">^ <a href="#cite_ref-SBC-FUHistory_22-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-SBC-FUHistory_22-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.fundinguniverse.com/company-histories/SBC-Warburg-Company-History.html">SBC Warburg Company History</a>. Funding Universe, Retrieved August 10, 2010</span> </li> <li id="cite_note-chicagostar-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-chicagostar_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-chicagostar_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-chicagostar_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/12/14/business/investing-it-merger-in-switzerland-creates-a-star-in-chicago.html">Merger in Switzerland Creates a Star in Chicago</a>. New York Times, December 14, 1997</span> </li> <li id="cite_note-brinson1-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-brinson1_24-0">^</a></b></span> <span class="reference-text">Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower, <i>Determinants of Portfolio Performance</i>, The Financial Analysts Journal, July/August 1986. <i>Determinants of Portfolio Performance II: An Update</i>, The Financial Analysts Journal, 47, 3 (1991)</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.spauldinggrp.com/products/49-gary-brinson-cfa-interview.html">Gary Brinson – CFA Journal Interview</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101101145358/http://www.spauldinggrp.com/products/49-gary-brinson-cfa-interview.html">Archived</a> 2010-11-01 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, 1999</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.pionline.com/article/19971208/PRINTSUB/712080756">UBS-SBC Would be Largest Manager Yet: Gary Brinson May Lead Institutional Side</a>. Pensions & Investments, December 8, 1997</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://archive.today/20120804121303/http://www.managementtoday.co.uk/search/article/411031/uk-outsider-changed-city/">Outsider who changed the City</a>. Management Today, November 1, 1998</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://findarticles.com/p/articles/mi_hb5037/is_199412/ai_n18299180">Jilted: Morgan Stanley and S.G. Warburg</a> The Economist, December 1994</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/fullpage.html?res=990CE5DD113EF932A25756C0A963958260&sec=&spon=&pagewanted=all">Swiss Bank in deal to buy S.G. Warburg</a> New York Times, 11 May 1995</span> </li> <li id="cite_note-dillonacq-30"><span class="mw-cite-backlink">^ <a href="#cite_ref-dillonacq_30-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-dillonacq_30-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-dillonacq_30-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><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>. New York Times, May 16, 1997</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=xOgCAAAAMBAJ&pg=PA28">Sell Division</a>. New York Magazine, Nov 17, 1997</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><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>. New York Times, January 9, 1995</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><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>. New York Times, August 1, 2002</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><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>. New York Times, April 10, 1996</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><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>. New York Times, April 12, 1996</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><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>. New York Times, April 12, 1996</span> </li> <li id="cite_note-financiers-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-financiers_37-0">^</a></b></span> <span class="reference-text"><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>. Cambridge University Press, 2002</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><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> The Independent, December 6, 1998</span> </li> <li id="cite_note-heftybank-39"><span class="mw-cite-backlink">^ <a href="#cite_ref-heftybank_39-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-heftybank_39-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-heftybank_39-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-heftybank_39-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><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>. New York Times, December 9, 1997</span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">Corporate finance staff learn fate. Financial Times, February 12, 1998</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">The Plunder of UBS. Euromoney, March 1998</span> </li> <li id="cite_note-relies-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-relies_42-0">^</a></b></span> <span class="reference-text"><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> December 9. 1997</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://archive.today/20120723191404/http://www.businessweek.com/archives/1999/b3622243.arc.htm">Has UBS Found Its Way out of the Woods?</a> BusinessWeek, March 29, 1999</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><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>. The Independent, November 20, 1997</span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><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>. New York Times, January 31, 1998</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20050930223710/http://www.businessweek.com/magazine/content/05_30/b3944128_mz020.htm">The Master Of Zurich: How Peter Wuffli turned around UBS – and brought the glory days back to Swiss banking</a>. BusinessWeek, July 25, 2005</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nytimes.com/1997/12/11/nyregion/swiss-bank-says-big-merger-won-t-affect-stamford-office.html">Swiss Bank Says Big Merger Won't Affect Stamford Office</a>. New York Times, December 11, 1997</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ubs.com/global/en/about_ubs/media/america/releases/news_display_media_americas.html/en/2002/05/14/news_20020514b.html">UBS Warburg Expansion Creates World's Largest Trading Floor</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140905021515/https://www.ubs.com/global/en/about_ubs/media/america/releases/news_display_media_americas.html/en/2002/05/14/news_20020514b.html">Archived</a> 2014-09-05 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. UBS Press Release, May 14, 2002</span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/fullpage.html?res=9407EFD71731F937A15753C1A9669C8B63">PaineWebber Merger Vote</a>. New York Times, October 24, 2000</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text">*<a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/fullpage.html?res=9B04E6D91138F931A25754C0A9669C8B63">Swiss Bank Is Acquiring PaineWebber</a>. New York Times, July 12, 2000</span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2000/07/13/business/international-business-swiss-acquirer-has-had-plenty-of-its-own-problems.html">Swiss Acquirer Has Had Plenty of Its Own Problems</a>. New York Times, July 13, 2000</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><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>. New York Times, March 5, 2001</span> </li> <li id="cite_note-Robinson-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-Robinson_53-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRobinson2007" class="citation web cs1">Robinson, Gwen (2007-12-11). <a rel="nofollow" class="external text" href="http://ftalphaville.ft.com/blog/2007/12/11/9539/ubs-turns-to-singapore-state-fund-for-capital/">"UBS turns to Singapore state fund for capital"</a>. <a href="/wiki/FT_Alphaville" title="FT Alphaville">FT Alphaville</a><span class="reference-accessdate">. Retrieved <span class="nowrap">2009-02-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UBS+turns+to+Singapore+state+fund+for+capital&rft.pub=FT+Alphaville&rft.date=2007-12-11&rft.aulast=Robinson&rft.aufirst=Gwen&rft_id=http%3A%2F%2Fftalphaville.ft.com%2Fblog%2F2007%2F12%2F11%2F9539%2Fubs-turns-to-singapore-state-fund-for-capital%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+Bank+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><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.nzz.ch/nachrichten/wirtschaft/aktuell/ubs_generalversammlung_1.1318850.html">"UBS-Aktionäre stimmen der Finanzspritze zu (Wirtschaft, Aktuell, NZZ Online)"</a>. Nzz.ch<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-02-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UBS-Aktion%C3%A4re+stimmen+der+Finanzspritze+zu+%28Wirtschaft%2C+Aktuell%2C+NZZ+Online%29&rft.pub=Nzz.ch&rft_id=http%3A%2F%2Fwww.nzz.ch%2Fnachrichten%2Fwirtschaft%2Faktuell%2Fubs_generalversammlung_1.1318850.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+Bank+Corporation" class="Z3988"></span></span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ubs.com/1/ShowMedia/investors/annualreporting/2009?contentId=175719&name=AR09_english.pdf">UBS 2009 Annual report</a></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Swiss_Bank_Corporation&action=edit&section=11" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><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/20140106032143/http://www.geschichteinchronologie.ch/eu/ch-UBS/UBS-kriminelle-ENGL.html">"UBS criminals and criminal pedophiles. Profiles"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.geschichteinchronologie.ch/eu/ch-UBS/UBS-kriminelle-ENGL.html">the original</a> on 2014-01-06. <q>Summary: Money laundering in SBC (since 1998 UBS AG) - and criminal pedophile club "Basel Animal Circle"<span class="cs1-kern-right"></span></q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UBS+criminals+and+criminal+pedophiles.+Profiles&rft_id=http%3A%2F%2Fwww.geschichteinchronologie.ch%2Feu%2Fch-UBS%2FUBS-kriminelle-ENGL.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASwiss+Bank+Corporation" class="Z3988"></span> (Data are insider information from Swiss juridical circles, 2014).</li></ul> <div class="navbox-styles"><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 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href="/wiki/Template:UBS_AG" title="Template:UBS AG"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:UBS_AG" title="Template talk:UBS AG"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:UBS_AG" title="Special:EditPage/Template:UBS AG"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="UBS_AG" style="font-size:114%;margin:0 4em"><a href="/wiki/UBS" title="UBS">UBS AG</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Historical<br />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 class="mw-selflink selflink">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<br />executives<br />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<br />executives<br />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: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></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/Q3487910#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/Q3487910#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> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q3487910#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></span></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><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000121970792">ISNI</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://viaf.org/viaf/167405033">VIAF</a></span></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><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n50075659">United States</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Swiss Bank Corporation"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=kn20060907006&CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007268490605171">Israel</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://cantic.bnc.cat/registre/981058524841206706">Catalonia</a></span></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><span class="uid"><a rel="nofollow" class="external text" href="https://hls-dhs-dss.ch/fr/articles/041896">Historical Dictionary of Switzerland</a></span></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; 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