UBS
Some of the key events about UBS
- 1862Founded as the Bank in Winterthur, laying the foundation for UBS's long history in Swiss banking
- 1912Merged with Toggenburger Bank to form the Union Bank of Switzerland, expanding its reach
- 1945Established its first international branch in New York, marking the beginning of global expansion
- 1967Pioneered the use of computers in Swiss banking, introducing automated teller machines
- 1998Merged with Swiss Bank Corporation to create UBS AG, forming one of the world's largest financial institutions
- 1998UBS was involved in a major scandal related to dormant accounts of Holocaust victims
- 2000Acquired PaineWebber Group, significantly expanding its presence in the U.S. wealth management market
- 2006Launched UBS Art Collection, one of the world's largest corporate art collections
- 2008The bank suffered massive losses during the global financial crisis, requiring a government bailout
- 2009Established a groundbreaking environmental and social risk framework for its banking operations
- 2009UBS agreed to pay $780 million to settle charges of helping U.S. clients evade taxes
- 2011A rogue trader caused $2.3 billion in losses through unauthorized trading
- 2012The bank was fined $1.5 billion for its role in the Libor rate-rigging scandal
- 2014Created UBS and Society, a cross-divisional initiative to focus on sustainable investing and philanthropy
- 2014UBS was fined $1.5 billion for manipulating foreign exchange markets
- 2015The bank pleaded guilty to wire fraud for its role in manipulating Libor rates
- 2018UBS was fined €3.7 billion by a French court for helping wealthy clients evade taxes
- 2019Became the first major global financial institution to make sustainable investments the preferred solution for private clients investing globally
- 2019The bank was ordered to pay $5.1 billion in penalties for selling toxic mortgage securities before the 2008 financial crisis
- 2022UBS was fined $25 million for failing to properly supervise fraudulent activities by some of its financial advisors
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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