UBS
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Headquartered simultaneously in Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. Because of the bank's large positions in the Americas, EMEA and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.
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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