UBS
UBS Group AG Although "Union Bank of Switzerland" was discontinued in 1998, the name "UBS" remained as the company's legal and trade name going forward. During the 1998 merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following the acquisition of Paine Webber, an American brokerage firm.As of November 1998, the bank is only known as "UBS" or "UBS Group AG", with derivative titles such as UBS Investment Bank, UBS Financial Services, UBS Asset Management–among others–being common. |group="nb"}} (stylized simply as UBS) is a multinational investment bank and financial services firm founded and based in Switzerland, with headquarters in both Zurich and Basel. It holds a strong foothold in all major financial centres as the largest Swiss banking institution and the world's largest private bank. UBS manages the largest amount of private wealth in the world, counting approximately half of the The World's Billionaires among its clients, with over US$6 trillion in assets (AUM). Based on international deal flow and political influence, the firm is considered one of the "biggest, most powerful financial institutions in the world". UBS is also a leading market maker and one of the eight global 'Bulge Bracket' banks. Due to its large presence across the Americas, EMEA and Asia–Pacific markets, the Financial Stability Board considers it a global systemically important bank.
UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of banking secrecy. Outside of Switzerland, UBS complies with foreign market mandates on banking secrecy and client privacy.
In its third-largest market, the United States, UBS complies with FINRA privacy laws, which prohibits the unauthorized distribution of client information or data, subject to terms and conditions. UBS imposes a basic standard of banking discretion to all of its operations regardless legal directives. The bank's global compliance policies ensures that it:
* never acknowledges the existence of an account or client activity without consent or an accepted criminal complaint * maintains banking discretion through "client relationship agreements" (e.g. bank–client confidentiality agreements) * limits the disclosure and retention of client activity, all of which is stored off-site (or encrypted online) for security after one calendar year * ensures full or partial deposit insurance on all accounts * offers the usage of bank vaults, as well as dormant and numbered bank accounts to select, pre-approved clients
|group="nb"}} Apart from private banking, UBS provides wealth management, asset management and investment banking services for private, corporate and institutional clients with international service. The bank also maintains numerous underground bank vaults, bunkers and storage facilities for gold bars around the Swiss Alps and internationally. UBS acquired rival Credit Suisse in an emergency rescue deal brokered by the Swiss government and its Central bank in 2023, following which UBS' AUM increased to over $5 trillion along with an increased balanced sheet of $1.6 trillion.
In June 2017, its return on invested capital was 11.1%, followed by Goldman Sachs' 9.35%, and JPMorgan Chase's 9.456%. The company's capital strength, security protocols, and reputation for discretion have yielded a substantial market share in banking and a high level of brand loyalty. Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing. Partly due to its banking secrecy, it has also been at the centre of numerous tax avoidance investigations undertaken by U.S., French, German, Israeli and Belgian authorities. UBS operations in Switzerland and the United States were respectively ranked first and second on the 2018 Financial Secrecy Index. UBS is a primary dealer and Forex counterparty of the U.S. Federal Reserve.
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In June 2017, its return on invested capital was 11.1%, followed by Goldman Sachs' 9.35%, and JPMorgan Chase's 9.456%. The company's capital strength, security protocols, and reputation for discretion have yielded a substantial market share in banking and a high level of brand loyalty. Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing. Partly due to its banking secrecy, it has also been at the centre of numerous tax avoidance investigations undertaken by U.S., French, German, Israeli and Belgian authorities. UBS operations in Switzerland and the United States were respectively ranked first and second on the 2018 Financial Secrecy Index. UBS is a primary dealer and Forex counterparty of the U.S. Federal Reserve.
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