A staff of equal size is located in its home country, Switzerland, and the rest is scattered throughout Europe, the Middle East, Africa, and Asia Pacific. [72] Following two major acquisitions in 1986 (Phillips & Drew and Deutsche Länderbank), UBS made its first purchase in the United States in 1991 with Chase Investors Management Corporation, the asset management business of Chase Manhattan Bank. [142], After a significant expansion of fixed income risk during 2006 and 2007 under the leadership of Huw Jenkins, the UBS Investment Bank CEO,[143] the bank's losses continued to mount in 2008 when UBS announced in April 2008 that it was writing down a further US$19 billion of investments in subprime and other mortgage assets. UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion. UBS stands for Union Bank of Switzerland the complete name is UBS AG. Its logo of three keys, carried over from SBC, stand… People trust UBS due to its long-running history, tracing its roots back to 1856 when its very first bank was established. Jerker Johansson, the head of the investment bank division, resigned in April 2009 and was replaced by Alex Wilmot-Sitwell and Carsten Kengeter. Körner's task was to cut administrative expenses and boost profits. [nb 2] The bank's large positions in the Americas, EMEA, and Asia Pacific markets make it a systemically important financial institution within the broader economy of Europe. [46] The bank opened a full branch office in Tokyo in 1970. An analysis of banks conducted by environmental group Rainforest Action Network revealed that UBS Bank invested about $300 million in Arctic … UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company. UBS stands for the United Bank of Switzerland, and it currently maintains its headquarters in Zurich. In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Initially, the business was given the divisional name UBS PaineWebber but in 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA. This service encompasses its domestic wealth management businesses for the United States and Canada as well as international businesses booked in the United States. The business was initially renamed UBS Paine Webber in March 2001 after it was acquired by UBS. [39], UBS's main competitors in this division are Bank of America, Credit Suisse, Morgan Stanley, JP Morgan Chase, Wells Fargo and Charles Schwab. The official founding date of the bank is April 1862, the year when its nucleus Bank in Winterthur was founded. [260][261] UBS was named in the category Global Winners as Best Private Bank in the World 2017,[262] and in the list of global best banks 2017, the Group received the award as Global Winner in the category World's Best Investment Banks 2017. Apart from private banking, UBS provides wealth management, asset management, and investment banking services for private, corporate, and institutional clients with international service. Following decades of market competition between the SBC and UBS, the two merged in 1998 to create a single company known solely as "UBS". In an attempt to help make the search easier, we, at AdvisoryHQ, are going to break down one of the top financial services agencies worldwide. A free inside look at company reviews and salaries posted anonymously by employees. best investment bank for financial institutions and real estate and the best equity bank at the Global Finance World’s Best Investment Bank Awards of 2016. it is the first and only bank to get this approval for its course. Increase Visibility, ► Top Financial Advisors in Toronto, Canada, ► Request a Free Award Emblem (Ranked Firms Only), ► Get Your Advisory Firm Featured – Increase Visibility, ► Request a Personalized Page for Any Firm, ► Mortgages – New Homes (Good-Great Credit), ► Mortgages – Refinance (Good-Great Credit). [261][263], In 2019, UBS was listed as one of the Top 50 World's Most Attractive Employers Global Business Ranking 2019 by Universum Global Survey.[264]. Click to view AdvisoryHQ's, ► Get Featured on AdvisoryHQ. In April 2015, UBS opened an innovation lab at the Level39 technology accelerator space in London. [203] The bill was passed by the Swiss Federal Assembly in order to combat the seizure of client assets and information for reasons debated by historians.