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UBS AG
Type Public (NYSE: UBS; SWX:UBSN; TYO: 8657)
Founded 1998 merger of the Union Bank of Switzerland and the Swiss Bank Corporation
Headquarters Basel & Zürich, Switzerland
Key people Peter Kurer, Chairman
Marco Suter, Vice Chairman
Marcel Rohner, CEO
Industry Finance
Products Financial Services
Operating income ▼ 3,952 million CHF (1Q 2008) (about 3,838 million USD)
Net income ▼ 11,535 million CHF (1Q 2008) (about 11,203 million USD)
Employees 81,577 (as end of 2Q 2007)
Website www.ubs.com
The UBS Tower in Chicago (photo by Krzysztof Makara)
The UBS Tower in Chicago (photo by Krzysztof Makara)

UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657) is a diversified global financial services company, with its main headquarters in Basel & Zürich, Switzerland. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. SWX Swiss Exchange is Switzerland 's Stock exchange, based in Zürich. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock Union Bank of Switzerland (UBS was located in Switzerland. It merged with Swiss Bank Corporation in 1998 to become UBS AG. Swiss Bank Corporation (SBC (German Schweizerischer Bankverein (SBV French Société de Banque Suisse (SBS Italian Società di Banca Svizzera) is "Basilia" redirects here For the Fly Genus, see Basilia (fly. Zürich (, Zürich German: Züri, Zurich, Zurigo; in English generally Zurich) is the largest city in Switzerland and capital of the Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Financial services refer to services provided by the finance industry. In financial and business Accounting, earnings before interest and taxes (EBIT is a measure of a firm's profitability that excludes interest and income tax expenses Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages UBS Tower is a 651 foot (199 m tall Skyscraper located at One North Wacker Drive in Chicago, Illinois, United States. Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. Aktiengesellschaft ('aktsiəngəzεlʃaft abbreviated AG) is a German term that refers to a Corporation that is limited by shares i The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. SWX Swiss Exchange is Switzerland 's Stock exchange, based in Zürich. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock "Basilia" redirects here For the Fly Genus, see Basilia (fly. Zürich (, Zürich German: Züri, Zurich, Zurigo; in English generally Zurich) is the largest city in Switzerland and capital of the Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation It is the world's largest manager of private wealth assets, "the world's biggest manager of other people's money"[1] and is also the second-largest bank in Europe, by both market capitalisation and profitability. Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic UBS has a major presence in the U. S. , with its American headquarters located in New York City's Manhattan borough, (Investment Banking); Weehawken, New Jersey (Private Wealth); and Stamford, Connecticut (Capital Markets). The City of New York Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and Weehawken is a township in Hudson County, New Jersey, United States. Private Wealth Management (PWM is the term generally used to describe highly customized and sophisticated Investment management and Financial planning services delivered Stamford is a city in Fairfield County, Connecticut, United States. The capital market is the Market for securities, where companies and Governments can raise longterm funds UBS's retail offices are located throughout the United States, and in over 50 other countries. The United States of America —commonly referred to as the UBS is an abbreviation, which originated from a predecessor firm, the Union Bank of Switzerland, however UBS ceased to be considered a representational abbreviation after its 1998 merger with Swiss Bank Corporation. For the HTML tag see HTML element. An abbreviation (from Latin brevis "short" Union Bank of Switzerland (UBS was located in Switzerland. It merged with Swiss Bank Corporation in 1998 to become UBS AG. For the HTML tag see HTML element. An abbreviation (from Latin brevis "short" Swiss Bank Corporation (SBC (German Schweizerischer Bankverein (SBV French Société de Banque Suisse (SBS Italian Società di Banca Svizzera) is [2]

UBS's global business groups are Private Banking, Investment Banking, and Asset Management. Private banking is a term for Banking Investment and other Financial services provided by banks to private individuals investing sizable assets Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and Additionally, UBS is one of the leading providers of retail banking and commercial banking services in Switzerland. Retail banking refers to banking in which Banking institutions execute transactions directly with consumers rather than corporations or other banks A commercial bank is a type of Financial intermediary and a type of Bank. Overall invested assets are 3. 265 trillion Swiss francs (CHF), shareholders' equity is 47. The franc ( German: Franken, French and Romansh: franc, Italian: franco; code: CHF 850 billion CHF and market capitalization is 151. Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic 203 billion CHF by end of 2Q 2007.

The AG in the company's name means Aktiengesellschaft, which is the equivalent to a shareholder-based corporation in the USA. Aktiengesellschaft ('aktsiəngəzεlʃaft abbreviated AG) is a German term that refers to a Corporation that is limited by shares i A corporation is a separate legal entity usually used to conduct business

In some ways, UBS has evolved on a similar path to its cross-town rival Credit Suisse. The Credit Suisse Group () is a Financial services company headquartered in Zurich, Switzerland. Both are Swiss commercial and retail banks which bought major US investment banks (and in the case of UBS, a leading retail stock broker, PaineWebber). Paine Webber and Company was an American Stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000

Contents

History

UBS has its roots as a Swiss Bank, originating in 1747, when its first branch was established in the Swiss region of Val Poschiavo. Val Poschiavo ( German: Puschlav(tal) is a Valley in the Italian -speaking part of the Swiss canton of Graubünden However, the three core components of the company date back to the second half of the nineteenth century. Union Bank of Switzerland, Swiss Bank Corporation, and Paine Webber or their antecedents, were all founded in the 1860s and 1870s. Union Bank of Switzerland (UBS was located in Switzerland. It merged with Swiss Bank Corporation in 1998 to become UBS AG. Swiss Bank Corporation (SBC (German Schweizerischer Bankverein (SBV French Société de Banque Suisse (SBS Italian Società di Banca Svizzera) is Paine Webber and Company was an American Stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000

Modern UBS was formed through a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998. Union Bank of Switzerland (UBS was located in Switzerland. It merged with Swiss Bank Corporation in 1998 to become UBS AG. Swiss Bank Corporation (SBC (German Schweizerischer Bankverein (SBV French Société de Banque Suisse (SBS Italian Società di Banca Svizzera) is Although the merged company's new name was originally supposed to be the "United Bank of Switzerland," officials opted to call it simply "UBS" because of a name clash with United Bank Switzerland - a part of the United Bank Limited's Swiss subsidiary.

SBC had previously built a global investment banking business through its acquisitions of Dillon Read in New York and S.G. Warburg in London. Dillon Read & Co was a prominent American Investment bank from the 1920s into the 1960s S G Warburg & Co was a London -based investment bank founded in 1946 by Siegmund George Warburg, a member of the Warburg family, a prominent German The first chairman of the merged bank had to step down in October 1998 due to the Long-Term Capital Management crisis, which affected the Union Bank of Switzerland. Long-Term Capital Management ( LTCM) was a US Hedge fund which failed spectacularly in the late 1990s leading to a massive bailout by other major banks In 2000, UBS acquired PaineWebber Group Inc. to become the world's largest wealth management firm for private clients. Paine Webber and Company was an American Stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000 Invested assets in all wealth management businesses, including the U. S. , total CHF 3. 265 trillion.

On June 9th, 2003, all UBS business groups rebranded under the UBS name as the company began operating as one large firm. UBS Paine Webber, UBS Warburg, UBS Asset Management, and others became simply "UBS". As a result of the rebranding, UBS took a $1B writedown for the loss of goodwill associated with the retirement of the Paine Webber brand. UBS is no longer an acronym but is the company's brand, like 3M. 3M Company ( formerly Minnesota Mining and Manufacturing Company until 2002 is an American multinational conglomerate corporation with a worldwide Its logo of three keys, carried over from SBC, stands for confidence, security, and discretion. [3]

UBS is present in all major financial centers worldwide, with offices in 50 countries. According to the UBS website, the bank had 81,557 employees on June 30, 2007. Events 350 - Roman usurper Nepotianus, of the Constantinian dynasty, is defeated and killed by troops of the Usurper Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. The 2007 Q2 report breaks these Financial Business permanent staff down by region as: 27,315 in Switzerland, 31,933 in the Americas, 13,355 in Europe, the Middle East and Africa (EMEA / not including Switzerland), and 8,954 in Asia and Australasia (APAC). Europe the Middle East and Africa, usually abbreviated to EMEA, is a regional designation used for government marketing and business purposes Australasia is a Region of Oceania: New Zealand, Australia, Papua New Guinea, and neighbouring Islands in the Pacific

Management

The Group Executive Board is the executive body of the company. [4] Its members are:

Chairman Marcel Ospel will not seek re-election on April 23, 2008 annual general assembly of shareholders and will be succeeded by Peter Kurer, who is currently general counsel, the bank said in a statement, on April 1, 2008. Events 215 BC - A temple is built on the Capitoline Hill dedicated to Venus Erycina to commemorate the Roman defeat at 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common [1]

Businesses

See also Swiss banking and Zurich

UBS is organized in four business groups: Global Wealth Management & Business Banking, Investment Bank, Global Asset Management, and Corporate Center. Banking in Switzerland is characterized by stability privacy and protection of clients' assets and information Zürich (, Zürich German: Züri, Zurich, Zurigo; in English generally Zurich) is the largest city in Switzerland and capital of the Private banking is a term for Banking Investment and other Financial services provided by banks to private individuals investing sizable assets A commercial bank is a type of Financial intermediary and a type of Bank. Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and

Dillon Read Capital Management

In June 2006, UBS announced the launch of Dillon Read Capital Management, an alternative investment management business, in an effort to capture new business and retain staff that UBS was losing to other hedge funds [5]. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment Several senior executives of UBS Investment Bank left their positions to lead up the new DRCM business. One UK gossip column suggested that UBS guaranteed a $1B bonus pool over the first three years for the 120 employees to discourage traders from leaving, which UBS has denied as the compensation plan for DRCM was completely performance based. [6].

On May 3, 2007, UBS announced the closure of Dillon Read Capital Management due to "operational complexities. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. " DRCM ran up a loss of $124M in the first quarter. This was after earning $ 1. 2 billion in 2006. [7] $1. 2B of investors' funds were returned with investors earning 16. 6% after fees. DRCM's trading strategies many of which were profitable, were moved to the investment bank. [8][9].

UBS Polybahn

One of the more unusual businesses operated by UBS AG is the UBS Polybahn, a funicular railway in Zürich, Switzerland. The Polybahn, also known as the UBS Polybahn, is a Funicular railway in Zürich, Switzerland. A funicular, also known as a funicular railway, incline, inclined railway, inclined plane, or cliff railway, is a type of self-contained Zürich (, Zürich German: Züri, Zurich, Zurigo; in English generally Zurich) is the largest city in Switzerland and capital of the Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation The group's ownership of this line dates back to 1976, when the Union Bank of Switzerland rescued the then-failing funicular company.

Competition

Main competitors are Deutsche Bank, HSBC, Citigroup, Morgan Stanley, Credit Suisse, Banc of America Securities LLC, Goldman Sachs, JP Morgan, Lehman Brothers and Merrill Lynch. Deutsche Bank AG (literally "German Bank" ˈdɔɪtʃə,) is an international Universal bank with a broad private clients franchise headquartered in HSBC Holdings plc ( (,,,) is a Public limited company incorporated in England and Wales, headquartered in London. Morgan Stanley ( is a global Financial services provider headquartered in New York City New York United States The Credit Suisse Group () is a Financial services company headquartered in Zurich, Switzerland. Banc of America Securities LLC (BAS based in New York City is the investment banking subsidiary of Bank of America. The Goldman Sachs Group Inc, or simply Goldman Sachs ( is a large global Bank holding company that engages in Investment banking securities John Pierpont Morgan ( April 17, 1837 &ndash March 31, 1913) was an American financier banker and art collector who Lehman Brothers Holdings Inc ( (pronounced ˈliːmən was a global financial-services firm prior to its bankruptcy and sale in 2008 Merrill Lynch & Co Inc () is a global financial services firm

Workplace

Diversity

UBS was named one of the 100 Best Companies for Working Mothers living in the U. S. in 2006 for the fourth consecutive year[10] by U. S. based Working Mothers magazine. It is a member of the Stonewall Diversity Champions scheme and has active Gay and Lesbian, ethnic minority, and women's networking groups.

UBS North American headquarters building in Stamford, Connecticut: Trading floor is beneath bowed roof
UBS North American headquarters building in Stamford, Connecticut: Trading floor is beneath bowed roof

Records

The UBS trading floor in Stamford, Connecticut holds the Guinness World Record as the largest securities trading floor in the world. Stamford is a city in Fairfield County, Connecticut, United States. Guinness World Records, known until 2000 as The Guinness Book of Records (and in previous U The 103,000 square-foot operation has 40 foot arched ceiling freeing it of columns or walls. The size of three football fields, it is home to 1,400 traders and staff who handle about $1 trillion worth of transactions a day. It is roughly 227 feet wide by 410 feet long. UBS officials have boasted that a 747 jet could turn around in it. Events By Place Asia Abu Muslim unites the Abbasid Empire against the Umayyads Ibrahim the Imam leader

UBS building in Midtown Manhattan.
UBS building in Midtown Manhattan. See also Manhattan Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial

Financials

In full-year 2006, UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 11,253 million, with CHF 11,249 million from continuing operations and CHF 4 million from discontinued operations.

For the year ended December 31, 2006

For the year ended December 31, 2007

Swiss bank UBS AG told April 1, 2008 it expected to post net losses of 12 billion Swiss francs (US$12. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Moody's Corporation ( is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common 1 billion) for the first quarter of 2008 and would seek 15 billion Swiss francs (US$15. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common 1 billion) in new capital. UBS, hard hit by the U. S. Subprime mortgage crisis, also said it sees losses and writedowns of approximately US$19 billion on U. The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking S. real estate and related credit positions. [2]

Major Sponsorship Deals

Controversies

References

  1. ^ "Down the Matterhorn", The Economist, July 12, 2007. The Economist is an English-language weekly news and International affairs publication owned by The Economist Newspaper Ltd and edited in London Events 1191 - Saladin 's garrison surrenders ending the two-year Siege of Acre. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-07-22. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1099 - First Crusade: Godfrey of Bouillon is elected the first Defender of the Holy Sepulchre of The Kingdom of  
  2. ^ "Corporate FAQ". Retrieved on April 20, 2007. Events 1303 - The University of Rome La Sapienza is instituted by Pope Boniface VIII. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.
  3. ^ "History of UBS (1937-1939)". Retrieved on Jan 10, 2007. Events 49 BC - Julius Caesar crosses the Rubicon, signaling the start of civil war. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.
  4. ^ UBS - Group Executive Board
  5. ^ "UBS's Investment Bank Chief Costas to Run Hedge Fund". Retrieved on Oct 29, 2006. Events 437 - Valentinian III, Western Roman Emperor, marries Licinia Eudoxia, daughter of his cousin Theodosius II Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.
  6. ^ "Traders at UBS offered $1bn in bonuses". Retrieved on Oct 29, 2006. Events 437 - Valentinian III, Western Roman Emperor, marries Licinia Eudoxia, daughter of his cousin Theodosius II Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.
  7. ^ "UBS Posts Lower Earnings and Closes Hedge Fund ".
  8. ^ "Shareholder report on UBS's writedowns".
  9. ^ "UBS Scraps Costas's Hedge Fund After Mortgage Losses".
  10. ^ "UBS Named a 2006 Working Mother 100 Best Company by Working Mother Magazine". Retrieved on Oct 29, 2006. Events 437 - Valentinian III, Western Roman Emperor, marries Licinia Eudoxia, daughter of his cousin Theodosius II Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.
  11. ^ "Bank Says Shredded Papers May Not Have Involved Nazis, New York Times, January 16, 1997". Retrieved on Apr 22, 2007. Events 1500 - Portuguese Navigator Pedro Álvares Cabral becomes the first European to sight Brazil. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.
  12. ^ "Die kurze Woche Anarchie". Retrieved on May 8, 2008. Events 589 - Reccared summons the Third Council of Toledo 1450 - Jack Cade's Rebellion: Kentishmen 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common
  13. ^ BofA asks $20M in dispute vs. ex-employees from the Charlotte Business Journal 22/07/2002
  14. ^ HealthSouth Ex-CFO Helps Suit from the Wall Street Journal
  15. ^ HealthSouth: Auditors and Banks from University of Wollongong library
  16. ^ BW Online | June 7, 2004 | Peter Wuffli
  17. ^ $29 million award in UBS in bias suit from International Herald Tribune 08/04/2005
  18. ^ Laura Zubulake, Plaintiff v. The University of Wollongong (UOW is a public university with approximately 22000 students located in the coastal city of Wollongong, which is 80 kilometres south of The International Herald Tribune is a widely read English language international Newspaper UBS Warburg LLC, UBS Warburg and UBS AG, Defendants , 02 Civ: 1243 (SAS) (GWG) Trial transcript pp. 1700-02.
  19. ^ UBS Must Pay Ex-Saleswoman $29.3 Mln in Sex Bias Case from Bloomberg 06/04/2005
  20. ^ Lawsuit alleges discrimination at UBS:Ex-employees say brokerage firm's diversity attempts mocked non-whites from msnbc. Bloomberg LP is a financial software services news and data company com 18/10/2005
  21. ^ NATIONWIDE CLASS ACTION FILED AGAINST UBS FINANCIAL SERVICES, INC. ALLEGING A COMPANY-WIDE PRACTICE OF RACIAL DISCRIMINATION from Berger & Montague 18/10/2005
  22. ^ UBS Executive, Ex-Morgan Lawyer Charged With Fraud from Bloomberg 01/03/2007
  23. ^ http://www.business-standard.com/common/news_article.php?tab=r&autono=322196&subLeft=1&leftnm=2

External links

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