We Will Not Rest
|Traded as||SIX: UBSN NYSE: UBS|
|Industry||Banking, Financial services|
|Predecessor(s)||Union Bank of Switzerland and Swiss Bank Corporation merged in 1998; PaineWebber merged in 2000|
|Key people||Axel A. Weber (Chairman)
Sergio Ermotti (CEO)
Finance and Insurance
|Revenue||CHF 65.007 billion (2013)|
|Operating income||CHF 27.732 billion (2013)|
|Net income||CHF 3.172 billion (2013)|
|Total assets||CHF 1.049 trillion (2013)|
|Total equity||CHF 48.002 billion (2013)|
UBS AG is a Swiss global financial services company that is headquartered in Basel and Zürich, Switzerland. The company provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. The name UBS was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank's 1998 merger with Swiss Bank Corporation. The company traces its origins to 1856, when the earliest of its predecessor banks was founded.
UBS is the biggest bank in Switzerland, operating in more than 50 countries with about 63,500 employees globally, as of 2012. It is considered the world's largest manager of private wealth assets; with over CHF2.2 trillion in invested assets, a leading provider of retail banking and commercial banking services in Switzerland. According to the Scorpio Partnership Global Private Banking Benchmark 2013, UBS had assets under management (AuM) of US$1,705.0 billion, representing a 9.7% increase in AuM versus 2012.
UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital. In 2007, the bank received a large capital injection from the Government of Singapore Investment Corporation, which remains one of the bank's largest shareholders. The bank also received capital from the Swiss government and through a series of equity offerings in 2007, 2008, and 2009.
- 1 Corporate structure
- 2 History
- 2.1 Swiss Bank Corporation
- 2.2 Union Bank of Switzerland
- 2.3 Merger of Union Bank of Switzerland and Swiss Bank Corporation
- 2.4 The failure of Long Term Capital Management (LTCM)
- 2.5 Rising in the ranks (2000–2007)
- 2.6 The Beginning of UBS' troubles: The Subprime mortgage crisis (2007)
- 2.7 Stabilizing the ship (2009–present)
- 2.8 Acquisition history
- 3 Management
- 4 Controversies
- 4.1 Meili Affair
- 4.2 U.S. tax evasion controversy
- 4.3 2011 rogue trader scandal
- 4.4 Lehman Bros. Notes
- 4.5 Municipal Bond Market Rigging
- 4.6 2011 Indian Money Laundering Case
- 4.7 German Tax Investigation
- 4.8 Libor Rigging
- 4.9 Mortgage-Backed Securities
- 4.10 French Tax Investigation
- 4.11 Belgian Fraud Investigation
- 5 Corporate social responsibility
- 6 Recognition
- 7 Sponsorship
- 8 References
- 9 External links
UBS is a joint-stock company according to Swiss law, headquartered in Basel and Zürich, and is listed at the SIX Swiss Exchange and the New York Stock Exchange (NYSE). UBS is present in all major financial centers worldwide, with about 37% of its 64,617 employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe, and 10% in the Asia Pacific region. It has a major presence in the United States, with its American headquarters located in New York City (Investment banking); Weehawken, New Jersey (Private Wealth Management); and Stamford, Connecticut (Sales & Trading). UBS's global business groups are wealth management, investment banking and asset management. Additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as of 2009. Overall invested assets are CHF3.265 trillion, shareholders' equity is CHF47.850 billion and market capitalization is CHF151.2 billion by the end of 2Q 2007.
UBS is structured in three client divisions: Investment Banking, Global Asset Management, and Wealth Management. On June 9, 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, rebranded under the UBS moniker as the company began operating as a unified global entity.
UBS Investment Bank
UBS Investment Bank provides securities, other financial products, and research in equities, rates, credit,foreign exchange, precious metals and derivatives. Its 15,000 people across over 30 countries also advise and provide access to capital markets for corporate and institutional clients, governments, financial intermediaries, alternative asset managers, and private investors. UBS Investment Bank was formerly known as UBS Warburg and as Warburg Dillon Read, before the merger of Union Bank of Switzerland and Swiss Bank Corporation (SBC).
Within the UBS Investment Bank, the Investment Banking Department (IBD) provides a range of advisory and underwriting services including mergers and acquisitions, restructuring, equity offerings, investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement of equity, debt, and derivatives.
The Sales & Trading division, comprises Equities (brokering, dealing, market making and engaging in proprietary trading in equities, equity-related products, equity derivatives, and structured products) and FX, Rates and Credit (FRC) (brokering, dealing, market making and engaging in proprietary trading in interest rate products, credit products, mortgage-backed securities, leveraged loans, investment grade and high yield debt, currencies, structured products, and derivative products).
Since the early 2000s, UBS Investment Bank has been among the top fee-generating investment banks globally. For 2010 UBS ranked No.5 globally in mergers & acquisitions advisory, No.5 globally in debt capital markets bookrunning, No.5 globally in follow-on equity offerings, No.3 in European follow-on equity offerings, No.1 in Asia M&A advisory, No.2 in Asian equity capital markets bookrunning, No.2 in Asian follow-on equity offerings, No.2 in Canadian M&A advisory, No.3 in Middle Eastern & African mergers & acquisitions advisory, and No.2 in Middle Eastern & African equity capital markets bookrunning. UBS also ranked No.1 on the 2010 M&A league tables in Australia, ahead of Macquarie Bank and Goldman Sachs.
UBS Global Asset Management
UBS Global Asset Management offers equity, fixed income, currency, hedge fund, real estate, infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies.
The 1998 UBS-SBC merger and subsequent restructuring resulted in the combination of three major asset management operations: UBS Asset Management, Phillips & Drew (owned by Union Bank of Switzerland), and Brinson Partners (owned by SBC). The investment teams were merged in 2000 and in 2002 the brands were consolidated as UBS Global Asset Management.
As of December 2013, UBS Global Asset Management was responsible for CHF583 billion of invested assets. With around 3,700 employees in 24 countries, UBS Global Asset Management is the largest mutual fund manager in Switzerland and one of the largest hedge funds and real estate investment managers in the world. It has major offices in Chicago, Frankfurt, Hartford, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo, and Zürich.
UBS Wealth Management
UBS's wealth management division offers high net worth individuals a range of advisory and investment products and services. UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services. Additionally, UBS provides a broad range of securities and savings products that are supported by the firm's underwriting and research activities as well as order execution and clearing services for transactions originated by individual investors. Until 2009, UBS was considered[by whom?] the largest wealth manager globally.
The business is further divided geographically with separate businesses focused on the U.S. and other international markets. UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business. The business changed its name first to UBS Paine Webber in March 2001 after it was acquired by UBS. The subsidiary further changed its name to UBS Wealth Management USA in June 2003.
UBS Wealth Management employs more than 27,500 personnel in 44 countries. In the United States, UBS Wealth Management employs more than 7,000 financial advisors. UBS also offers traditional Swiss bank services to its non-U.S. clients.
UBS Swiss Bank
In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that include checking, savings, credit cards, and mortgage products for individuals and cash management and commercial banking services for small businesses and corporate clients.
On a global scale, UBS competes with the large global investment banks, though it is regularly compared against its fellow Swiss banking giant, Credit Suisse. In Switzerland, UBS competes with a number of cantonal banks, such as Zürcher Kantonalbank and other cantonal banks, as well as Raiffeisen, PostFinance, and Migros banks.
UBS, as it exists today, is the result of a complex history, as is seen below. UBS is the product of a June 1998 merger of the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). 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 the separate Swiss company United Bank Switzerland – a part of the United Bank Limited's Swiss subsidiary. Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion. UBS also comprises a number of well-known securities firms that have been acquired by the bank and its predecessors. Among the bank's most notable constituent parts are Paine Webber, Dillon, Read & Co., Kidder, Peabody & Co., Phillips & Drew, S. G. Warburg & Co., Blyth, Eastman, Dillon & Co., Jackson & Curtis, and Union Securities, among others.
Swiss Bank Corporation
Origins and early years (1854–1945)
UBS, through Swiss Bank Corporation, traces its history to 1854 when six private banking firms in Basel, Switzerland pooled their resources to form the Bankverein, a consortium that acted as an underwriting syndicate for its member banks. In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein, a joint-stock company replacing the original Bankverein consortium. After the new bank started with an initial commitment of CHF30 million and CHF6 million of share capital, it soon experienced growing pains when heavy losses in Germany caused it to suspend its dividend until 1879. Following the years 1885 and 1886, when the bank merged with the Zürcher Bankverein and acquired the Basler Depositenbank and the Schweizerische Unionbank, it changed its name to Schweizerischer Bankverein. The English name of the bank was originally Swiss Bankverein, but was changed to Swiss Bank Corporation (SBC) in 1917.
SBC subsequently experienced a period of growth, which was only interrupted by the onset of World War I, in which the bank lost investments in a number of large industrial companies. By the end of 1918, the bank had recovered and surpassed CHF1 billion in total assets and grew to 2,000 employees by 1920. The impact of the stock market crash of 1929 and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in 1936. The bank would see its assets fall from a 1929 peak of CHF1.6 billion to its 1918 levels of CHF1 billion by 1936.
In 1937, SBC adopted its three-keys logo, designed by Warja Honegger-Lavater, symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS.
On the eve of World War II in 1939, SBC, like other Swiss banks, was the recipient of large influxes of foreign funds for safekeeping. Just prior to the outbreak of the war, SBC made the timely decision to open an office in New York City. The office, located in the Equitable Building, was able to begin operations a few weeks after the outbreak of the war and was intended as a safe place to store assets in the case of an invasion. During the war, the banks' traditional business fell off and the Swiss government became their largest client.
Post-war years (1945–1998)
In 1945, SBC acquired the Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland but became insolvent by the end of the war. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. SBC, which had entered the 1950s with 31 branch offices in Switzerland and three abroad, more than doubled its assets from the end of the war to CHF4 billion by the end of the 1950s and doubled assets again in the mid-1960s, exceeding CHF10 billion by 1965. In 1961, SBC acquired Banque Populaire Valaisanne, based in Sion, Switzerland and the Banque Populaire de Sierre. The bank opened a full branch office in Tokyo in 1970.
In 1992, SBC acquired O'Connor & Associates, a Chicago-based options trading firm and the largest market maker in the financial options exchanges in the U.S. O'Connor was combined with SBC's money market, capital market, and currency market activities to form a globally integrated capital markets and treasury operation.
In 1994, SBC acquired Brinson Partners, an asset management firm focused on providing access for U.S. institutions to global markets, for US$750 million. Following the acquisition, founder Gary Brinson ran SBC's asset management business and later when SBC merged with UBS was named chief investment officer of UBS Global Asset Management.
The acquisition of S.G. Warburg & Co., a leading British investment banking firm, in 1995 for the price of US$1.4 billion signified a major push into investment banking. S.G. Warburg had established a reputation as a daring merchant bank that grew to be one of the most respected investment banks in London. However, an Warburg expansion into the U.S. had turned out flawed and costly, and talks in 1994 with Morgan Stanley about a merger had collapsed. SBC merged the firm with its own existing investment banking unit to create SBC Warburg.
Two years later, in 1997, SBC paid US$600 million to acquire Dillon, Read & Co., a U.S. bulge bracket investment bank. Dillon, Read, and Co., which traced its roots to the 1830s was among the powerhouse firms on Wall Street in the 1920s and 1930s and by the 1990s had a particularly strong mergers and acquisitions advisory group. Dillon Read had been in negotiations to sell itself to ING, which owned 25% of the firm already, but Dillon Read partners balked at ING's integration plans. After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read. Following SBC's later merger with Union Bank of Switzerland, the SBC part was dropped from the name; in 2000 when the new UBS got restructured the Dillon Read name was dropped, although it was brought back in 2005 as Dillon Read Capital Management, UBS's ill-fated hedge fund operations.
Union Bank of Switzerland
Origins and early years (1862–1945)
The Union Bank of Switzerland emerged in 1912 when the Bank in Winterthur fused with the Toggenburger Bank. The Bank in Winterthur, founded in 1862 with an initial share capital of CHF5 million, focused on providing financing for industry and other companies, and had profited considerably from its close railroad connections and large warehousing facilities during the American Civil War when cotton prices rose dramatically. The Toggenburger Bank was founded in 1863 with an initial share capital of CHF1.5 million, and specialized as a savings and mortgage bank for individual customers, maintaining a branch office network in eastern Switzerland.
The new company was initially traded under the English name Swiss Banking Association, but in 1921 it was changed to Union Bank of Switzerland (UBS) to mirror its French name, Union de Banques Suisses. In German, the bank was known as the Schweizerische Bankgesellschaft (SBG). The combined bank had total assets of CHF202 million and a total shareholders' equity of CHF46 million. In 1917, UBS completed the construction of a new headquarters in Zurich on Bahnhofstrasse, considered to be the Wall Street of Switzerland. By 1923, offices were established throughout Switzerland. Although the bank suffered in the aftermath of World War I and the Great Depression, it was able to make several smaller acquisitions; in 1937 it established Intrag AG, an asset management business responsible for investment trusts, (i.e. mutual funds).
Activities in World War II
The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after the war, when it was demonstrated that UBS likely took active roles in trading stolen gold, securities, and other assets during World War II. The issue of "unclaimed property" of Holocaust victims became a major issue for UBS in the mid-1990s and a series of revelations in 1997 brought the issue to the forefront of national attention in 1996 and 1997. UBS confirmed that a large number of accounts had gone unclaimed as a result of the bank's policy of requiring death certificates from family members to claim the contents of the account. UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S. UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.
In January 1997, Christoph Meili, a night watchman at the Union Bank of Switzerland, found employees shredding archives compiled by a subsidiary that had extensive dealings with Nazi Germany. The shredding was in direct violation of a then-recent Swiss law adopted in December 1996 protecting such material. UBS acknowledged that it had "made a deplorable mistake", but an internal historian maintained that the destroyed archives were unrelated to the Holocaust. Criminal proceedings then began against the archivist for possible violation of a recent Federal Document Destruction decree and against Meili for possible violation of bank secrecy, which is a criminal offence in Switzerland. Both proceedings were discontinued by the District Attorney in September 1997.
Meili was suspended from his job at the security company that served UBS, following a criminal investigation. Meili and his family left Switzerland for the United States where they were granted political asylum.
In 1997, the World Jewish Congress lawsuit against Swiss banks was launched to retrieve deposits made by victims of Nazi persecution during and prior to World War II, ultimately resulting in a settlement of US$1.25 billion in August 1998.
Post-war years (1945–1998)
Shortly after the end of World War II, Union Bank of Switzerland completed the acquisition of the Eidgenössische Bank, a large Zürich-based bank that became insolvent. As a result of the merger, Union Bank of Switzerland exceeded CHF1 billion in assets and moved its operations to Zürich. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in 1950 to 81 offices by the early 1960s.
In 1960, Union Bank of Switzerland acquired an 80% stake in Argor SA, a Swiss precious metals refinery founded in 1951 in the canton of Ticino. In 1973, the bank increased the stake to full 100% ownership, though the ownership was ultimately sold between 1986 and 1999 to Argor-Heraeus SA. UBS continues to issue gold bars via Argor-Heraeus which is famous for the unique kinebar holographic technology it uses to provide enhanced protection against bank gold bar counterfeiting.
By 1962, Union Bank of Switzerland reached CHF6.96 billion of assets, narrowly edging ahead of Swiss Bank Corporation to become the largest bank in Switzerland. The rapid growth was punctuated by the 1967 acquisition of Interhandel (Industrie- und Handelsbeteiligungen AG, the corporate successor of I.G. Chemie), which made UBS one of the strongest banks in Europe. Interhandel had become cash-rich when a dispute concerning GAF Materials Corporation, a subsidiary formerly known as General Aniline & Film and seized by the U.S. government during the war, was resolved in 1963 and the subsidiary was disposed.
By the 1980s, Union Bank of Switzerland established a position as a leading European underwriter of eurobonds. 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. At the time of the acquisition, the business managed in excess of US$30 billion in assets.
Union Bank of Switzerland entered the 1990s the largest and most conservative of the three large Swiss Banks. The bank's investments had been in the conservative asset management and life insurance businesses; further, 60% of the bank's profits came from its even more conservative Swiss banking operations. In 1993, Credit Suisse outbid Union Bank of Switzerland for Switzerland's Swiss Volksbank, the fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s. The acquisition propelled Credit Suisse ahead of Union Bank of Switzerland as the largest bank in Switzerland for the first time. Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1994 including the Cantonal Bank of Appenzell-Ausserrhoden in 1996, and in 1997 Schroder, Munchmeyer, Hengst & Co. from Lloyds Bank was acquired to improve access to the German investment banking and private wealth management markets.
Merger of Union Bank of Switzerland and Swiss Bank Corporation
During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force a major restructuring of the bank’s operations. Looking to take advantage of the situation, Credit Suisse approached Union Bank of Switzerland about a merger that would have created the second largest bank in the world in 1996. Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger. Ebner, who supported the idea of a merger, led a shareholder revolt that resulted in the replacement of Union Bank of Switzerland's chairman, Robert Studer with Mathis Cabiallavetta, one of the key architects of the merger with Swiss Bank Corporation.
On December 8, 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively. Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.
The merger resulted in the creation of UBS AG, a huge new bank with total assets of more than US$590 billion. Also referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the Bank of Tokyo-Mitsubishi. Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$910 billion in assets under management. The combined entity was originally to be called United Bank of Switzerland, but foreseeing a problem with United Bank Switzerland, opted for UBS.
The merger, which was billed as a merger of equals, resulted in the Union Bank of Switzerland's shareholders receiving 60% of the combined company and Swiss Bank's shareholders receiving the remaining 40% of the bank's common shares. Union Bank of Switzerland's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's Marcel Ospel was named chief executive officer. Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Prior to the merger, Swiss Bank Corporation was considered to be further along than Union Bank of Switzerland in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read was considered to be the more established platform. Union Bank of Switzerland in turn had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities. After the merger was completed, it was speculated that a series of losses suffered by UBS on its equity derivative positions in late 1997 was a contributing factor in pushing UBS management to consummate the merger.
The failure of Long Term Capital Management (LTCM)
Long Term Capital Management (LTCM) was a U.S. hedge fund used for trading strategies such as fixed income arbitrage, statistical arbitrage, and pairs trading, combined with high leverage. Its collapse in 1998 led to a bailout by major banks and investment houses, and resulted in massive losses for UBS at a time when it had merged with Swiss Bank Corporation. However, UBS involvement with LTCM pre-dated the merger.
UBS had initially been reluctant to invest in LTCM, rebuffing an investment in 1994 and again shortly thereafter. UBS, suffering criticism of its conservative business model, was looking for ways to catch up to its key Swiss rivals and viewed LTCM as the type of client that could help accelerate the bank's growth. In 1997, UBS entered into a financing arrangement with LTCM, and the hedge fund quickly became the bank's largest client, generating US$15 million in fees for UBS. Union Bank of Switzerland sold LTCM a 7-year European call option on 1 million shares in LTCM, then valued at about US$800 million. It hedged this option by purchasing a US$800 million interest in LTCM and invested a further US$300 million in the hedge fund. Originally intended to provide UBS with a steady stream of income, UBS instead suffered major losses when the hedge fund collapsed. Following the merger, Swiss Bank managers were surprised to discover the massive exposure to LTCM at UBS. Ultimately, UBS was unable to sell or hedge its interest in LTCM as its value declined in the summer of 1998.
By November 1998, UBS's losses from its exposure to LTCM were estimated at approximately CHF790 million. UBS would prove to be the largest single loser in the LTCM collapse, ultimately writing off CHF950 million. The Federal Reserve Bank of New York organized a bailout of US$3.625 billion by the hedge fund's major creditors to avoid a wider collapse in the financial markets. UBS contributed US$300 million to the bailout effort, which would largely be recovered. In the aftermath of the LTCM collapse, Mathis Cabiallavetta resigned as chairman of UBS, along with three other executives.
Following its involvement with LTCM, UBS issued a statement: "Given the developments in the international financial markets, in the future UBS will [...] focus even more intensively on those areas of business likely to generate sustainable earnings with a justifiable level of risk."
Rising in the ranks (2000–2007)
On November 3, 2000, UBS merged with Paine Webber, an American stock brokerage and asset management firm led by chairman and CEO Donald Marron. At the time of its merger with UBS, Paine Webber had emerged as the fourth largest private client firm in the United States with 385 offices employing 8,554 brokers. The acquisition pushed UBS to the top wealth and asset management firm in the world. 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. UBS took a CHF 1 billion writedown for the loss of goodwill associated with the retirement of the Paine Webber brand when it integrated its brands under the unified UBS name in 2003.
John P. Costas, a former bond trader and co-head of Fixed Income at Credit Suisse First Boston and head of Fixed Income Trading at Union Bank of Switzerland in 1998, was appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2001. In an attempt to break into the elite bulge bracket of investment banks, in which UBS then had little success while rival Credit Suisse was establishing itself as a major player on Wall Street with the acquisition of Donaldson, Lufkin & Jenrette in 2000, Costas shifted the growth strategy from acquiring entire firms to hiring individual investment bankers or teams of bankers from rival firms. Costas had followed a similar approach in building out the UBS fixed income business, hiring over 500 sales and trading personnel and increasing revenues from US$300 million in 1998 to over US$3 billion by 2001.
The arrival of former Drexel Burnham Lambert investment banker Ken Moelis marked a major coup for Costas. Moelis joined UBS from Donaldson Lufkin & Jenrette in 2001 shortly after its acquisition by Credit Suisse First Boston (although Huw Jenkins claimed he had hired Moelis to the UK Parliamentary Banking commission while under oath, which is patently false). In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited, along with Costas, with the build-out of UBS's investment banking operation in the United States. Within weeks of joining, Moelis brought over a team of 70 bankers from Donaldson, Lufkin & Jenrette. Costas and Moelis hired more than 30 senior U.S. bankers from 2001 through 2004. It was estimated that UBS spent as much as US$600 million to US$700 million hiring top bankers in the U.S. during this three-year period. Among the bank's other major recruits during this period were Olivier Sarkozy, Ben Lorello, Blair Effron, and Jeff McDermott.
By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning US$2.1 billion of the US$39 billion paid to investment banks that year, increasing 33%. Over the next four years, UBS consistently ranked in the top 4 in the global fee pool and established a track record of 20 consecutive quarters of rising profits.
However, by the end of 2006, UBS began to experience changing fortunes. In late 2005, Costas headed a new hedge fund unit within UBS known as Dillon Read Capital Management. His former position was taken over by Huw Jenkins, a long-time legacy UBS investment banker. In 2006, UBS bankers Blair Effron and Michael Martin announced their departures. In March 2007, Moelis announced that he was leaving the company, and shortly thereafter founded a new business, Moelis & Company. As he had when joining UBS, Moelis took a large team of senior UBS investment bankers. Moelis's departure was caused primarily by repeated conflict over the availability of capital from the bank's balance sheet to pursue large transactions, particularly leveraged buyouts. The bank's apparent conservatism would be turned on its head when large losses were reported in various mortgage securities rather than corporate loans that generated investment banking fees. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early 2007 and, as the financial crisis set in, other high profile bankers such as Oliver Sarkozy in early 2008 and Ben Lorello in 2009.
The Beginning of UBS' troubles: The Subprime mortgage crisis (2007)
In early 2007, UBS became the first Wall Street firm to announce heavy losses in the subprime mortgage sector as the subprime mortgage crisis began to unfold. In May 2007, UBS announced the closure of its Dillon Read Capital Management (DRCM) division. Before that time, there was little understanding of the troubles at DRCM or the massive expansion of risk engineered by the investment banking division under the leadership of the newly placed CEO Huw Jenkins.
DRCM, which was a large internal hedge fund, had been started to much publicity in 2005 and invested money both on behalf of UBS and some of its clients. However, DRCM had been formed in large part to keep some of the bank's traders from defecting to hedge funds as well as to create a position for John Costas who had been instrumental in creating UBS's successful investment banking business in the U.S. from 2001–2005. Costas had been replaced by Huw Jenkins, a long-time legacy UBS investment banker with little fixed income or mortgage experience. DRCM hired a large team of professionals, many of whom were attracted from the investment bank with large compensation packages. Although in 2006, DCRM had generated a profit for the bank of US$720 million, after UBS took over DRCM's positions in May 2007 and removed hedges allowing losses to grow from the US$124 million recorded by DRCM, ultimately to "16% of the US$19 billion in losses UBS recorded." The UBS investment bank continued to expand sub prime risk in the second quarter of 2007 while most market participants were reducing risk resulting in not only expanding DRCM losses but creating the 84% of the other losses experienced by the bank. By October 2007, UBS was indicating that the assets could not be sold given the illiquidity in the market.
In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank Peter Wuffli unexpectedly stepped down as CEO of the firm during the second quarter of 2007. Wuffli would be joined by many of his fellow managers in the next year, most notably the bank's chairman Marcel Ospel. However, the bank's problems continued through the end of 2007, when the bank reported its first quarterly loss in over five years. As its losses jeopardized the bank's capital position, UBS quickly raised US$11.5 billion of capital in December 2007, US$9.7 billion of which came from the Government of Singapore Investment Corporation (GIC) and US$1.8 billion from an unnamed Middle Eastern investor. Those 2007 capital injections would initially be highly unpopular among UBS shareholders who clamored to have an opportunity to participate on the same terms. However, over time, these early investments in UBS proved to be unsuccessful for the investors involved as the bank's stock price remained below 2007 levels more than two years later.
Impact of the financial crisis (2008–2009)
After a significant expansion of fixed income risk under the leadership of Huw Jenkins, the UBS Investment Bank CEO, during 2006 and 2007 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. (Huw had been asked to leave in October 2007.) By this point, UBS's total losses in the mortgage market were in excess of US$37 billion, the largest such losses of any of its peers. In response to its losses, UBS announced a CHF15 billion rights offering to raise the additional funds need to shore up its depleted reserves of capital. 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. Marcel Ospel, who had been the architect of the merger that created UBS in 1998, also announced that he would step down as chairman of the bank to be replaced by Peter Kurer, the bank’s general counsel with virtually no banking experience. This ultimately proved very costly to UBS.
In October 2008, UBS announced that it had placed CHF6 billion of new capital, through mandatory convertible notes, with Swiss Confederation. The SNB (Swiss National Bank) and UBS made an agreement to transfer approximately US$60 billion of currently illiquid securities and various assets from UBS to a separate fund entity. UBS raised an additional US$11.5 billion of capital in December 2007, US$9.7 billion of which came from the Government of Singapore Investment Corporation (GIC) and US$1.8 billion from an unnamed Middle Eastern investor. In November 2008, UBS put US$6 billion of equity into the new “bad bank” entity, keeping only an option to benefit if the value of its assets were to recover. Heralded as a “neat” package by the New York Times, the UBS structure guaranteed clarity for UBS investors by making an outright sale.
UBS announced in February 2009 that it had lost nearly CHF20 billion (US$17.2 billion) in 2008, the biggest single-year loss of any company in Swiss history. Since the beginning of the financial crisis in 2007, UBS has written down more than US$50 billion from subprime mortgage investments and cut more than 11,000 jobs.
Stabilizing the ship (2009–present)
By the spring of 2009, UBS announced another management restructuring and initiated a plan to return to profitability. Jerker Johansson, the head of the investment bank division, resigned in April 2009 and was replaced by Alex Wilmot-Sitwell and Carsten Kengeter. At the same time, UBS announced the planned elimination of 8,700 jobs and had implemented a new compensation plan. Under the plan, no more than one-third of any cash bonus would be paid out in the year it is earned with the rest held in reserve and stock-based incentives that would vest after three years; top executives would have to hold 75% of any vested shares. Additionally, the bank's chairman, Peter Kurer, would no longer receive any extra variable compensation, only a cash salary and a fixed allotment of shares that could not be sold for four years. In April 2009, UBS announced that it has agreed to sell its Brazilian financial services business, UBS Pactual, for approximately US$2.5 billion to BTG Investments. UBS rejected proposals to break apart the bank and divest its investment banking division.
By the summer of 2009, UBS was showing increased signs of stabilization. Taking advantage of conditions in the stock market, UBS placed US$3.5 billion of shares with a small number of large institutional investors. The Swiss government sold its CHF6 billion stake in UBS in late 2008 at a large profit; Switzerland had purchased convertible notes in 2008 to help UBS clear its balance sheets of toxic assets. Oswald Grübel announced, “We are building a new UBS, one that performs to the highest standards and behaves with integrity and honesty; one that distinguishes itself not only through the clarity and reliability of the advice and services it provides but in how it manages and executes." Grübel reiterated plans to maintain an integrated business model of providing wealth management, investment banking, and asset management services.
In August 2010, UBS launched a new advertising campaign featuring the slogan: “We will not rest" and signed a global sponsorship agreement with Formula 1.
On October 26, 2010, UBS announced that its private bank recorded net new funds of CHF900 million during the third quarter, compared to an outflow of CHF5.5 billion in second quarter. UBS's third quarter net profit of US$1.65 billion beat analyst estimates, continuing a string of profitability.
After the elimination of almost 5,000 jobs, UBS announced on August 23, 2011 that it was further eliminating another 3,500 positions in order to "improve operating efficiency" and save CHF1.5 to CHF2 billion a year. 45 percent of the job cuts will come from the investment banking unit, which has continued to post dismal figures since the 2008 financial crisis, while the rest would come from the wealth management and asset management divisions. The firm has seen profits fall due to the rise of the Swiss franc.
On October 30, 2012, UBS announced it was cutting 10,000 jobs worldwide in an effort to slim down its investment banking operations, of which 2,500 will be in Switzerland, followed by the United States and Great Britain. This 15-percent staff cut will make overall staff count come down from 63,745 to 54,000. (For comparison, the peak employees level in 2007 before the 2008 financial crisis was 83,500.). UBS also announced that the investment bank would focus on its traditional strengths and exit certain businesses within fixed income that are not economically profitable.
On December 19, 2012 UBS was fined $1.5bn ($1.2bn to the US Department of Justice and the Commodity Futures Trading Commission, £160m to the UK Financial Services Authority and 60m CHF to the Swiss Financial Market Supervisory Authority) for its role in the libor scandal over accusations that it tried to rig benchmark interest rates. US Assistant Attorney General Lanny Breuer described the conduct of UBS's as "simply astonishing" and declared the US would seek, as a criminal matter, the extradition of traders Tom Hayes and Roger Darin. The bank has stated that these and other fines would probably result in a significant fourth-quarter loss in 2012. The fine levied by the FSA, reduced due to the bank's cooperation, was the largest in the agency's history.
On January 6, 2014 it was reported that UBS had become the largest private banker in the world, with $1.7 trillion in assets.
As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date to the 19th century. Over the years, these firms merged to form the bank's three major predecessors, Union Bank of Switzerland, Swiss Bank Corporation, and Paine Webber. The following is a visual illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:
(Formed 1998 from merger of Union Bank of Switzerld & Swiss Bank Corp.)
Board of Directors
The Board of Directors is the most senior corporate body with ultimate responsibility for the strategy and the management of the company and for the appointment and supervision of its executive management. Its members, as of May 3, 2012, are:
- Chairman: Axel A. Weber
- Vice Chairman: Michel Demaré
- Senior Independent Director: David Sidwell
- Reto Francioni
- Rainer-Marc Frey (founder and chairman of Horizon21)
- Ann F. Godbehere
- Axel P. Lehmann
- Helmut Panke
- William G. Parrett
- Isabelle Romy (Partner, Niederer Kraft & Frey)
- Beatrice Weder di Mauro (former member German Council of Economic Experts)
- Joseph Yam
- Company Secretary: Luzius Cameron
Chairman Marcel Ospel did not seek re-election at the April 23, 2008 annual general meeting of shareholders and was succeeded by Peter Kurer, who was general counsel. On April 15, 2009, Peter Kurer was succeeded by Kaspar Villiger. Former Bundesbank president Axel A. Weber was nominated for election to the board at the annual 2012 meeting in mid-2011 and, at that time, intended to be named chairman of the board after Villiger's retirement in 2013. However, in May 2012, Villiger and board member Bruno Gehrig stepped down.
Group Executive Board
The Group Executive Board is the executive body of the company, the members of which are:
- Group Chief Executive Officer: Sergio Ermotti
- Group General Counsel: Markus U. Diethelm
- Chief Executive Officer Global Asset Management & Chairman and CEO of UBS Group Europe, Middle East, and Africa (EMEA): Ulrich Körner
- Chief Executive Officer UBS Switzerland: Lukas Gähwiler
- Group Chief Risk Officer: Philip J. Lofts
- Chief Executive Officer UBS Group Americas: Robert J. McCann
- Group Chief Operating Officer & Group Chief Financial Officer: Tom Naratil
- Chief Executive Officer Investment Bank: Andrea Orcel
- Chairman and CEO UBS Group Asia Pacific (APAC): Chi-Won Yoon
- Chief Executive Officer Wealth Management: Jurg Zeltner
With Oswald Grübel's resignation as CEO and Ermotti's interim appointment in his place on September 24, 2011, The Wall Street Journal reported that the succession process appeared to be a two-person race between Ermotti from EMEA and Kengeter from the investment bank. Ermotti, who had spent many years at what is now Bank of America Merrill Lynch, had joined UBS in April; Kengeter is a German national who joined UBS from Goldman Sachs in 2008 and who had reportedly disagreed with some UBS investment bankers over pay and other matters, the journal also said.
Previously, on February 26, 2009, Marcel Rohner had resigned and was succeeded by Grübel. On April 1, 2009, Grübel hired Ulrich Körner in a newly established role as Chief Operating Officer (COO) and CEO of Corporate Center. Körner's task was to be to cut administrative expenses and boost profits.
On May 10, 2004, UBS was fined US$100 million by the U.S. Federal Reserve for illegally transferring funds from an account set up by the Federal Reserve at UBS to Iran, Cuba, and other countries presently under a U.S. trade embargo.
The Indian securities regulator Securities and Exchange Board of India (SEBI) alleged that UBS had played a role in the 2004 Black Monday stock market crash which followed the National Democratic Alliance government’s defeat in the general elections. SEBI's ruling of May 17, 2005 barred UBS from issuing or renewing participatory notes for one year. The ban was later lifted on appeal, as a result of a Securities Appellate Tribunal (SAT) ruling on September 9, 2005. SEBI challenged SAT's order in the Supreme Court of India. On February 9, 2009, the Supreme Court disposed of the case after SEBI and UBS said they had reached a settlement under which UBS agreed to pay an amount of about 50 lakh (US$83,000).
In April 2005, UBS lost the landmark discrimination and sexual harassment case, Zubulake v. UBS Warburg. The plaintiff, Laura Zubulake, was a former institutional equities salesperson at the company's Stamford office. The jury found that her manager, Matthew Chapin, had denied her important accounts and mocked her appearance to co-workers. She claimed several sexist policies in place, such as entertaining clients at strip clubs, made it difficult for women to socialize and foster business contacts with clients. The jury found that UBS had destroyed relevant e-mail evidence after the litigation hold had been in place. UBS was ordered to pay the plaintiff US$9.1 million in compensatory damages (including back pay and professional damage), and US$20.2 million in punitive damages.
On October 18, 2005, three African-American employees filed a class action lawsuit against the company in the United States District Court for the Southern District of New York alleging racial discrimination in hiring, promotion, and other employment practices. The three plaintiffs in Freddie H. Cook, Sylvester L. Flaming Jr., and Timothy J. Gandy v. UBS Financial Services, Inc., claim that segregation and discrimination in job assignments and compensation were widespread and the firm had done nothing to diversify its workforce. The lawsuit also claims offices operating in Largo, Maryland and Flushing, New York were illegally created to serve African-Americans and Asian-Americans respectively, and that the firm’s management frequently ridiculed the Largo branch office and its staff, referring to it as a “diversity” office. On April 23, 2007, U.S. District Judge, Peter J. Messitte, granted plaintiff's request to dismiss the class allegations without prejudice. As a result of this dismissal, the case now comprises the individual claims of three plaintiffs.
In January 1997, Michel Christopher "Christoph" Meili (born 1968), a night guard at the Union Bank of Switzerland (precursor of UBS) in Zürich, Switzerland, discovered that bank officials were destroying documents about orphaned assets, believed to be the credit balances of deceased Jewish clients whose heirs' whereabouts were unknown, as well as books from the Nazi German Reichsbank. The books listed real-estate records for Berlin property that had been seized by the Nazis, placed in Swiss accounts, and then claimed to be owned by UBS. The destruction of such documents is illegal under Swiss law.
Meili took some of the bank files home, then handed them over to a local Jewish organization, which brought the documents to the police and eventually to the press, which revealed the document destruction. The Zürich authorities opened a judicial investigation against Meili for suspected violations of the Swiss laws on banking secrecy, which is a prosecutable offense ex officio in Switzerland. After Meili and his family reported receiving death threats, they fled to the United States and were granted political asylum.
After a US$2.56 billion lawsuit was filed against UBS and other Swiss banks on behalf of the Jewish victims of the Holocaust, a settlement was reached between UBS and other Swiss banks that had laundered Nazi assets totaling US $1.25 billion in August 1998. In his book Imperfect Justice, Stuart Eizenstat claimed the "Meili Affair" was important in the decision of Swiss banks to participate in the process of reparations for victims of Nazi looting during World War II. He wrote that the affair "did more than anything to turn the Swiss banks into international pariahs by linking their dubious behavior during and after the war to the discovery of a seemingly unapologetic attempt to cover it up now by destroying documents." Eizenstat believes that the affair influenced the Swiss Bankers Association (SBA) decision to create a Humanitarian Fund for the Victims of the Holocaust as well as being one of a series of events that influenced the calling of the 1997 London Conference on Nazi Gold.
U.S. tax evasion controversy
In 2005, Bradley Birkenfeld, a Geneva-based employee who worked in the bank's North American wealth management business, claims that he learned that UBS's dealings with American clients violated an agreement between the bank and the U.S. Internal Revenue Service. He said that he was disturbed by an internal legal document that he believed was prepared to give UBS legal cover should bank-sanctioned illegal activities be uncovered. The bank could then shift the blame to its employees. He subsequently complained to UBS compliance officials about the bank's "unfair and deceptive business practices". When he received no response after three months, he wrote to UBS General Counsel Peter Kurer about the illegal practices. Subsequently, Birkenfeld resigned from UBS in October 2005.
In 2007, Birkenfeld, a U.S. citizen, decided to tell the U.S. Department of Justice (DOJ) what he knew about UBS's practices. At the same time, he planned to take advantage of the Tax Relief and Health Care Act of 2006 that could pay him up to 30% of any tax revenue recouped by the IRS as a result of Birkenfeld's information. In April 2007, Birkenfeld's arranged for Birkenfeld to be cooperating with the DOJ, though the relationship between the department and the whistleblower were troubled. Birkenfeld also met with the Securities and Exchange Commission, the IRS, and the U.S. Senate.
Because of Birkenfeld's revelations, In June 2008, the U.S. Federal Bureau of Investigation made a formal request to travel to Switzerland to probe a multi-million-dollar tax evasion case involving UBS. That same month, the United States Senate panel that Birkenfeld had communicated with accused Swiss banks, including UBS, of helping wealthy Americans evade taxes through offshore accounts, and calculated the total cost of this practice as being in excess of US$100 billion annually. U.S. clients held about 19,000 accounts at UBS, with an estimated US$18 billion to US$20 billion in assets, in Switzerland, according to the findings.
In response to the report and the FBI investigation, UBS announced that it would cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July 2008. In November 2008, a U.S. federal grand jury indicted Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking and member of UBS's Group Executive Board, in connection with the ongoing investigation of UBS's US cross-border business. UBS would eventually cut ties to Raoul Weil in May 2009 and he would face charges after UBS had settled its criminal case with the government. The U.S. issued an international arrest warrant for Weil, and he was finally extradited to the United States after being arrested in Italy in 2013. In January 2014, Weil pleaded not-guilty in federal court to helping U.S. taxpayers evade taxes on $20 billion in offshore assets.
UBS agreed on February 18, 2009 to pay a fine of US$780 million to the U.S. government and entered into a deferred prosecution agreement (DPA) on charges of conspiring to defraud the United States by impeding the Internal Revenue Service. The DPA entailed UBS paying US$780 million to settle criminal charges, and criminal charges were dismissed. The figures include interest, penalties, restitution for unpaid taxes and disgorgement of profits. As part of the deal, UBS also settled Securities and Exchange Commission charges of having acted as an unregistered broker/dealer and investment adviser for Americans.
The day after settling its criminal case on February 19, 2009, the U.S. government filed a civil suit against UBS to reveal the names of all 52,000 American customers, alleging that the bank and these customers conspired to defraud the IRS and federal government of legitimately owed tax revenue. The Swiss Financial Market Supervisory Authority (FINMA) had given the United States government the identities of, and account information for, certain United States customers of UBS’s cross-border business as part of its criminal investigation in 2009. On August 12, 2009, UBS announced a settlement deal that ended its litigation with the IRS. However, this settlement set up a showdown between the U.S. and Swiss governments over the secrecy of Swiss bank accounts. It was not until June 2010 that Swiss lawmakers approved a deal to reveal client data and account details of U.S. clients who were suspected of tax evasion.
2011 rogue trader scandal
On September 15, 2011, UBS became aware of a massive loss, originally estimated at US$2 billion, due to unauthorized trading allegedly by Kweku Adoboli, a then 31-year-old trader on the Delta One desk of the firm’s investment bank. Adoboli was arrested and later charged with fraud by abuse of position and false accounting dating as far back as 2008. UBS's actual losses were subsequently confirmed as US$2.3 billion, and according to the prosecutor in Adoboli's trial he "was a gamble or two from destroying Switzerland's largest bank for his own benefit."
The bank stated that no client positions had been affected and its CEO Oswald Gruebel initially dismissed calls for his resignation, commenting that “if someone acts with criminal intent, you can’t do anything.” However, UBS's management was subsequently criticized for its "lapses" by the Government of Singapore Investment Corporation, the bank's largest shareholder, in a rare press statement on September 20, 2011, and on September 24, 2011 UBS announced Grübel's resignation, with Sergio Ermotti named Group CEO on an interim basis. On October 5, 2011, Francois Gouws and Yassine Bouhara, co-heads of UBS's Global Equities franchise, also resigned.
The scale of UBS's losses led to renewed calls for the global separation of commercial banking from investment banking, while media commentators suggested UBS should consider downsizing its investment bank and potentially rebranding it under the resurrected S.G. Warburg name.
In Switzerland, where the Government had bailed out UBS in 2008, particular concern was voiced about the nature of the alleged trading which, it was suggested, might have been directed against the interests of the Swiss economy. Christian Levrat, the President of the SP-Party said, "Should it prove true that UBS, having been rescued by the state in 2008, has speculated against the Swiss franc, [UBS Chairman] Villiger must take the consequences."
If found guilty, Abodoli will have generated the third-largest loss by a rogue trader in history, after Jerome Kerviel of Société Générale (who also worked on a Delta One desk) and Yasuo Hamanaka, a copper trader at Sumitomo Corporation.
Lehman Bros. Notes
In 2011, UBS was fined US$2.5 million by the Financial Industry Regulatory Authority connected to the sale of Lehman Brothers Holdings structured notes for omissions and misleading statements it made to investors. UBS underwrote and marketed $900 million worth of 100% Principal-Protection Notes between March 2007 and September 2008; Lehman Bros. went bankrupt in September 2008. UBS also agreed to pay US$8.25 million in restitution and interest to American investors.
In August 2013, UBS settled a class action lawsuit filed by holders of Lehman notes. The lawsuit charged that UBS's depiction of the financial condition of Lehman Bros. UBS settled the lawsuit with a payout of US$120 million.
Municipal Bond Market Rigging
UBS agreed in 2011 to pay US$160 million in restitution, penalties and disgorgement of profits for rigging bids in the U.S. municipal bond market, after the bank and three of its employees were charged by the U.S. Department of Justice in 2010. In July 2013, the three employees were convicted of conspiracy for their part in the muni market fraud: former UBS Vice President Gary Heinz was sentenced to 27 months in prison and fined US$400,000; former UBS global commodities chief Peter Ghavami was sentenced to 18 months and fined US $1 million; and former UBS VP Michael Welty received a 16-month sentence and fined US$300,000. In addition to conspriacy, Ghavami and Heinz also were convicted of wire fraud. Federal prosecutors had asked for much harsher sentences, but U.S. District Judge Kimba Wood rebuffed the request. Wood said that the criminal behavior of the three was an aberration from their normal law-abiding lives.
2011 Indian Money Laundering Case
UBS was implicated in a money laundering case involving Saudi arms dealer Adnan Khashoggi and an Indian citizen introduced to UBS by Khashnoggi. In 2011, Hasan Ali Khan, owner of a Pune, India stud farm, was arrested by India's Enforcement Directorate and charged with serving as a front for Khashnoggi. Khan and Kolkata businessman Kashinath Tapuriah were charged under the Prevention of Money Laundering Act. Allegedly, in 2003, Khan helped launder US$300 million of money Khashnoggi made through arms sales through the Zurich branch of UBS.
Khan and Tapuriah admitted to knowing Kashnoggi,and Khan described him as a friend. Khashnoggi had to use Khan as a front as UBS had blackballed him due to his notoriety. Introduced to UBS by Khashnoggi in 1982, Khan enabled the arms dealer to launder funds held in American accounts through UBS Geneva. One of Khan's accounts eventually was blocked when it was determined that the source of the funds came from Khashnoggi's arms sales.
India Today claimed that it had verified a letter confirming that Khan has US$8 billion in "black money" (laundered money) in a UBS account, and the government of India reportedly verified this with UBS. UBS denied Indian media reports alleging that it maintained a business relationship with or had any assets or accounts for Hasan Ali Khan. Upon formal request by Indian and Swiss government authorities, the bank announced that the documentation supposedly corroborating such allegations was forged and numerous media reports claiming he had US$8 billion in black money at the bank were false.
German Tax Investigation
UBS Deutschland AG came under investigation by prosecutors in Mannheim, Baden Wuerttemberg after a tax probe revealed suspicious funds transfers from Germany to Switzerland allegedly facilitated by UBS Deutschland's Frankfurt office. Prosecutors are investigating UBS's abetting of tax evasion by German taxpayers from 2004 to 2012. The investigation is expected to lessen the chances that a German-Swiss tax treaty.
UBS Deutschland's Frankfurt office was raided by tax investigators in May, and over 100,000 computer files and records were seized. The evidence is being assessing this evaluated for evidence that UBS employees enabled tax evasion. The bank, which claims it is cooperating with the investigators, says that "an internal investigation into the specific allegations has not identified any evidence of misbehavior by UBS Deutschland AG."
UBS in December 2012 agreed to pay US$1.5 billion to settle a case filed by the U.S. Commodity Futures Trading Commission alleging that it engaged in a criminal conspiracy charges to rig the London Interbank Offered Rate (Libor) rates used on loans via a Japan-based subsidiary. UBS also has been charged by British and Swiss financial regulators in its Libor manipulation scheme. In settling the case, the bank acknowledged wrongdoing. UBS Chief Executive Sergio Ermotti said, "We are taking responsibility for what happened," and said that all the employees linked to the scam had already left the bank. He said the U.S. fine would result in a bank US$2.7 billion in the fourth quarter.
The UBS scheme involved multiple banks, brokers and traders to manipulate interest rates to generate a profit on trades. The scheme lasted six years before it was broken up. UBS entered into a deferred prosecution agreement with the U.S. Department of Justice, so it was not the subject of criminal indictments, although its UBS Securities Japan subsidiary was not exempt. The subsidiary pleaded guilty to wire fraud.
The scheme's ringleader was former UBS trader Thomas Hayes, who was indicted by U.S. prosecutors along with Swiss national Roger Darin.
In July 2013, UBS settled a lawsuit filed against it by Federal Housing Finance Agency (FHFA), the U.S. federal agency that oversees Fannie Mae and Freddie Mac, with a payout of US$885 million. UBS admitted no wrongdoing in the settlement.
On behalf of Fannie and Freddie, the FHFA had sued UBS and 17 other banks in July 2011 over mortgage-backed securities sold to the two government-sponsored enterprises that buy mortgages in the secondary market and repackages them as securities to boost liquidity in the mortgage business. The lawsuit claimed that UBS and the other banks falsified information on the risk of mortgage-backed securities it sold to the two entities. UBS allegedly had misrepresented the quality of mortgages sold to the two housing agencies in a US$4.5 billion. The FHFA was seeking approximately US$900 million in damages.
French Tax Investigation
In 2013, France launched an investigation into UBS France's alleged abetting of tax evasion by French tax payers. The investigation was spurred by the March 2012 publication of a muckraking book about UBS, Ces 600 milliards qui manquent à la France – Enquête au cœur de l’évasion fiscale ("Those 600 billion which France is missing – Inquiry into the heart of tax evasion"), estimated the amount of tax income lost to UBS-controlled offshore accounts at €600 billion.
UBS France executive Patrick de Fayet was among three local branch executives are being investigated. UBS wealth management bankers allegedly broke the law by enabled French taxpayers in hiding their assets in UBS-controlled offshore assets to avoid paying taxes. The bankers had the intention of directing their French clients assets to UBS's Switzerland operation, rather than keep the money in France.
Belgian Fraud Investigation
In June 2014, the chief executive of UBS Belgium, Marcel Brühwiler, was detained on suspicion of fraud, while UBS' offices and Brühwiler's residence were searched by Police. It is alleged that UBS Belgium actively recruited rich Belgians, proposing to funnel funds to secret Swiss accounts, enabling tax avoidance.
In January 2010, UBS issued a new code of conduct and business ethics which all employees were asked to sign. The code addressed issues such as financial crime, competition, confidentiality, as well as human rights and environmental issues. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, demotions, or dismissal. According to Kaspar Villiger, Chairman of the Board, and Oswald J. Grübel, former Group CEO, the code is "an integral part of changing the way UBS conducts business".
In 2011, UBS expanded its global compliance database to include information on environmental and social issues provided by RepRisk, a global research firm specialized in environmental, social and corporate governance (ESG) risk analytics and metrics. This was done in an effort to mitigate environmental and social risks that could impact the bank’s reputation or financial performance and to also help standardize and systematically implement the firm’s due diligence processes globally. RepRisk data is used in the on-boarding process to screen potential new clients and sourcing partners, as well as for periodic client reviews and to evaluate on risks related to transactions in investment banking and institutional lending.  
UBS was named one of the 100 Best Companies for Working Mothers living in the U.S. in 2006 for the fourth consecutive year by Working Mother 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 was included on Business Week's The Best Places to Launch a Career 2008, and ranked No. 96 out of the 119 total companies listed.
On February 2, 2010, UBS topped the charts for the ninth year in a row in Institutional Investor's annual ranking of developed Europe's most highly regarded equity analysts. In a year of extremes for the equity markets, money managers say that no firm did a better job than UBS of keeping them informed about which European sectors, countries, and industries offered the greatest potential.
On May 4, 2010, UBS Investment Bank was voted the leading pan-European brokerage firm for equity and equity linked research for a record tenth successive year. A Thomson Reuters Extel survey ranked UBS number one in all three of the key disciplines of research: Research (tenth year); Sales (ninth year running); and Equity Trading and Execution (up from second place in 2009). UBS was also named as the number one leading pan-European brokerage firm for economics and strategy research.
According to Brad Birkenfeld, the whistleblower who revealed the bank's abetting of tax evasion by its clients, UBS sponsored events like yacht races in the United States to attract wealthy people as potential clients. The events gave its Switzerland-based bankers a chance to network with the rich in order to cement business deals, which was illegal under U.S. banking laws.
UBS has been or is currently a sponsor of the following sporting events and organizations. UBS is particularly active in sponsoring various golf tournaments, cross-country skiing in Switzerland ice hockey, and a range of other events around the world. UBS was the sponsor of the Alinghi sailing ship, winner of the Americas Cup in 2003.
UBS has previously been or is currently a sponsor of the following cultural events and organizations. UBS's cultural sponsorships are typically related to classical music and contemporary art, although the firm also sponsors a range of film festivals, music festivals, and other cultural events and organizations.
- "Investor Relations". UBS.com. Retrieved 12 March 2014.
- "UBS Our Clients and Businesses". UBS. Retrieved October 10, 2013.
- name=keyfacts UBS in a Few Words. UBS website
- J.P.Morgan Cazenove Europe Equity Research January 23, 2013. "Global Banking. Wealth Management – only area of structural growth"; Page 30. The analysts write: "UBS, CSG and BofA were the Top 3 players by share of AuM [assets under management] in 2011 in our estimates. UBS including its UBS WM Americas franchise remains the biggest Wealth Manager globally with 8.7% of market share followed by CSG at 7.3% and Bank of America (pre disposal of IWM) at 5.6%."
- Robinson, Gwen (December 11, 2007). "UBS turns to Singapore state fund for capital". FT Alphaville. Retrieved February 20, 2009.
- "UBS-Aktionäre stimmen der Finanzspritze zu". Neue Zürcher Zeitung. Retrieved February 20, 2009.
- UBS means RIP for Warburg. The Daily Telegraph, November 13, 2002
- "Our Global Presence - Global Understanding, local insight". UBS. Retrieved October 29, 2013.
- UBS Warburg Expansion Creates World’s Largest Trading Floor. UBS Press Release, May 14, 2002
- Bagli, Charles V. (June 8, 2011). "UBS May Move Back to Manhattan From Stamford". The New York Times.
- "Swiss peak on Wall Street". London: The Daily Telegraph. February 15, 2004.
- "Investment Banking Scorecard". The Wall Street Journal.
- Whitley, Angus (December 6, 2010). "UBS Grabs Biggest Share of Australia M&A Since 2004 by Advising ASX, AMP". Bloomberg L.P. Retrieved September 16, 2011.
- "UBS Annual Report 2013". UBS.com. Retrieved 7 April 2014.
- "UBS". UBS. Retrieved October 3, 2013.
- "Total Invested Assets". UBS.com. Retrieved 7 April 2014.
- UBS AG. Funding Universe. Retrieved August 10, 2010
- SBC Warburg Company History. Funding Universe. Retrieved August 10, 2010
- PaineWbeer Group Company History. Funding Universe. Retrieved August 10, 2010
- UBS History. Company website
- "Bankers Magazine". 1872 Basler Bankverein investor prospectus (Bradford-Rhodes & Co.). 1920.
- Swiss Bank of Basle to Open Branch Here; Huge Vaults a Haven for European Capital. The New York Times, July 28, 1939
- Swiss Agency will Open, Bank to Occupy Quarters in the Equitable Building. The New York Times, October 15, 1939
- "Swiss Bank Buys O'Connor". The New York Times. January 10, 1992. Retrieved August 17, 2010.
- "Subscription Center". PIOnline.
- Outsider who changed the City. Management Today, November 1, 1998
- "Jilted: Morgan Stanley and S.G. Warburg". The Economist. December 1994. Retrieved August 17, 2010.
- Stevenson, Richard W. (May 11, 1995). "Swiss Bank in deal to buy S.G. Warburg". The New York Times. Retrieved August 17, 2010.
- Truell, Peter (May 16, 1997). "Swiss Bank Steps Up to Buy Dillon, Read on Rebound". The New York Times. Retrieved August 17, 2010.
- Sell Division. New York. November 17, 1997.
- Swiss banking: An Analytical History. Palgrave Macmillan. 1998. pp. 132–136.
- Handbook on the History of European Banks. Edward Elgar Publishing. 1994.
- Bankers Magazine. December 1920. p. 794.
- Swiss Were Part of Nazi Economic Lifeline, Historians Find. The New York Times, December 2, 2001
- Switzerland: A Painful History. Time, February 24, 1997
- Breaking The Swiss Banking Silence. The New York Times, June 4, 1996
- Swiss Envoy in U.S. in Midst of a Squall. The New York Times, January 20, 1997
- Ulrich Jost, Swiss historian : Bank Secrecy Was Bern's Wartime 'Weapon'. The New York Times, August 1, 1997
- Probe lays bare Swiss wartime role, SwissInfo.ch, March 22, 2002
- How Swiss Strategy on Holocaust Fund Unraveled. The New York Times, January 26, 1997
- More Blundering by Swiss Banks. The New York Times, August 3, 1997
- New York Punishes Swiss Bank Over Nazi Gold. The New York Times, October 10, 1997
- The Rescuer of Swiss Bank Ledgers. The New York Times, January 17, 1997
- "Federal Act On Archiving". admin.ch. Retrieved October 29, 2013.
- "Bank Says Shredded Papers May Not Have Involved Nazis, The New York Times, 16 January 1997". Retrieved April 22, 2007.
- Bank guard enters ranks of `righteous gentiles' – Christoph Meili. National Catholic Reporter, April 16, 1999
- U.S. Congress: Bill S.768: A bill for the relief of Michel Christopher Meili, Giuseppina Meili, Mirjam Naomi Meili, and Davide Meili; private bill sponsored by Senator Alphonse D'Amato, signed into private law 105-1 by president Bill Clinton on July 29, 1997. URL. Retrieved October 30, 2006.
- Swiss parliament, Summer session 1997: Question Schlüer and the response of Federal Councillor Flavio Cotti, who claimed that the U.S. was not granting the Meilis "asylum" but a facilitated fast-track immigration. URLs. Retrieved October 30, 2006.
- Swiss Banks And Victims Of the Nazis Nearing Pact. The New York Times, January 23, 1999
- Gold Dispute With the Swiss Declared to Be At an End. The New York Times, January 31, 1999
- "Argor-Heraeus". Argor.com.
- Offer Made to Create Largest Swiss Bank Group. The New York Times, January 6, 1993
- Thorny Plum. TIME, April 21, 1947
- Switzerland, National Socialism and the Second World War. Berghahn Books, 2002
- GAF Company History. Funding Universe. Retrieved August 11, 2010
- Swiss Bank to Acquire Chase Investment Unit. The New York Times, February 22, 1991
- UBS Banks on Conservative Strategies --- Industry Leader Avoids Troubles That Have Snared Main Swiss Rivals. Wall Street Journal, June 1, 1993
- UBS buys Lloyds TSB's stake in SMH for pounds 100m. The Independent, August 27, 1997
- Swiss Battle For Big Bank Proves Costly.The New York Times, January 9, 1995
- Financier Who Shook Up the Swiss Is Himself Shaken Up.The New York Times, August 1, 2002
- Swiss Banks Considering Giant Merger.The New York Times, April 10, 1996
- Big Swiss Bank Rejects Merger Appeal by Rival.The New York Times, April 12, 1996
- Switzerland's Top Bank Spurns Merger Bid From Arch-Rival. The New York Times, April 12, 1996
- Finance and Financiers in European History 1880–1960. Cambridge University Press. 2002.
- Embattled UBS poised for merger with SBC The Independent, December 6, 1997
- 2 of the Big 3 Swiss Banks To Join to Seek Global Heft. The New York Times, December 9, 1997
- Performance Of New Bank Relies on U.S. December 9. 1997
- Has UBS Found Its Way out of the Woods? BusinessWeek, March 29, 1999
- Four leave after UBS suffers big trading loss. The Independent, November 20, 1997
- A Swiss Bank Raises Loss on Derivatives.The New York Times, January 31, 1998
- Greenspan, Alan (2007). The Age of Turbulence: Adventures in a New World. The Penguin Press. pp. 193–195. ISBN 978-1-59420-131-8.
- Big Swiss Bank Is Shaken Up By Hedge Fund. The New York Times, October 3, 1998
- Lowenstein, Roger (2000). When Genius Failed: The Rise and Fall of Long-Term Capital Management. Random House. ISBN 0-375-50317-X.
- Lessons From the Collapse of Hedge Fund, Long-Term Capital Management: The Losers. International Financial Risk Institute (IFRI)
- UBS Posts Loss In Hedge Fund The New York Times, November 18, 1998
- Partnoy, Frank (2003). Infectious Greed: How Deceit and Risk Corrupted the Financial Markets. Macmillan. p. 261. ISBN 0805075100.
- Shenn, Jody (June 25, 2007). "Exclusive". Bloomberg L.P.
- PaineWebber Merger Vote.The New York Times, October 24, 2000
- Swiss Bank Is Acquiring PaineWebber.The New York Times, July 12, 2000
- Swiss Acquirer Has Had Plenty of Its Own Problems.The New York Times, July 13, 2000
- Advertising: Introducing UBS PaineWebber, Post Merger.The New York Times, March 5, 2001
- "Costas Sees UBS Eclipsing Goldman, Citigroup as Top Fee Earner". Bloomberg L.P. March 1, 2004. Retrieved August 28, 2010.
- Costas Seeks to Seize Middle Ground. Financial News, May 3, 2010
- Swiss Banks Calling Wall St. Home. The New York Times, August 31, 2000
- Atlas, Riva D. (May 26, 2002). "How Banks Chased a Mirage". The New York Times. Retrieved August 28, 2010.
- "Moelis Is Leaving UBS". The New York Times. March 19, 2007. Retrieved August 28, 2010.
- "Higher Fees And Trading Help Double UBS Income". The New York Times. May 5, 2004. Retrieved August 28, 2010.
- "Jefferies nabs one-time critic from UBS". Dow Jones Financial News. June 25, 2009. Retrieved August 28, 2010.
- "Health Scare: Calculating UBS’s Loss of Banker Benjamin Lorello". The Wall Street Journal. June 26, 2009. Retrieved August 28, 2010.
- "Top UBS banker founds private equity firm". Financial News. June 29, 2007. Retrieved August 28, 2010.
- "Prominent UBS Executive to Leave". The New York Times. March 19, 2007. Retrieved August 28, 2010.
- Anderson, Jenny (September 9, 2005). "From UBS's Suite of Power to the Sweat of a Hedge Fund". The New York Times. Retrieved August 28, 2010.
- "Boutique Bank That’s Riding Out the Storm". The New York Times. February 29, 2008. Retrieved August 28, 2010.
- Cimilluca, Dana (March 21, 2007). "Out They Go: Moelis’s Troops at UBS Begin to Disperse". Wall Street Journal. Retrieved August 28, 2010.
- Prominent UBS Executive to Leave. The New York Times, March 19, 2007
- "Ex-UBS executive Moelis opens firm". LA Times. July 20, 2007. Retrieved August 28, 2010.
- Petruno, Tom (March 20, 2007). "Ken Moelis parts ways with UBS: Some wonder if the high-profile investment banker will launch his own firm in L.A.". LA Times. Retrieved August 28, 2010.
- Petruno, Tom (August 5, 2008). "His firm has skin in the game". LA Times. Retrieved August 28, 2010.
- "Future of UBS Executive Part of Wall Street Chatter". The New York Times. March 16, 2007. Retrieved August 28, 2010.
- Moore, Heidi N.; Lattman, Peter (March 4, 2008). "Bankers' Exits at UBS Continue". Wall Street Journal,. Retrieved August 28, 2010.
- UBS Closing Hedge Fund; Losses Cited on Mortgages. The New York Times, May 4, 2007
- UBS’s Hedge Fund: A Post-Mortem. The New York Times, June 4, 2007
- "UBS $100 Billion Wager Prompted $24 billion Loss in Nine Months". Bloomberg. May 18, 2008.
- "Shareholder report on UBS's writedowns".
- "UBS Scraps Costas's Hedge Fund After Mortgage Losses". Bloomberg. May 3, 2007.
- After Losses, UBS Ousts Its Chief. The New York Times, July 6, 2007
- Mortgage Woes Push UBS to Its First Loss in 5 Years. The New York Times, October 31, 2007
- UBS Records a Big Write-Down and Sells a Stake. The New York Times, December 11, 2007
- Singapore, Abu Dhabi Face Losses on UBS, Citigroup. Bloomberg BusinessWeek, March 2, 2010
- G.I.C. May Book 70% Loss on UBS Conversion. The New York Times, February 12, 2010
- UBS to Write Down Another $19 billion.The New York Times, April 2, 2008
- Downturn hits banks' fixed-income trading from The Daily Telegraph, date October 5, 2007
- UBS plans $19 bln write-down, capital injection from www.marketwatch.com, date April 1, 2008
- Costello, Miles (October 17, 2008). "UBS and Credit Suisse secure $70bn". The Times (London). Retrieved October 20, 2008.
- "Bad Assets Don’t Just Disappear". The New York Times. November 25, 2008. Retrieved November 24, 2008.
- "UBS expected to post biggest Swiss loss ever". Taipei Times. February 9, 2009. Retrieved February 9, 2009.
- Craig, Susanne; Protess, Ben; Saltmarsh, Matthew (September 16, 2011). "UBS Faces Questions on Oversight After a Trader Lost $2 Billion". The New York Times. Retrieved September 27, 2011.
- Werdigier, Julia (April 15, 2009). "UBS to Cut 7,500 More Jobs After $1.8 Billion Loss". The New York Times. Retrieved September 27, 2011.
- "UBS Replaces Johansson as Head of Investment Bank". Bloomberg L.P. April 27, 2009. Retrieved April 28, 2009.
- "Swiss Bank UBS To Cut 8700 Jobs To Return To Profitability". stockozone.com. April 15, 2009. Retrieved April 15, 2009.
- Bart, Katharina (April 21, 2009). "UBS, in Asset Dump, to Sell Brazilian Bank". The Wall Street Journal. Retrieved April 21, 2009.
- "UBS sees CHF226bn". IPE. February 10, 2009. Retrieved February 10, 2009.
- Switzerland Selling UBS Stake After U.S. Tax Accord (Update4). Bloomberg, August 20, 2009.
- "UBS sets out ambitious plans for return to growth". Financial Times. November 17, 2009. Retrieved November 18, 2009.
- UBS Stanches Outflow of Funds. Wall Street Journal, October 26, 2010
- "UBS announces 3,500 jobs to go". August 23, 2011.
- Werdigier, Julia (August 23, 2011). "UBS to Cut 3,500 Jobs, Half in Investment Banking". The New York Times. Retrieved September 24, 2011.
- Elliott, Dominic. "New UBS is starting to work". Reuters Blog. Retrieved June 11, 2013.
- "UBS cuts 10,000 jobs as it slims down investment bank arm". BBC. October 30, 2012.
- "UBS fined $1.5bn for Libor rigging". BBC. December 19, 2012. Retrieved December 20, 2012.
- "UBS Agrees to Pay $1.54 Billion to Settle Libor Investigations". CNBC. Retrieved December 19, 2012.
- "A tale of two bankers". Forbes. January 6, 2014.
- "UBS 2009 Annual report" (PDF). Retrieved September 16, 2011.
- "Board of Directors". UBS. Retrieved July 18, 2011.
- "Results Of The Annual General Meeting Of UBS AG". HFT Review. May 3, 2012. Retrieved May 3, 2012.
- Contact, NKF webpage. Retrieved May 3, 2012.
- "Swiss Bank UBS posts $12B Losses". CNN. Archived from the original on May 18, 2008. Retrieved September 19, 2008.
- Logutenkova, Elena (July 1, 2011). "Axel Weber to Succeed UBS Chairman Villiger in 2013 After Bundesbank Role". Bloomberg L.P. Retrieved July 1, 2011.
- "Axel Weber to be nominated for election to UBS Board of Directors in 2012 and to be appointed Chairman in 2013". UBS. July 1, 2011. Retrieved October 9, 2013.
- "UBS Appoints Lukas Gähwiler CEO UBS Switzerland". BusinessWire.com. March 26, 2010. Retrieved March 26, 2010.
- Flaherty, Michael (June 25, 2009). "UBS names new Asia Pacific CEO". Reuters. Retrieved June 25, 2009.
- Sue, Chang. "UBS CEO Gruebel resigns in wake of rogue trades". Marketwatch. Marketwatch. Retrieved September 24, 2011.
- "UBS appoints new Chief Executive". Retrieved February 26, 2009.
- "UBS’s Gruebel Hires Ex-Colleague Koerner to Cut Costs". Bloomberg L.P. April 1, 2009. Retrieved April 1, 2009.
- "Peter Wuffli". Bloomberg BusinessWeek. June 6, 2004.
- "UBS banned for Black Monday crash". Times of India. May 18, 2005. Retrieved February 6, 2013.
- "SEBI, Swiss co UBS settle dispute on consent terms". The Hindu Business Line. February 22, 2009. Retrieved February 6, 2013.
- "$29 million award in UBS in bias suit". International Herald Tribune. April 8, 2005. Archived from the original on May 1, 2008. Retrieved May 24, 2012.
- "UBS Must Pay Ex-Saleswoman $29.3 Mln in Sex Bias Case". Bloomberg. April 6, 2005. Retrieved May 24, 2012.
- "Lawsuit alleges discrimination at UBS:Ex-employees say brokerage firm's diversity attempts mocked non-whites". MSNBC. October 18, 2005. Retrieved May 24, 2012.
- "NATIONWIDE CLASS ACTION FILED AGAINST UBS FINANCIAL SERVICES, INC. ALLEGING A COMPANY-WIDE PRACTICE OF RACIAL DISCRIMINATION". Berger & Montague. October 18, 2005. Retrieved May 24, 2012.
- Meili, Ch.: Declaration for a Senate Commission, May 9, 1997. Accessed May 21, 2007.
- Eizenstat, Stuart (2003). Imperfect Justice. New York: PublicAffairs. ISBN 1-58648-110-X., p. 94
- Eizenstat. p. 95
- Parliamentary Initiative 96.434: Bundesbeschluss betreffend die historische und rechtliche Untersuchung des Schicksals der infolge der nationalsozialistischen Herrschaft in die Schweiz gelangten Vermögenswerte (in German). Entry in force since December 14, 1996. This edict was the legal basis and foundation of the Bergier commission, constituted on December 19, 1996. Articles 4, 5, and 7 made the destruction or withholding of documents relating to orphaned assets illegal.
- Chronology: Switzerland in World War II – Detailed Overview of the years 1994-1996.
- Diermeier, P.: Meili - Mission zwischen Moral und Milliarden (in German). Orell Füssli Verlag, Zürich: 2003; ISBN 3-280-06009-5.
- Bundesgesetz über die Banken und Sparkassen (Bankengesetz, BankG), Swiss Law:, Article 47 (in German). Accessed November 3, 2006.
- Schwarb, T.M. "Ich verpfeife meine Firma" – Einführung in das Phänomen Whistle-Blowing (in German), Fachhochschule Solothurn, July 1998; accessed November 3, 2006.
- New York Times coverage
- Coverage archived at articles.philly.com
- Eizenstat, Imperfect Justice, p 94
- Eizenstat. Imperfect Justice, p. 98.
- Eizenstat. Imperfect Justice, pp. 112-115
- Pfeifer, Stuart (October 26, 2009). "He put a dent in tax evasion". The Los Angeles Times. Retrieved July 6, 2012.
- Bronner, Michael. "Telling Swiss secrets: A triple-double cross". Global Post. Retrieved September 7, 2013.
- Roland, Neil (March 3, 2009). "Justice Dept. chastises UBS chairman over IRS fraud probe". Investment News. Retrieved July 7, 2012.
- Browning, Lynnley. "Wealthy Americans Under Scrutiny in UBS Case". New York Times. Retrieved August 29, 2013.
- Carlyn, Kolker and David Voreacos. "Ex-UBS Banker Birkenfeld Pleads Guilty in Tax Case (Update3)". Bloomberg. Retrieved August 29, 2013.
- Hilzenrath, David S. (May 16, 2010). "Swiss Banker Turned Whistleblower Ended Up With a Prison Sentence". The Washington Post. Retrieved July 6, 2012.
- "AFP: FBI 'to probe Swiss bank UBS' in tax dodging case". Google News. Agence France-Presse. June 22, 2008. Retrieved February 20, 2009.
- Voreacos, Donmoyer, David, Ryan. "UBS Says It Won’t Turn Over More Names in IRS Suit". Bloomberg L.P. Retrieved October 29, 2013.
- Perez, Evan (July 17, 2008). "Offshore Tax Evasion Costs U.S. $100 billion, Senate Probe of UBS and LGT indicates". The Wall Street Journal. Retrieved February 20, 2009.
- "Statement on Indictment of UBS Executive". BusinessWire. Retrieved November 12, 2008.
- "UBS suffers offshore blow as US indicts wealth management head". Financial Times. Retrieved November 13, 2008.
- "UBS Cuts Ties To Suspended Ex-Private Banking Head". The Wall Street Journal. May 1, 2009. Retrieved May 7, 2009.[dead link]
- Valentina Accardo, Valentina Accardo (November 28, 2013). "Exclusive: Ex-UBS banker Weil agrees to be extradited to U.S.". Reuters. Retrieved January 18, 2014.
- "Former UBS banker Raoul Weil pleads not guilty to helping Americans dodge taxes". Telegraph (London). January 7, 2014. Retrieved January 17, 2014.
- "UBS Will Pay $780 million to Settle U.S. Tax Claims, Bloomberg.com website (18 Feb 2009)". Bloomberg. May 30, 2005. Retrieved February 20, 2009.
- "UBS Enters into Deferred Prosecution Agreement". US Department of Justice. February 18, 2009.
- Browning, Lynnley (February 19, 2009). "A Swiss Bank Is Set to Open Its Secret Files". The New York Times. Retrieved February 19, 2009.
- "Feds Sue UBS for All American Customer Names". Yahoo News. Associated Press. February 19, 2009. Retrieved February 20, 2009.[dead link]
- "UBS AG: Formal signing of settlement agreement relating to the John Doe summons". Die Welt. August 19, 2009. Retrieved August 19, 2009.[dead link]
- Browning, Lynnley (June 17, 2010). "Swiss Approve Deal for UBS to Reveal U.S. Clients Suspected of Tax Evasion". The New York Times. Retrieved May 3, 2011.
- Robert Peston (September 16, 2011). "UBS trader Kweku Adoboli charged with fraud". BBC. Retrieved September 16, 2011.
- "City of London Police – Statement from CommanderIanDyson15092011". City of London Police. February 1, 2003. Retrieved September 16, 2011.
- "UBS 'rogue trader': Loss estimate raised to $2.3bn". BBC News. September 18, 2011.
- "UBS trader Kweku Adoboli 'gambled away' £1.4bn". BBC. September 14, 2012.
- "UBS hit by $2 billion loss from rogue trader". MarketWatch. September 15, 2011. Retrieved September 15, 2011.
- Mulier, Thomas (September 18, 2011). "UBS Chief Gruebel Dismisses Calls to Quit After Unauthorized Trading Loss". Bloomberg L.P.
- Jenkins, Patrick (September 20, 2011). "Singapore fund hits at UBS ‘lapses’". Financial Times.
- "UBS press release". UBS.
- Logutenkova, Elena; Choudhury, Ambereen (October 6, 2011). "UBS Says Equities Co-Heads Gouws, Bouhara Resign Over Bank's Trading Loss". Bloomberg L.P.
- Sibun, Jonathan (September 15, 2011). "UBS rogue trader helps to justify ring-fencing 'casino' actions of investment banks". London: The Daily Telegraph.
- Reece, Damian (September 15, 2011). "UBS's Warburg stalwarts might welcome a smaller investment bank". The Daily Telegraph (London).
- "Chance to deliver UBS shareholders an overdue return". Financial Times. September 29, 2011.
- "Switzerland unveils UBS bail-out". BBC. October 16, 2008. Retrieved September 17, 2011.
- "Tagesanzeiger – Then he should be made to go...". tagi.ch. September 17, 2011. Retrieved September 17, 2011.
- Hawkes, Alex, and Graeme Wearden, Hawkes, Alex; Wearden, Graeme (September 15, 2011). "Who are the worst rogue traders in history?". London: The Guardian. Retrieved September 15, 2011.
- "Strafanzeige gegen die UBS". Neue Zürcher Zeitung. June 12, 2012. Retrieved July 11, 2012.
- "FINRA Fines UBS Financial Services $2.5 Million; Orders UBS to Pay Restitution of $8.25 Million for Omissions That Effectively Misled Investors in Sales of Lehman-Issued 100% Principal-Protection Notes". Financial Industry Regulatory Authority. Retrieved September 7, 2013.
- "UBS Agrees to Pay $120 Million in Lehman Bros. Dispute". Reuters. Retrieved September 7, 2013.
- "Three ex-UBS bankers sentenced to jail in US". International Service of the Swiss Broadcasting Corporation Russian ENG. Retrieved September 7, 2013.
- Vaughan, Bernard (July 24, 2013). "Former UBS bankers get prison terms for muni bid-rigging". Reuters. Retrieved September 7, 2013.
- "Hasan Ali 'front man' of arms dealer Khashoggi: ED chargesheet". Indian Express. Retrieved August 25, 2013.
- "Black money case: Hasan Ali bail cancelled, under probe for Khashoggi linksf". Indian Express. Retrieved August 25, 2013.
- Kumar, Devesh (April 12, 2011). "Black money: Hasan Ali, Tapuria admit to links with Khashoggi". Economic Times. Retrieved August 25, 2013.
- "Who is Hasan Ali Khan?". India Today. March 3, 2011.
- "Swiss bank UBS denies any dealings with Hasan Ali Khan". Deccan Herald. February 16, 2011.
- M Padmakshan (February 17, 2011). "Documents in Hasan Ali money-laundering case forged: Swiss Bank". The Economic Times.
- Crawford, David (8 November 2012). "Germany Probes UBS Staff on Tax-Evasion Allegations". Wall Street Journal. Retrieved 18 January 2014.
- David, David & and Jean Eaglesham (December 20, 2012). "UBS Admits Rigging Rates in 'Epic' Plot". Wall Street Journal. Retrieved September 7, 2013.
- Mark, Mark and James O'Toole (December 19, 2012). "UBS pays $1.5 billion to settle Libor claims". CNN Money. Retrieved September 7, 2013.
- Timiraos, Nick (July 25, 2013). "Fannie, Freddie Regulator Settles With UBS for $885 Million". Wall Street Journal. Retrieved September 7, 2013.
- "UBS to pay $885M to settle lawsuit with U.S. housing agency". UPI. Retrieved September 7, 2013.
- Wood, Robert W. (4 June 2013). "French Criminal Tax Probe Of UBS---Talk About Déjà Vu". Forbes. Retrieved 18 January 2014.
- Godoy, Julio (19 April 2012). "Europe Loses Billions to Tax Evasion". Inter Press Service News Agency. Retrieved 18 January 2014.
- "UBS under formal investigation in France over tax evasion". BBC News. 7 June 2013. Retrieved 18 January 2014.
- "Topman UBS België in verdenking wegens fraude". VRT nieuws. 20 June 2014. Retrieved 20 June 2014.
- Bart, Katharina (January 13, 2010). "UBS Lays Out Employee Ethics Code". The Wall Street Journal. Retrieved January 15, 2010.
- "UBS turns to RepRisk for ESG data". Banking Technology. 27 January 2012.
- Adams, John (3 February 2012). "UBS Taps Big Data to Shrink Reputational Risk". American Banker.
- "UBS Named a 2006 Working Mother 100 Best Company by Working Mother Magazine". Retrieved October 29, 2006.
- "Best Places to Launch a Career 2008". Bloomberg BusinessWeek. June 1, 2008. Retrieved February 20, 2010.
- "2010 All-Europe Research Team". Institutional Investor. February 2, 2010. Retrieved February 8, 2010.
- "UBS Tops Thomson Reuters Extel Survey For 10th Year". hereisthecity.com. June 16, 2010. Retrieved June 21, 2010.
- "Global Private Banking Awards 2013 – Winners and Highly Commended". Professional Wealth Management. October 31, 2013. Retrieved December 4, 2013.
- "Banking: A Crack in the Swiss Vault". 60 Minutes-CBS News. Retrieved August 25, 2013.
|Wikimedia Commons has media related to UBS.|
- UBS company website
- UBS Wealth Management around the globe
- UBS Wealth Management Americas
- UBS Wealth Management Switzerland
- UBS Investment Bank
- UBS Global Asset Management
- Media coverage
- UBS at Bloomberg
- UBS at the Financial Times
- UBS collected news and commentary at The Guardian
- UBS A.G. at The New York Times
- UBS at The Wall Street Journal