UBS AG
Overview
 
UBS AG is a Swiss global financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 company headquartered in Basel
Basel
Basel or Basle In the national languages of Switzerland the city is also known as Bâle , Basilea and Basilea is Switzerland's third most populous city with about 166,000 inhabitants. Located where the Swiss, French and German borders meet, Basel also has suburbs in France and Germany...

 and Zürich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...

, Switzerland, which provides investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...

, asset management, and wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

 services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. It operates in more than 40 countries and considered as the world's second largest manager of private wealth assets, with over CHF
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...

 2.2 trillion in invested assets.
Encyclopedia
UBS AG is a Swiss global financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 company headquartered in Basel
Basel
Basel or Basle In the national languages of Switzerland the city is also known as Bâle , Basilea and Basilea is Switzerland's third most populous city with about 166,000 inhabitants. Located where the Swiss, French and German borders meet, Basel also has suburbs in France and Germany...

 and Zürich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...

, Switzerland, which provides investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...

, asset management, and wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

 services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. It operates in more than 40 countries and considered as the world's second largest manager of private wealth assets, with over CHF
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...

 2.2 trillion in invested assets. UBS operates in all of the major financial centers worldwide with offices in over 50 countries and 64,000 employees around the world. UBS traces its heritage to 1854 and it is the largest bank in Switzerland.

UBS was originally an abbreviation for the Union Bank of Switzerland
Union Bank of Switzerland
Union Bank of Switzerland was a large integrated financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998, to become UBS to form what was then the largest bank in Europe and the second...

, one of its predecessors; however, UBS ceased to be considered a representational abbreviation after its 1998 merger with Swiss Bank Corporation
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...

.

Structure

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 Asia Pacific. UBS has a major presence in the United States, with its American headquarters located in New York City (Investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...

); Weehawken, New Jersey
Weehawken, New Jersey
Weehawken is a township in Hudson County, New Jersey, United States. As of the 2010 United States Census, the township population was 12,554.-Geography:Weehawken is part of the New York metropolitan area...

 (Private Wealth Management); and Stamford, Connecticut
Stamford, Connecticut
Stamford is a city in Fairfield County, Connecticut, United States. According to the 2010 census, the population of the city is 122,643, making it the fourth largest city in the state and the eighth largest city in New England...

 (Sales & Trading
Sales and trading
Sales and trading is one of the key functions of an investment bank. The term refers to the various activities relating to the buying and selling of securities or other financial instruments...

).

On June 9, 2003, all UBS business groups rebranded under the UBS name as the company began operating as a unified global entity.

UBS Investment Bank

UBS Investment Bank, a bulge bracket
Bulge bracket
The bulge bracket comprises the "big banks," the world's largest and most profitable multi-national investment banks.- Technical meaning :The term 'bulge bracket' refers to the first group of investment banks listed on the "tombstone" notifying the public of a financial transaction or deal...

 bank, provides securities, other financial products, and research in equities, fixed income, rates, 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.

The Investment Banking Department (IBD) provides a range of advisory and underwriting services including mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...

, restructuring
Restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs...

, equity offerings
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...

, investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement
Private placement
Private placement is a funding round of securities which are sold without an initial public offering, usually to a small number of chosen private investors...

 of equity
Equity (finance)
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...

, debt
Debt
A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...

, and derivatives.

The Sales & Trading division, comprises Equities (broker
Broker
A broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...

ing, dealing
Dealer
Dealer may refer to:* Antique dealer, someone who sells Antiques* Art dealer, gallerist, somebody or company that buys and sells art...

, market making
Market maker
A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn. From a market microstructure theory standpoint, market makers are net sellers of an option to be...

 and engaging in proprietary trading
Proprietary trading
Proprietary trading occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself...

 in equities
Equity (finance)
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...

, equity-related products, equity derivatives, and structured products) and Fixed Income, Currencies, and Commodities (FICC) (broker
Broker
A broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...

ing, dealing
Dealer
Dealer may refer to:* Antique dealer, someone who sells Antiques* Art dealer, gallerist, somebody or company that buys and sells art...

, market making
Market maker
A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn. From a market microstructure theory standpoint, market makers are net sellers of an option to be...

 and engaging in proprietary trading
Proprietary trading
Proprietary trading occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself...

 in interest rate products, credit products, mortgage-backed securities
Mortgage-backed security
A mortgage-backed security is an asset-backed security that represents a claim on the cash flows from mortgage loans through a process known as securitization.-Securitization:...

, leveraged loans, investment grade and high yield debt, currencies
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...

, commodities, structured products
Structured finance
Structured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid lawsStructured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid laws...

 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
Bookrunner
In investment banking, a bookrunner is usually the main underwriter or lead-manager/arranger/coordinator in equity, debt, or hybrid securities issuances. The bookrunner usually syndicates with other investment banks in order to lower its risk. The bookrunner is listed first among all underwriters...

, No.5 globally in follow-on equity offerings
Seasoned equity offering
A Seasoned equity offering or secondary equity offering is a new equity issue by an already publicly-traded company. Secondary offerings may involve shares sold by existing shareholders , new shares or both....

, 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
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

.

UBS Global Asset Management

UBS Global Asset Management offers investment products in equities, fixed income
Fixed income
Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....

, global diversified portfolios, alternative investment
Alternative investment
An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, private equity,...

s, quantitative investments
Quantitative investing
Quantitative investing represents an investing technique typically employed by the most sophisticated, technically advanced hedge funds. These quant shops employ fast computers to find predictable patterns within financial data. Some of the larger quant shops include but are not limited to...

, real estate, infrastructure and funds of funds
Fund of funds
A "fund of funds" is an investment strategy of holding a portfolio of other investment funds rather than investing directly in shares, bonds or other securities. This type of investing is often referred to as multi-manager investment...

 for private clients, financial intermediaries
Financial intermediary
Financial intermediation consists of “channeling funds between surplus and deficit agents”. A financial intermediary is a financial institution that connects surplus and deficit agents...

, institutional investor
Institutional investor
Institutional investors are organizations which pool large sums of money and invest those sums in securities, real property and other investment assets...

s and itself via proprietary trading
Proprietary trading
Proprietary trading occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself...

.

The 1998 UBS-SBC merger and subsequent restructuring resulted in the combination of three major asset management operations: UBS Asset Management, Phillips & Drew
Phillips & Drew
Phillips & Drew was a large stockbroking partnership and company based in the City of London, England. It was fully acquired by the Union Bank of Switzerland in 1986, which itself merged with the Swiss Bank Corporation in 1998, to become UBS AG....

 (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.

UBS is the second-largest asset management firm in the world with over CHF
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...

 2.2 trillion in invested assets. With over 3,500 employees in 25 countries, UBS Global Asset Management is the largest mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...

 manager in Switzerland and the largest fund of hedge funds manager in the world. UBS Global Asset Management has major offices in London, Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Singapore, Sydney, Tokyo, Toronto and Zurich.

UBS Wealth Management

UBS Wealth Management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

 offers high net worth individual
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...

s a range of advisory and investment products and services supported by the firm's underwriting
Underwriting
Underwriting refers to the process that a large financial service provider uses to assess the eligibility of a customer to receive their products . The name derives from the Lloyd's of London insurance market...

 and research. Until 2009, UBS was considered the largest wealth manager globally.

UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber
Paine Webber
Paine Webber and Company was an American stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. Operating with two employees, they leased premises at 48...

 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 8,000 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
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...

, credit card and mortgage products
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...

 for individuals and cash management
Cash management
In United States banking, cash management, or treasury management, is a marketing term for certain services offered primarily to larger business customers...

 and commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

ing services for small businesses and corporate clients.

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
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...

 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
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...

.

On December 8, 1997, Union Bank of Switzerland and Swiss Bank Corporation
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...

 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
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...

's merger overtures.

The merger resulted in the creation UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...

, a huge new bank with total assets of more than $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 that 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 $910 billion in assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...

. 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
Mathis Cabiallavetta
Mathis Cabiallavetta is a director of Philip Morris International and BlackRock.Mr. Cabiallavetta is Chairman of Marsh & McLennan Companies and a member of MMC International's Advisory Board. Prior to joining MMC in 1999, Mr. Cabiallavetta was Chairman of the Board of Union Bank of Switzerland,...

 became chairman of the new bank while Swiss Bank's Marcel Ospel
Marcel Ospel
Marcel Louis Ospel was a former Chairman of the Board of Directors of UBS AG, the largest bank in Switzerland.Marcel Ospel had an income in 2005 of around 24 million CHF....

 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
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...

 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
Warburg Dillon Read
Warburg Dillon Read was an investment bank created by the Swiss Bank Corporation , following its 1997 acquisition of S. G. Warburg & Co. which it merged with Dillon, Read & Co., a firm it had acquired in 1995. SBC itself merged with the Union Bank of Switzerland in 1998, creating UBS AG...

 was considered to be the more established platform. Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland and both banks had strong asset management capabilities.

Acquisition of Paine Webber

On November 3, 2000, UBS merged with Paine Webber, an American stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...

age and asset management firm led by chairman and CEO Donald Marron
Donald Marron
Donald B. Marron is a financier, private equity investor and entrepreneur, notable as the chairman and chief executive officer of brokerage firm Paine Webber from 1980 through the sale of the company in 2000, as well as the founder of private equity firm Lightyear Capital and of Data Resources...

. 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
Paine Webber
Paine Webber and Company was an American stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. Operating with two employees, they leased premises at 48...

 brand when it integrated its brands under the unified UBS name in 2003.

Rising in the league tables (2000–2007)

John P. Costas
John P. Costas (business)
John P. Costas is an American businessman, banker and trader. He is the former Chairman and CEO of UBS Investment Bank where he oversaw the growth of the Swiss bank's investment banking franchise in the U.S.from 2000 to 2005...

, a former bond trader and co-head of Fixed Income at Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit 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, known as UBS Warburg in December 2001. 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 $300 million in 1998 to over $3 billion by 2001.

The arrival of former Drexel Burnham Lambert
Drexel Burnham Lambert
Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was forced into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. At its height, it was the...

 investment banker Ken Moelis
Ken Moelis
Ken Moelis is an investment banker and founder of Moelis & Company, an independent investment banking firm.-Education:Ken Moelis holds a Bachelor in Business Administration and a Masters of Business Administration from the Wharton School of the University of Pennsylvania.-Career:Moelis began his...

 marked a major coup for Costas. Moelis joined UBS from Donaldson Lufkin & Jenrette in 2001 shortly after that its acquisition by Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...

. 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 $600 million to $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
Olivier Sarkozy
Olivier Sarkozy is a French-American businessman and the half-brother of French President Nicolas Sarkozy.-Early life:Olivier Sarkozy was born to Pal Sarkozy de Nagy-Bocsa and Christine de Ganay. His father was previously married to Andrée Mallah and had three children with her, including Nicolas...

, Ben Lorello, Jeff McDermott and Blair Effron
Blair Effron
Blair W. Effron is an American financier. He was previously a vice chair of UBS Investment Bank. Effron left UBS in 2006 to co-found Centerview Partners, a boutique investment banking firm based in New York City....

.

By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning $2.1 billion of the $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.

Impact of the financial crisis (2008–2009)

The bank's losses continued to mount in 2008 when UBS announced in April 2008 that it was writing down a further $19 billion of investments in subprime and other mortgage assets. By this point, UBS's total losses in the mortgage market were in excess of $37 billion, the largest such losses of any of its peers. In response to its losses, UBS announced a 15 billion CHF 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
Tier 1 capital
Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view. It is composed of core capital, which consists primarily of common stock and disclosed reserves , but may also include non-redeemable non-cumulative preferred stock...

 ratio, seen by investors as a key to its credibility as the world's largest wealth management company. Marcel Ospel
Marcel Ospel
Marcel Louis Ospel was a former Chairman of the Board of Directors of UBS AG, the largest bank in Switzerland.Marcel Ospel had an income in 2005 of around 24 million CHF....

, 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
Peter Kurer
Peter Kurer is a Swiss manager and lawyer. He was Chairman of UBS AG from April 23, 2008 until his dismissal in 2009. He chaired the Corporate Responsibility Committee and the Strategy Committee of UBS AG.-Education:...

, the bank’s general counsel.

In October 2008, UBS announced that it had placed CHF 6 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 $11.5 billion of capital in December 2007, $9.7 billion of which came from the Government of Singapore Investment Corporation (GIC) and $1.8 billion from an unnamed Middle Eastern investor. In November 2008, UBS put $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 CHF 20 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 $50 billion from subprime mortgage investments and cut more than 11,000 jobs.

U.S. tax evasion controversy

In July 2008, a United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...

 panel accused Swiss banks, including UBS and LGT Group, of helping wealthy Americans evade taxes through offshore accounts. U.S. clients held about 19,000 accounts at UBS, with an estimated $18 billion to $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
Raoul Weil
Raoul Weil is a Swiss businessman who became Chairman and CEO Global Wealth Management & Business Banking at UBS AG on 6 July 2007.He graduated with a degree in Economics from the University of Basel and moved on to work with Swiss Bank Corporation , in the Private Banking Division in Basel,...

, 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
Raoul Weil
Raoul Weil is a Swiss businessman who became Chairman and CEO Global Wealth Management & Business Banking at UBS AG on 6 July 2007.He graduated with a degree in Economics from the University of Basel and moved on to work with Swiss Bank Corporation , in the Private Banking Division in Basel,...

 in May 2009 and he would face charges after UBS had settled its criminal case with the government.

UBS agreed on February 18, 2009 to pay a fine of $780 million to the U.S. government and entered into a deferred prosecution agreement
Deferred prosecution agreement
A deferred prosecution agreement is a voluntary alternative to adjudication in which a prosecutor agrees to grant amnesty in exchange for the defendant agreeing to fulfill certain requirements...

 on charges of conspiring to defraud the United States by impeding the Internal Revenue Service
Internal Revenue Service
The Internal Revenue Service is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue...

. Of the $780 million that UBS will pay, $380 million represents disgorgement
Disgorgement (law)
Disgorgement is the forced giving up of profits obtained by illegal or unethical acts. A court may order wrongdoers to pay back illegal profits, with interest, to prevent unjust enrichment...

 of profits from its cross-border business; the balance represents United States taxes that UBS failed to withhold on the accounts. 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
Swiss Financial Market Supervisory Authority
Swiss Financial Markets Authority is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers as well as other financial intermediaries in Switzerland.FINMA is an independent institution...

 (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 deal to reveal client data and account details of U.S. clients who were suspected of tax evasion.

Re-establishment (2009–current)

By the spring of 2009, UBS announced another management restructuring and initiated a plan to return to profitability. Jerker Johansson
Jerker Johansson
Jerker Johansson is a Swedish investment banker and was the Chief Executive Officer of UBS Investment Bank and member of the Group Executive Board at UBS AG between February 13, 2008 and April 27, 2009.-Biography:...

, the head of the investment bank division, resigned in April 2009 and was replaced by Alex Wilmot-Sitwell
Alex Wilmot-Sitwell
-Biography:Alex Wilmot-Sitwell was appointed co-Chairman & CEO, UBS Investment Bank on 26 April 2009, making him one of the most senior British investment bankers. He was previously Joint Global Head of Investment Banking, and continues to be Chairman & CEO, EMEA of UBS Group. Wilmot-Sitwell is a...

 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
Peter Kurer
Peter Kurer is a Swiss manager and lawyer. He was Chairman of UBS AG from April 23, 2008 until his dismissal in 2009. He chaired the Corporate Responsibility Committee and the Strategy Committee of UBS AG.-Education:...

, 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. Also, in April 2009, UBS announced that it has agreed to sell its Brazilian financial services business, UBS Pactual, for approximately $2.5 billion to BTG Investments.

By the summer of 2009, UBS was showing increased signs of stabilization. Taking advantage of conditions in the stock market, UBS placed $3.5 billion of shares with a small number of large institutional investor
Institutional investor
Institutional investors are organizations which pool large sums of money and invest those sums in securities, real property and other investment assets...

s. The Swiss government sold its CHF 6 billion stake in UBS in late 2008 at a large profit.

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 900 million Swiss francs during the third quarter, compared to outflow of 5.5 billion Swiss francs in second quarter. UBS's third quarter net profit of $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 SFr 1.5 to SFr 2 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.

2011 rogue trader scandal

On 15 September 2011, UBS became aware of a massive loss, originally estimated at US$2 billion, due to unauthorized trading allegedly by Kweku Adoboli, a 31-year old trader on the Delta One
Delta One
Delta One products are a class of financial derivative that have no optionality and as such have a delta of one - that is to say that for a given percentage move in the price of the underlying asset there will be a near identical move in the price of the derivative...

 desk of the firm’s investment bank. Abodoli was arrested and later charged with fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...

 by abuse of position and false accounting dating as far back as 2008. UBS's actual losses were subsequently confirmed as $2.3 billion.

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
Government of Singapore Investment Corporation
The Government of Singapore Investment Corporation Private Limited is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves...

, the bank's largest shareholder, in a rare press statement on 20 September, 2011; and on 24 September 2011 UBS announced Grübel's resignation, with Sergio Ermotti named named Group CEO on an interim basis. On 5 October 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
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...

  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, President of the SP-Party
Social Democratic Party of Switzerland
The Social Democratic Party of Switzerland is the largest centre-left political party in Switzerland....

 said, "Should it prove true that UBS, having been rescued by the state in 2008, has speculated against the Swiss franc
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...

, [UBS Chairman] Villiger
Kaspar Villiger
Kaspar Villiger is a Swiss businessman, politician and former member of the Swiss Federal Council . He currently heads Swiss bank UBS.-Political career:On February 1, 1989, he was elected to the Swiss Federal Council...

 must take the consequences."

If found guilty, Abodoli will have generated the third-largest loss by a rogue trader
Rogue trader
A rogue trader is an authorised employee making unauthorised trades on behalf of their employer. It is most often applicable to financial trading, and as such is a term used to describe persons - professional traders - making unapproved financial transactions....

 in history, after Jerome Kerviel
Jérôme Kerviel
Jérôme Kerviel is a French trader who has a pending appeal of his conviction in the January 2008 Société Générale trading loss incident for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion.Société Générale characterizes Kerviel...

 of Société Générale
Société Générale
Société Générale S.A. is a large European Bank and a major Financial Services company that has a substantial global presence. Its registered office is on Boulevard Haussmann in the 9th arrondissement of Paris, while its head office is in the Tours Société Générale in the business district of La...

 (who also worked on a Delta One desk) and Yasuo Hamanaka
Yasuo Hamanaka
is a man who formerly was the chief copper trader at Sumitomo Corporation, one of the largest trading companies in Japan, and was also known as "Mr. Copper" because of his aggressive trading style and "Mr...

, a copper trader at Sumitomo Corporation
Sumitomo Corporation
Sumitomo Corporation is one of the largest worldwide trading company , and is a diversified corporation. Sumitomo is headquartered in the Harumi Island Triton Square Office Tower Y in Chūō, Tokyo, Japan...

..

Acquisition history

UBS is forged of three major predecessors: Union Bank of Switzerland
Union Bank of Switzerland
Union Bank of Switzerland was a large integrated financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998, to become UBS to form what was then the largest bank in Europe and the second...

, Swiss Bank Corporation
Swiss Bank Corporation
Swiss Bank Corporation was a large integrated financial services company located in Switzerland...

 and Paine Webber
Paine Webber
Paine Webber and Company was an American stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. Operating with two employees, they leased premises at 48...

.

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., the members of which are:
  • Kaspar Villiger
    Kaspar Villiger
    Kaspar Villiger is a Swiss businessman, politician and former member of the Swiss Federal Council . He currently heads Swiss bank UBS.-Political career:On February 1, 1989, he was elected to the Swiss Federal Council...

    , Chairman
  • Michel Demaré, Independent Vice Chairman
  • David Sidwell
  • Rainer-Marc Frey, founder and chairman of Horizon21
  • Bruno Gehrig, vice-chairman, Roche Holding Ltd
  • Ann Godbehere
  • Axel P. Lehmann, Group Chief Risk Officer of Zurich Financial Services
    Zurich Financial Services
    Zurich Financial Services AG is a major financial services group based in Zurich, Switzerland.-History:The Company was founded in 1872 as subsidiary of the Schweiz Marine Insurance Company under the name Versicherung Verein...

  • Wolfgang Mayrhuber, Chairman and CEO of Lufthansa
    Lufthansa
    Deutsche Lufthansa AG is the flag carrier of Germany and the largest airline in Europe in terms of overall passengers carried. The name of the company is derived from Luft , and Hansa .The airline is the world's fourth-largest airline in terms of overall passengers carried, operating...

  • Helmut Panke
  • William G. Parrett
    William G. Parrett
    William G. Parrett is the chairman of the United States Council for International Business. Previously, Parrett was the CEO of Deloitte, co-founded Deloitte’s Global Financial Services Industry practice and serving as its first chairman....

  • Joseph Yam


Chairman Marcel Ospel did not seek re-election at the April 23, 2008 annual general meeting of shareholders and was succeeded by Peter Kurer
Peter Kurer
Peter Kurer is a Swiss manager and lawyer. He was Chairman of UBS AG from April 23, 2008 until his dismissal in 2009. He chaired the Corporate Responsibility Committee and the Strategy Committee of UBS AG.-Education:...

, who was general counsel. On April 15, 2009, Peter Kurer
Peter Kurer
Peter Kurer is a Swiss manager and lawyer. He was Chairman of UBS AG from April 23, 2008 until his dismissal in 2009. He chaired the Corporate Responsibility Committee and the Strategy Committee of UBS AG.-Education:...

 was succeeded by Kaspar Villiger
Kaspar Villiger
Kaspar Villiger is a Swiss businessman, politician and former member of the Swiss Federal Council . He currently heads Swiss bank UBS.-Political career:On February 1, 1989, he was elected to the Swiss Federal Council...

. Former Bundesbank
Deutsche Bundesbank
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks . Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank are...

 president Axel A. Weber
Axel A. Weber
Axel Alfred Weber is a German economist, professor and banker. He teaches at the University of Chicago Booth School of Business and is a board member and prospective chairman of UBS...

 is to be nominated for election to the board at the annual meeting 3 May 2012 and intended to be named chairman of the bank after Villiger's retirement in 2013.

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
    Sergio Ermotti
    Sergio Ermotti is a banker and manager in Switzerland, currently Group CEO of UBS.- Personal life :Ermotti left school at age 14. He decided to follow in the footsteps of his father, who worked at the bank, thus beginning his career as a young apprentice at the Corner Bank in Lugano...

  • Group Chief Operating Officer & CEO Corporate Center: Ulrich Körner
    Ulrich Körner
    Ulrich Körner, born 1962 in Switzerland is a Swiss businessman and currently the Chief Operating Officer & CEO of Corporate Center of UBS AG and is a member of the Group Executive Board.-Education:...

  • Group Chief Financial Officer: Tom Naratil
  • Group General Counsel: Markus U. Diethelm
    Markus U. Diethelm
    Markus U. Diethelm, born 22 October 1957 is a Swiss businessman and is Group General Counsel at UBS AG. Diethelm gained a law degree from the University of Zurich and a Masters and PhD from Stanford University. He started his career with Zurich law firm Bär & Karrer. in 1983. In 1988 he worked at...

  • Group Chief Risk Officer: Philip J. Lofts
  • CEO Global Asset Management: John A. Fraser
    John A. Fraser (businessman)
    John A. Fraser is an Australian businessman and is Chairman and CEO Global Asset Management at UBS AG. Prior to that, he was President and Chief Operating Officer of UBS Asset Management and Head of Asia Pacific. ....

  • CEO Investment Bank: Carsten Kengeter
  • CEO Wealth Management Americas: Robert J. McCann
  • CEO Wealth Management: Jürg Zeltner
    Jurg Zeltner
    Jürg Zeltner is the CEO of UBS Wealth Management and co-CEO Wealth Management & Swiss Bank.-Life:Zeltner graduated from the School of Economics and Business Administration in Berne and completed the Advanced Management Program at Harvard Business School. He was born on 4 May 1967 and is a Swiss...

  • CEO Wealth Management & Swiss Bank: Lukas Gähwiler and Jurg Zeltner (joint)
  • CEO UBS Switzerland: Lukas Gähwiler
  • CEO UBS Group Americas: Robert J. McCann
  • Chairman and CEO UBS Group Asia Pacific (APAC): Chi-Won Yoon
    Chi-Won Yoon
    Chi-Won Yoon is a South Korean investment banker. He holds the position of CEO and Chairman at UBS AG Asia Pacific, and is based in Hong Kong.-Career:Yoon was born in South Korea...

     and Alex Wilmot-Sitwell
    Alex Wilmot-Sitwell
    -Biography:Alex Wilmot-Sitwell was appointed co-Chairman & CEO, UBS Investment Bank on 26 April 2009, making him one of the most senior British investment bankers. He was previously Joint Global Head of Investment Banking, and continues to be Chairman & CEO, EMEA of UBS Group. Wilmot-Sitwell is a...

     (joint)
  • Chairman and CEO of UBS Group Europe, Middle East and Africa (EMEA): Ulrich Körner
    Ulrich Körner
    Ulrich Körner, born 1962 in Switzerland is a Swiss businessman and currently the Chief Operating Officer & CEO of Corporate Center of UBS AG and is a member of the Group Executive Board.-Education:...



With Oswald Grübel's resignation as CEO and Ermotti's interim appointment in his place 24 September 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
Bank of America Merrill Lynch
Bank of America Merrill Lynch is the corporate and investment banking division of Bank of America. It provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payments management...

, joined UBS in April; Kengeter is a German national who joined UBS from Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

 in 2008 and who had reportedly disagreed with some UBS investment bankers over pay and other matters; the Journal also said.

Previously, on 26 February, 2009, Marcel Rohner
Marcel Rohner (banker)
Marcel Rohner is a Swiss businessman. He was Group Chief Executive Officer at UBS AG from July 6, 2007 until 26 February 2009, and on the Group Executive Board from October 2007 until his resignation.-Biography:...

 resigned and was succeeded by Grübel. On 1 April, 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.

Sport

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
Cross-country skiing
Cross-country skiing is a winter sport in which participants propel themselves across snow-covered terrain using skis and poles...

 in Switzerland ice hockey, and a range of other events around the world. UBS was the sponsor of the Alinghi
Alinghi
Alinghi is the syndicate set up by Ernesto Bertarelli, racing under the colors of the Société Nautique de Genève, to challenge for the America's Cup. Bertarelli had raced several smaller yachts named Alinghi previously, but 2003 was his first attempt at the America's Cup...

 sailing ship, winner of the Americas Cup in 2003.
  • Alinghi
    Alinghi
    Alinghi is the syndicate set up by Ernesto Bertarelli, racing under the colors of the Société Nautique de Genève, to challenge for the America's Cup. Bertarelli had raced several smaller yachts named Alinghi previously, but 2003 was his first attempt at the America's Cup...

  • Arnold Palmer Invitational
  • Athletissima
    Athletissima
    Athletissima is an annual athletics meeting at the Stade Olympique de la Pontaise in Lausanne, Switzerland. Previously one of the five IAAF Super Grand Prix events, it is now part of the IAAF Diamond League.The first edition was held on 8 July 1977....

  • Faldo Series Asia
  • Escalade Race (cross-country)
  • Formula One
    Formula One
    Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...

  • Greifenseelauf
    Greifenseelauf
    The Greifenseelauf is an annual road running event in the Swiss Canton of Zurich, that was established in 1980 and takes place in the middle of September....


  • Hong Kong Rugby Football Union
    Hong Kong Rugby Football Union
    Hong Kong Rugby Football Union is the governing body for rugby union in Hong Kong. It was founded in 1953 and became affiliated to the International Rugby Board in 1988. They organise the annual Hong Kong Sevens tournament....

  • Murten to Fribourg: Commemorative Race
  • Olympic Museum Lausanne
  • The Players Championship
    The Players Championship
    The Players Championship is an annual golf tournament on the PGA Tour.Originally known as the Tournament Players Championship, the inaugural event in 1974 was played at Atlanta Country Club in Marietta, Georgia before moving to the Colonial Country Club in Fort Worth, Texas in 1975 and Inverrary...

  • Sierre Zinal Race
    Zinal
    Zinal is a village located in the municipality of Anniviers in the canton of Valais in Switzerland. It lies at an altitude of 1,675 metres in the Swiss Alps in the Val d'Anniviers, a valley running from the Zinal Glacier, north of Dent Blanche to the village of Ayer...

     (cross-country)
  • Spengler Cup Davos
    Spengler Cup
    The Spengler Cup is an annual ice hockey tournament held in Davos, Switzerland. First held in 1923, the Spengler Cup is often cited as the oldest invitational ice hockey tournament in the world. The event is hosted by the Swiss team HC Davos and played each year in Davos, Switzerland, between...


  • Swiss Olympic Leading Partners
  • UBS Hong Kong Open
  • UBS Japan Golf Tour Championship
  • UBS Kids Cup
  • Weltklasse Zürich
    Weltklasse Zürich
    Weltklasse Zürich is an annual track and field meeting at the Letzigrund in Zurich, Switzerland. Previously one of the IAAF Golden League events, it is now part of the IAAF Diamond League. One of the first large-scale international athletics events , it is sometimes referred to as the one day...



Culture

UBS has been or is currently a sponsor of the following cultural events and organizations. Typically UBS's cultural sponsorships are related to classical music and contemporary art
Contemporary art
Contemporary art can be defined variously as art produced at this present point in time or art produced since World War II. The definition of the word contemporary would support the first view, but museums of contemporary art commonly define their collections as consisting of art produced...

 although the firm also sponsors a range of film festivals, music festivals and other engagements.

  • Art Basel
    Art Basel
    Art Basel is an international contemporary art fair held each June in Basel, Switzerland. Similar to the Venice Biennale, it has been called "the Olympics of the art world". Art Basel features nearly 300 leading galleries from North America, Latin America, Europe, Asia and Africa...

  • Art Basel Miami Beach
  • Art Gallery NSW
    Art Gallery of New South Wales
    The Art Gallery of New South Wales , located in The Domain in Sydney, New South Wales, Australia, was established in 1897 and is the most important public gallery in Sydney and the fourth largest in Australia...

  • Basel Sinfonietta
    Basel Sinfonietta
    The Basel Sinfonietta is a Swiss orchestra, founded in 1980 in Basel.The basel sinfonietta was founded in 1980 by a group of young musicians with the goal of bringing exciting new combinations of contemporary music and works both familiar and unknown to an audience enthusiastic for unusual sounds...

  • Boston Symphony Orchestra
    Boston Symphony Orchestra
    The Boston Symphony Orchestra is an orchestra based in Boston, Massachusetts. It is one of the five American orchestras commonly referred to as the "Big Five". Founded in 1881, the BSO plays most of its concerts at Boston's Symphony Hall and in the summer performs at the Tanglewood Music Center...

  • Bregenz Festival
  • Cy Twombly exhibition
    Cy Twombly
    Edwin Parker "Cy" Twombly, Jr. was an American artist well known for his large-scale, freely scribbled, calligraphic-style graffiti paintings, on solid fields of mostly gray, tan, or off-white colors...

  • Fondation Beyeler


  • Fondation Pierre Gianadda
    Fondation Pierre Gianadda
    Fondation Pierre Gianadda, inaugurated in 1978, administers museums and exhibitions located in Martigny, Switzerland. The permanent exhibitions include the Automobile Museum, Gallo-Roman Museum, Louis and Evelyn Franck Collection, Sculpture Park, and Chagall Court.-History:The Foundation was...

  • International Mozarteum Foundation
    International Mozarteum Foundation
    The International Mozarteum Foundation was founded in 1880 in Salzburg with its primary concern being the life and work of Wolfgang Amadeus Mozart....

  • Lake Thun Festival
  • Locarno International Film Festival
    Locarno International Film Festival
    The Film Festival Locarno is an international film festival held annually in the city of Locarno, Switzerland since 1946. After Cannes and Venice and together with Karlovy Vary, Locarno is the Film Festival with the longest history...

  • London Symphony Orchestra
    London Symphony Orchestra
    The London Symphony Orchestra is a major orchestra of the United Kingdom, as well as one of the best-known orchestras in the world. Since 1982, the LSO has been based in London's Barbican Centre.-History:...

  • Lucerne Festival
    Lucerne Festival
    - History :The festival was founded in 1938 with a series of concerts in the gardens of Wagner's villa conducted by Arturo Toscanini, who had formed an orchestra with members of different orchestras and soloists for the concert...

  • Lugano Festival
  • Lucerne Symphony Orchestra


  • Montreux Jazz Festival
    Montreux Jazz Festival
    The Montreux Jazz Festival is the best-known music festival in Switzerland and one of the most prestigious in Europe; it is held annually in early July in Montreux on the shores of Lake Geneva...

  • Open-air cinemas (Kino am See)
  • Ravina Festival
  • Singapore Sun Festival
    Singapore sun festival
    The Singapore Sun Festival is an annual music and life-style festival that runs over ten days and takes place in multiple venues across Singapore...

  • Utah Symphony
  • Verbier Music Festival
    Verbier Festival
    The Verbier Festival is an international music festival that takes place annually for two weeks in late July and early August in the mountain resort of Verbier, Switzerland.Founded by Swedish expatriate Martin T...

  • Zurich Ballet
  • Zurich Opera
    Zurich Opera House
    Opernhaus Zürich is an opera house in the Swiss city of Zurich. It has been the home of the Zurich Opera since 1891.- History :...



External links


Media coverage
  • UBS at Bloomberg
    Bloomberg L.P.
    Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...

  • UBS at the Financial Times
    Financial Times
    The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....

  • UBS A.G. at The New York Times
    The New York Times
    The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...

  • UBS at The Wall Street Journal
    The Wall Street Journal
    The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK