ЮБС

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ЮБС Групп АГ

Штаб-квартира в Цюрихе , Швейцария.
Раньше	Юнион Банк Швейцарии (1862–1998)
Company type	Public (Aktiengesellschaft)
Traded as	SIX: UBSG NYSE: UBS SMI component
ISIN	CH0244767585
Industry	Banking Financial services
Predecessor	Union Bank of Switzerland Swiss Bank Corporation
Founded	29 June 1998 (1998-06-29) (through the merger of Union Bank of Switzerland and Swiss Bank Corporation)
Headquarters	Zürich, Switzerland
Area served	Worldwide
Key people	Colm Kelleher (chairman) Sergio Ermotti (CEO) Todd Tuckner (CFO)
Products	Investment banking wealth management private banking investment management asset management corporate banking retail banking corporate banking private equity finance and insurance retail banking mortgages credit cards mutual funds exchange-traded funds index funds
Revenue	US$40.8 billion (2023)
Operating income	US$28.7 billion (2023)
Net income	US$27.8 billion (2023)
AUM	US$5.71 trillion (2023)
Total assets	US$1.72 trillion (2023)
Total equity	US$86.1 billion (2023)
Number of employees	115,038 (end 2023)
Subsidiaries	Credit Suisse
Capital ratio	Tier 1 14.4% (2023)
Rating	S&P: A+ Moody's: Aa2 Fitch: AA-
Website	www.ubs.com
Footnotes / references UBS Institutional Reporting as of: end of 2023

ЮБС Групп АГ — многонациональный инвестиционный банк и компания финансовых услуг , основанная и базирующаяся в Швейцарии . Штаб-квартиры расположены одновременно в Цюрихе и Базеле . он поддерживает присутствие во всех основных финансовых центрах как крупнейшее швейцарское банковское учреждение и крупнейший частный банк в мире. Инвестиционные банкиры и частные банкиры UBS известны своей строгой конфиденциальностью между банками и клиентами и культурой банковской тайны . Из-за больших позиций банка на Америки , Европы , Ближнего Востока и Африки и Азиатско-Тихоокеанского региона рынках Совет по финансовой стабильности считает его глобальным системно значимым банком .

Помимо частного банковского обслуживания, UBS предоставляет услуги по управлению благосостоянием , активами и инвестиционно-банковские услуги для частных, корпоративных и институциональных клиентов с международным обслуживанием. UBS управляет крупнейшим частным капиталом в мире, насчитывая среди своих клиентов примерно половину мировых миллиардеров . UBS также поддерживает глобальный инвестиционный банк и считается ведущим игроком на рынке . Банк также поддерживает многочисленные подземные банковские хранилища , бункеры и хранилища для золотых слитков в Швейцарских Альпах и по всему миру. Отчасти из-за своей банковской тайны он оказался в центре многочисленных расследований по уклонению от уплаты налогов, проводимых властями США, Франции, Германии, Израиля и Бельгии. Операции UBS в Швейцарии и США заняли первое и второе места в Индексе финансовой секретности 2018 года соответственно .

As of December 2023, UBS is the seventh largest bank in Europe with total assets worth over €1.554 trillion. It is one of the eight global "Bulge Bracket" banks. It has over CHF 3.2 trillion in assets under management (AUM), approximately CHF 2.8 trillion of which are invested assets. In June 2017, its return on invested capital was 11.1%, followed by Goldman Sachs' 9.35%, and JPMorgan Chase's 9.456%. UBS acquired rival Credit Suisse in an emergency rescue deal brokered by the Swiss government and its Central bank in 2023, following which UBS' AUM increased to over $5 trillion along with an increased balanced sheet of $1.6 trillion. In late 2016, UBS established a blockchain technology research lab in London to advance its cyber security and encryption of client activities. Based on regional deal flow and political influence, UBS is considered one of the "biggest, most powerful financial institutions in the world". The company's capital strength, security protocols, and reputation for discretion have yielded a substantial market share in banking and a high level of brand loyalty. Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing. UBS is a primary dealer and Forex counterparty of the U.S. Federal Reserve.

History

UBS was founded in 1862 as the Bank in Winterthur. This development came with the formation of the series of modern Swiss Grossbanken (big banks) in the latter part of the 19th century. The name of the bank was derived from the town of Winterthur, which served as Switzerland's industrial hub in the 19th century. By 1854, six private bankers in Basel founded the Swiss Bank Corporation (SBC) to cater to the increasing credit needs of Swiss railroad and manufacturing companies. It formed a private banking syndicate that expanded, aided by Switzerland's international neutrality.

In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Following decades of market competition between Union Bank of Switzerland and the Swiss Bank Corporation (SBC), the two merged in 1998 to create a single company known solely as "UBS". The agreement to merge had been made the previous year at a meeting of the Institut International d’Etudes Bancaires, a secretive club for European banking CEOs.

UBS does not stand for Union Bank of Switzerland. The name 'UBS' came from one of its predecessor firms - the Union Bank of Switzerland. However, just like other prominent brands which used to be an abbreviation of a company name, UBS is no longer considered an acronym. In fact, that was one of the more than 370 financial firms that have, since 1862, become part of today's UBS. During the 2007–2008 financial crisis, UBS managed heavy losses with an asset relief recovery programme. In 2011, the company was hit by the 2011 rogue trader scandal resulting in a US$2 billion trading loss. In 2012, the bank reoriented itself around wealth management advisory services and limited its sell side operations.

Corporate structure

Capital ownership of UBS by country of origin as of 2014.

  Switzerland (19.5%)

  United States (10.6%)

  United Kingdom (16.8%)

  Asia-Pacific-Singapore (9.7%)

  Germany (0.7%)

  Others (42.7%)

UBS is a joint-stock company (Aktiengesellschaft) pursuant to Swiss laws. Its shares are listed at the SIX Swiss Exchange and the New York Stock Exchange (NYSE). As of December 2020, UBS is present in all major financial centres worldwide, having offices in 50 countries, with about 30% of its approx. 73,000 employees working in the Americas, 30% in Switzerland, 19% in Europe (excluding Switzerland), the Middle East and Africa and 21% in the Asia Pacific region. The bank has its major presence in the United States. Its American headquarters for investment banking are located in New York City, for private wealth management advisory in Weehawken, New Jersey. They have sales & trading and private wealth management offices in Stamford, Connecticut.

The company's global business groups are global wealth management, investment bank, asset management and personal & corporate banking. UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009. Overall invested assets are $3.101 billion, shareholders' equity is $52.928 billion and market capitalization is $45.907 billion by the end of 2018. In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company at the NYSE and SIX Swiss Exchange. Upon application and with effect as of 14 January 2015, the shares of UBS AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. As of September 2019, the largest institutional shareholders are:

The UBS Investment Bank's Offices at 299 Park Avenue in New York City

Owner name	%
Chase Nominees Ltd., London	11.76
DTC (Cede & Co.), New York	7.57
Nortrust Nominees Ltd., London	4.53

As of 30 June 2018, the geographical distribution of the shareholders presents itself as follows:

	Shareholders	%	Shares	%
Americas	5,675	2.5	434,200,367	11.3
Asia Pacific	5,530	2.4	101,914,133	2.6
Europe, Middle East and Africa	13,065	5.7	823,401,277	21.4
Switzerland	206,060	89.5	823,785,072	21.4
Total registered shares			2,183,300,849	56.6
Total unregistered shares			1,671,288,703	43.34
Total	230,330	100.0	3,854,589,522	100.0

UBS's corporate structure includes four divisions in total as of June 2018:

• Global Wealth Management
• Personal & Corporate Bank
• Asset Management
• Investment Bank

Starting on 9 June 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under the UBS moniker following company's start of operations as a unified global entity.

Global Wealth Management

UBS's global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment products and services. As of the end of 2016, UBS Wealth Management's invested assets totalled CHF 977billion. The whole companies assets under management (AUM) amounted to US$1,737.5 billion in 2015, representing a 1% decrease in AUM compared to the equivalent data of 2014. As of 2018, UBS manages the largest amount of private wealth in the world, counting approximately half of The World's Billionaires among its clients. More than 60% of total invested assets in UBS Wealth Management belong to individuals with a net worth of CHF 10 million or more. Of the remaining 40% of total invested assets, 30% of the total belong to individuals with net worth between CHF 1 million and CHF 10 million and the last 10% of total assets belong to individuals with a net worth of less than CHF 1 million.

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 clients' orders management and execution and also clearing services for transactions originated by individual investors. The business is further divided geographically with separate businesses focused on the U.S. and other international markets. Two-thirds of the total invested assets come from Europe and Switzerland, with the final third coming mainly from the Asia-Pacific region.

UBS U.S. wealth management headquarters at Lincoln Harbor in Weehawken, New Jersey

With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately 190 offices (100 of which are in Switzerland). As of the end of 2018, around 23,600 people worldwide were employed by Global Wealth Management. In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes chequing, savings, credit cards, and mortgage products for individuals. They offer cash management and commercial banking services for small businesses and corporate clients as well.

UBS global wealth management advisory operations in the Americas consists of U.S. and Canadian wealth management businesses, as well as international business booked in the U.S. UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business. The business was initially renamed UBS Paine Webber in March 2001, after it was acquired by UBS. The division offers wealth management advice for ultra-high net worth and high net worth clients. UBS was named "Best Bank for Wealth Management in North America" at the Euromoney Awards for Excellence 2017.

UBS's main competitors in this division are Bank of America, Morgan Stanley, JP Morgan Chase, Wells Fargo and Charles Schwab.

Personal and Corporate Banking

UBS's Personal & Corporate Banking division delivers financial products and services to retail, corporate and institutional clients in Switzerland. It also provides stable and substantial profits for the Group and revenue opportunities for businesses within the bank. UBS maintains a leading position in the retail and corporate loan market in Switzerland; in fact, it serves one in three pension funds, more than 85% of the 1,000 largest Swiss corporations and 85% of banks that resides within the nation. In 2015, 2017 and 2018, the international financial magazine Euromoney named UBS "Best Domestic Cash Manager Switzerland". As of 31 December 2018, its lending portfolio reached US$131 billion (~$157 billion in 2023).

The products that this UBS division offers range from cash accounts, payments, savings and retirement plans to investment fund products, residential mortgages and advisory services. This business division constitutes a central building block of UBS's universal bank delivery model in Switzerland and it supports other divisions, such as Investment Bank, by referring clients to them and by assisting them to build their wealth to a level at which they can be transferred to UBS Wealth Management. The retail and corporate distribution network comprises not only 279 branches in Switzerland, but 1,250 teller machines and self-service terminals, as well as digital banking services, serving 2.5 million personal banking clients.

UBS Asset Management

The entrance of UBS Tower at One North Wacker Drive, a 50-story skyscraper in downtown Chicago

UBS Asset Management offers equity, fixed income, currency, hedge fund, global 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 to become UBS Global Asset Management.

At the end of December 2018, UBS Asset Management was responsible for US$781 billion of invested assets and the assets under administration were US$413 billion. With around 2,300 employees in 23 countries, UBS Asset Management is the largest mutual fund manager in Switzerland, a leading fund house in Europe, and one of the largest hedge funds and real estate investment managers in the world. It has main offices in Chicago, Hong Kong, London, New York, Singapore, Sydney, Tokyo, and Zürich. With the aim to generate systematic products and services for clients, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business within a new area named Investments. UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses.

In February 2017, UBS Group AG and the Northern Trust Corporation, an American international financial services company, announced an agreement for the acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland. This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in the local markets and into one of the ten global leaders in the sector. At the end of the transaction, completed in October 2017, the American company will administrate a total of CHF 420 billion in assets. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients. Ulrich Körner, president of the UBS Asset Management, affirms that the continuous transformation of their platform is due to a major efficiency, effectiveness and geographical dislocation of the services offered by the bank.

UBS's main competitors in this division are BlackRock, Vanguard Group, State Street Global Advisers (SSGA), Fidelity Investments and Allianz Asset Management (AAM).

UBS Investment Bank

UBS Investment Bank's former offices in Stamford, Connecticut. At roughly the size of two American football fields, it was the largest column-less trading floor in the world.

UBS Investment Bank provides services covering securities, other financial products, and research in equities, rates, credit, foreign exchange, precious metals and derivatives. As of the end of December 2018, the personnel employed at UBS Investment Bank totalled 5,205, present in 33 countries (with principal offices in Chicago, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Tokyo and Zurich). This business division also advises and provides 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 the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). Within the UBS Investment Bank division, 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). Following an expansion in 2002, the trading floor covers 9,600-square-metre (103,000 sq ft) with 12-metre (40 ft) arched ceilings. Over US$1 trillion in assets are traded here every trading day. In June 2011, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking for office spaces in Midtown and in the rebuilt World Trade Center.

UBS's main competitors in this division are fellow members of the Bulge Bracket, particularly Goldman Sachs, JPMorgan Chase, and Bank of America. The American division also offers its own credit card not sponsored by another bank unlike many of its competitors.

Competition

UBS and Credit Suisse branches next to each other in Zurich

On a global scale, UBS competes with the largest global investment banks, particularly within the Bulge Bracket. and until acquiring Credit Suisse in 2023 was regularly compared against it. According to a 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks.

• In Switzerland: UBS competes with a number of cantonal banks, such as Zürcher Kantonalbank, Banque cantonale vaudoise and other cantonal banks, as well as Raiffeisen, PostFinance, and the Migros Bank.
• In Europe: UBS competes with several larger banks, such as Deutsche Bank, HSBC, Crédit agricole, BNP Paribas, Natixis, Royal Bank of Scotland, Santander and UniCredit.
• In the United States: UBS competes with the largest American banks, such as Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley.

History

UBS traces its history to 1862, the year when Bank in Winterthur, forerunner of Union Bank of Switzerland, was founded. When Union Bank and SBC merged, officials originally wanted to name the merged company the "United Bank of Switzerland," but 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.

Swiss Bank Corporation

Main article: Swiss Bank Corporation

Swiss Bank Corporation logo (c. 1973), featuring the three keys meant to symbolize confidence, security, and discretion

UBS' earliest corporate ancestor was formed in 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 CHF 30 million and CHF 6 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.

The Basel offices of Swiss Bank Corporation c.1920

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 CHF 1 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 saw its assets fall from a 1929 peak of CHF 1.6 billion to its 1918 levels of CHF 1 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.

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 CHF 4 billion by the end of the 1950s and doubled assets again in the mid-1960s, exceeding CHF 10 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.

The St. Gallen, Switzerland, offices of Swiss Bank Corporation c.1920

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 P. Brinson ran SBC's asset management business and later when SBC merged with UBS was named chief investment officer of UBS 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 (~$2.56 billion in 2023) signified a major push into investment banking. S.G. Warburg & Co. had established a reputation as a daring merchant bank that grew to be one of the most respected investment banks in London. However, a 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 (~$1.06 billion in 2023) to acquire Dillon, Read & Co., a U.S. bulge bracket investment bank. Dillon, Read & 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

Main article: Union Bank of Switzerland

1966 Union Bank of Switzerland logo, featuring the two acronyms of its English and French names (UBS) and its German counterpart (SBG)

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 CHF 5 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 CHF 1.5 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).

Bank in Winterthur, est. 1862

Toggenburger Bank, est. 1863

The combined bank had total assets of CHF 202 million and a total shareholders' equity of CHF 46 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).

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 1917, the Union Bank of Switzerland opened a new headquarters on Bahnhofstrasse (pictured above) in Zürich.

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 CHF 1 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. 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 CHF 6.96 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, which made UBS one of the strongest banks in Europe.

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. 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 Schröder, Münchmeyer, 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: 1998

After the two banks merged, they became known solely as "UBS" while retaining the Swiss Bank Corporation's "three keys" icon.

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 8 December 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 new bank with total assets of more than US$590 billion (~$1.04 trillion in 2023), the largest of its kind. During the merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following the acquisition of American brokerage firm, Paine Webber.

Colloquially 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. 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 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.

Paine Webber and international expansion: 2000–2006

UBS PaineWebber logo in use from 2001 until 2003 when the use of the Paine Webber brand was dropped

UBS Warburg was the brand used for the Investment Banking division of UBS from 1999 to 2003.

On 3 November 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 write-down 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.

UBS Financial Services (left) in Frankfurt, 2012

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.

In 2006, UBS set up a joint venture in China (see UBS Securities, China branch). 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.

UBS building on Avenue of the Americas in Midtown Manhattan

UBS was fined $100 million by the FED in 2004 for trading in dollars with Iran and other sanctioned countries.

Subprime mortgage crisis and recovery: 2007–2009

At the beginning of 2007, UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop. In May 2007, UBS announced the closure of its Dillon Read Capital Management (DRCM) division. 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, losses grew 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 subprime risk in the second quarter of 2007 while most market participants were reducing risk, resulting in not only expanding DRCM losses but creating 84% of the other losses experienced by the bank.

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.

Protestors outside of UBS's Zürich headquarters, 2009

After a significant expansion of fixed income risk during 2006 and 2007 under the leadership of Huw Jenkins, the UBS Investment Bank CEO, 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.

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 CHF 15 billion rights offering to raise the additional funds need to shore up its depleted reserves of capital. UBS cut its dividend 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. In October 2008, UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with Swiss Confederation. The 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. In November 2008, UBS put US$6 billion (~$8.34 billion in 2023) 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 US$50 billion (~$70.8 billion in 2023) from subprime mortgage investments and cut more than 11,000 jobs. 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 cut 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 to be held in reserve and stock-based incentives that would vest after three years. In April 2009, UBS announced that it agreed to sell its Brazilian financial services business, UBS Pactual, for approximately US$2.5 billion (~$3.45 billion in 2023) to BTG Investments.

UBS world headquarters in Zürich's Paradeplatz

The Swiss government sold its CHF 6 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. Taking advantage of improved conditions in the stock market in mid-2009, UBS placed US$3.5 billion of shares with a small number of large institutional investors. 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 advisory, investment banking, and asset management services.

Shift to private banking and market reemergence: 2010–2022

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 26 October 2010, UBS announced that its private bank recorded net new funds of CHF 900 million during the third quarter, compared to an outflow of CHF 5.5 billion in second quarter. UBS's third quarter net profit of US$1.65 billion (~$2.25 billion in 2023) beat analyst estimates, continuing a string of profitability. After the elimination of almost 5,000 jobs, UBS announced on 23 August 2011 that it was further cutting another 3,500 positions to "improve operating efficiency" and save CHF 1.5 to CHF 2 billion a year. 45 percent of the job cuts would come from the investment banking unit, which 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 15 September 2011, UBS became aware of a massive loss, originally estimated at US$2 billion (~$2.67 billion in 2023), allegedly due to unauthorized trading by Kweku Adoboli, a then 31-year-old Ghanaian 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." On 24 September 2011 UBS announced chief executive Oswald Grübel's resignation, and the appointment of Sergio Ermotti as his replacement on an interim basis.

A UBS retail bank for private wealth management in St. Gallen, Switzerland

On 30 October 2012, UBS announced that it was cutting 10,000 jobs worldwide in an effort to slim down its investment banking operations, of which 2,500 would be in Switzerland, followed by the United States and Great Britain. This 15-percent staff cut would make overall staff count come down from 63,745 to 54,000. (For comparison, the peak employment 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 much of its fixed income trading business that was not economically profitable. On 19 December 2012, UBS was fined $1.5 billion (~$1.97 billion in 2023) for its role in the Libor scandal over accusations that it tried to rig benchmark interest rates. In November 2014, regulators including the FCA and CFTC hit UBS with fines, along with other banks, for currency manipulation. On 6 January 2014, it was reported that UBS had become the largest private banker in the world, with $1.7 (~$2.16 trillion in 2023) trillion in assets. In May 2015, media reports revealed UBS is planning to sell its Australian private banking division to some of its management after a review of underperforming businesses was conducted at the company.

In late 2016, the bank created the digital currency "Utility Settlement Coin" (USC) to accelerate inter-bank settlements and established a blockchain technology research laboratory in London. From 2012 to 2018, the investment bank, led by Andrea Orcel, initiated a major restructuring, firing over 10,000 employees and focusing on European underwriting business instead of traditional dealmaking. UBS announced in January 2018 that it does not trade or expose clients to cryptocurrencies as it believes they have little to no elasticity, and are speculatively valued. It partnered with technology company IBM to launch a blockchain trade finance platform called "Batavia" in early 2018.

In April 2021, UBS reported a $774 million (~$859 million in 2023) loss from the collapse of US investment fund Archegos Capital Management.

In July 2021, during the COVID-19 pandemic, UBS announced it would continue to allow for flextime and remote work by many employees, noting that they did not impede productivity. The announcement distinguished the bank from its competitors, such as Morgan Stanley and Goldman Sachs, which pressured on employees to return to the office as COVID-19 lockdowns and measures eased.

In January 2022, UBS agreed to acquire Wealthfront for $1.4 billion. UBS expects to accelerate its growth in the US with the purchase, and will operate Wealthfront as a business within UBS Global Wealth Management. The acquisition was mutually terminated in September 2022 with both companies not providing a reason. UBS announced that it would instead invest in a $69.7 million note convertible into Wealthfront shares, valuing the latter at its acquisition price.

In November 2022, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, made remarks by prerecorded video to the Global Financial Leaders' Investment Summit. In it, he warned investors to not read too much foreign news (international media) about China, and said that some international investors read "too much" of it. Later at the Summit, Colm Kelleher said, regarding global bankers, that "we're all very pro-China," and in reference to Fang's comments, said "We're not reading the American press, we actually buy the [China] story."

Acquisition of Credit Suisse: 2023

Main article: Acquisition of Credit Suisse by UBS

In March 2023, UBS agreed to buy Credit Suisse, one of its main competitors, for $3.25 billion (CHF 3 billion), in an emergency rescue deal. On 29 March 2023 it was announced that Sergio Ermotti is returning as chief executive officer from 5 April 2023, replacing Ralph Hamers after just over two years in charge, after approval by 5 April 2023 annual general meeting. Hamers is expected to stay with the bank for a transition period. UBS completed the acquisition on 12 June 2023.

On 28 June, it became known that UBS plans to lay off more than half of Credit Suisse's employees. First of all, the reduction will affect traders and support staff in London, New York and some Asian divisions. Prior to the takeover, Credit Suisse employed about 45,000 people.

In July 2023, UBS was fined $269 million by the Federal Reserve and $119 million by the Bank of England for Credit Suisse's failure in risk management related to Archegos's collapse. In August 2023, UBS settled with the US Justice Department by agreeing to pay $1.43 billion in civil penalties regarding allegations of fraud and misconduct in its residential mortgage-backed securities offerings it offered in 2006 and 2007.

По данным Citigroup , на новый банк будет приходиться 35% внутренних депозитов, 31% корпоративных кредитов и 26% ипотечных кредитов в Швейцарии. UBS сохранит швейцарский бизнес Credit Suisse, но уберет свой бренд. UBS заявляет, что планирует сократить расходы на 10 миллиардов долларов. UBS также объявил в конце августа 2023 года, что отток денег из Credit Suisse прекратился.

В начале сентября 2023 года UBS явно получил выгоду от поглощения, поскольку его акции росли в цене. С апреля по июль UBS получил рекордную прибыль в размере 29,2 млрд швейцарских франков, а его акции, которые поначалу находились в упадке после слияния, торговались по гораздо более высоким ценам. Рекордная прибыль была основана на разнице между ценой покупки акций Credit Suisse и очевидно более высокой стоимостью его активов.

В сентябре 2023 года Министерство юстиции США (МЮ) начало расследование в отношении UBS на предмет предполагаемых нарушений со стороны Credit Suisse, что позволило его российским клиентам уклониться от санкций. Позже UBS заявил, что банку не известно о таком расследовании Министерства юстиции и что предыдущие сообщения о подобных обвинениях были неверными.

История приобретения

В своем сегодняшнем виде UBS представляет собой конгломерат десятков отдельных фирм, многие из которых возникли еще в 19 веке. За прошедшие годы эти фирмы объединились, образовав трех основных предшественников банка: Union Bank of Switzerland , Swiss Bank Corporation , ICO Markets Exchange Clearing Limited и Paine Webber . компании Ниже приводится наглядная иллюстрация крупных слияний и поглощений , а также ее исторических предшественников, хотя это не обязательно полный список:

(Образован в 1998 году в результате слияния Union Bank of Switzerld и Swiss Bank Corp.)

Юнион Банк Швейцарии (Слияние в 1998 году со Swiss Bank Corporation) Юнион Банк Швейцарии (первоначально Швейцарская банковская ассоциация, слилась в 1912 г.) Банк в Винтертуре (оценено в 1862 г.) Тоггенбург Банк (основано в 1863 г.) Кредитный союз Ааргау (объединено в 1915 г., приобретено в 1919 г.) Кредитный союз Ааргау (основано в 1872 г.) Банк в Бадене (основано в 1863 г.) Федеральный банк (основан в 1863 г., приобретен в 1945 г.) Интерхандель (основан в 1928 г., приобретен в 1967 г.) Филлипс и Дрю (основано в 1895 г. как GA Phillips & Co., приобретено в 1986 г.) Чейз Инвесторс Менеджмент Корпорейшн (основано в 1972 г. как дочерняя компания) Братья Шредер и Ко. (основано в 1846 г.) Мюнхмайер и Ко. (оценено в 1855 г.) Фредерик Хенгст и Ко. Швейцарская банковская корпорация (Слияние в 1998 году с Union Bank of Switzerland) Швейцарская банковская корпорация (слияние в 1897 г.) Баслер и Цюрхер Банкферайн (основано в 1880 г.) Базельская банковская ассоциация (основан в 1856 г. как Bankverein, переименован в 1872 г.) Цюрихская банковская ассоциация (основано в 1889 г.) Базельский депозитный банк (оценено в 1882 г.) Швейцария Юнионбанк (основано в 1889 г.) Баслер Хандельсбанк (основан в 1862 г., приобретен в 1945 г.) О'Коннор и партнеры (основано в 1977 г., приобретено в 1992 г.) Бринсон Партнерс (основано в 1989 г., приобретено в 1994 г.) Варбург Диллон Рид (объединена в 1997 г. под собственностью SBC) СГ Варбург и Ко. (основано в 1946 г., приобретено в 1995 г.) Диллон, Рид и Ко. (основано в 1832 г., приобретено в 1997 г.) Пейн Уэббер (объединил 3 дочерние компании в 1984 г.; слился в 2000 г. с UBS) Пейн, Уэббер, Джексон и Кертис (слияние в 1942 г.) Пейн и Уэббер (основано в 1880 г.) Джексон и Кертис (оценено в 1879 г.) Митчелл Хатчинс (основано в 1938 г., приобретено в 1975 г.) Блит, Истман Диллон и Ко. (слияние в 1972 г., приобретение в 1979 г.) Блит и Ко. основано в 1914 году как Blyth, Witter & Co. Истман Диллон Юнион Секьюритиз & Ко. (слияние в 1956 г.) Юнион Секьюритиз Восток. спин-офф "Ас" 1939 года от J. & W. Seligman & Co. Истман Диллон и Ко. (основано в 1912 г.) Киддер, Пибоди и Ко. (основан в 1864 г., приобретен в 1995 г.) Джей Си Брэдфорд и Ко. (основано в 1928 г., приобретено в 2000 г.) ICO Markets Exchange Clearing Limited (оценка: 2021 г., приобретена в качестве акционера в 2021 г.) Кредит Свисс (приобретён в 2023 году) Первый Бостон (основано в 1932 г., приобретено в 1988 г.)

Корпоративное управление

Старшее руководство

• Председатель: Колм Келлехер (с апреля 2022 г.)
• Генеральный директор: Серджио Эрмотти (с апреля 2023 г.); второй срок

Список бывших председателей

1. Матис Кабьяллаветта (1998)
2. Алекс Крауэр (1998–2001)
3. Марсель Оспель (2001–2008)
4. Питер Курер (2008–2009)
5. Каспар Виллигер (2009–2012)
6. Аксель Вебер (2012–2022 гг.)

Список бывших руководителей

1. Марсель Оспель (1998–2001)
2. Питер Вуффли (2001–2007)
3. Марсель Ронер (2007–2009)
4. Освальд Грюбель (2009–2011)
5. Серджио Эрмотти (2011–2020)
6. Ральф Хамерс (2020–2023 гг.)

Акционеры

Штаб-квартира UBS Europe SE во Франкфурте-на-Майне , Германия

Как указано в Законе о швейцарской фондовой бирже, наиболее крупными акционерами UBS являются GIC Private Limited с долей 7,07%, BlackRock Inc с долей 4,98%, Norges Bank с долей 3,30%, MFS Investment Management с долей 3,05% и компании Capital Group с долей 3,01% от общего акционерного капитала. В 2008 году, во время кризиса субстандартного ипотечного кредитования , GIC Private Limited инвестировала 11 миллиардов швейцарских франков в UBS, чтобы помочь ему спастись, став таким образом крупнейшим акционером.

Кроме того, UBS Group AG раскрыла информацию об акционерах, зарегистрированных в ее реестре акционеров и владеющих 3% или более выпущенными акциями. По состоянию на 30 сентября 2017 года это Chase Nominees Ltd, DTC (Cede & Co.) и Nortrust Nominees Ltd с долей 10,32%, 6,63% и 4,04% общего акционерного капитала соответственно.

По состоянию на 30 июня 2019 года пакеты акций Группы распределились следующим образом:

	Акционеры зарегистрированный		Акции зарегистрированный
	количество	%	количество	%
Индивидуальные акционеры	220,172	97.8	490,593,639	12.7
Юридические лица	4,665	2.1	543,626,690	14.1
Номинанты, фидуциарии	217	0.1	1,165,313,198	30.2
Общий	225,054	100.0	3,859,055,395	100.0

Банковская тайна

UBS часто называет швейцарскую культуру , особенно ее склонность к конфиденциальности, безопасности и нейтралитету , основой своей корпоративной культуры. Хотя банковская тайна возникла в 1700-х годах , в конце 1800-х и 1930-х годах Швейцария разработала ряд банковских правил и статутов для защиты и защиты банков в пределах своих границ. Наиболее известным был Федеральный закон о банках и сберегательных кассах , известный просто как «Закон о банках 1934 года». Федеральный закон запрещает и криминализирует распространение и передачу информации о клиентах третьим лицам. Законопроект был принят Федеральным собранием Швейцарии для борьбы с конфискацией активов и информации клиентов по причинам, обсуждаемым историками . UBS, тогда известный как Швейцарская банковская корпорация , получил крупный приток капитала из Европы для безопасного хранения во время войны. С 1934 по 2008 год было разработано более двух десятков швейцарских банковских законов для усиления банковской тайны в UBS Switzerland AG. В 2018 году Швейцария, наряду с крупными швейцарскими банками, включая UBS, заняла первое место в Индексе финансовой секретности . UBS был крупнейшим управляющим активами в 23 из 25 крупнейших стран Индекса финансовой секретности 2018 года.

Хотя UBS придерживается самой строгой политики в отношении банковской тайны в Швейцарии, его политика в Европе и особенно в США сопоставима. В США банку запрещено раскрывать клиентскую деятельность и информацию как внутри страны, так и в соответствии с правилами, установленными Управлением по регулированию финансовой индустрии (FINRA), Федеральной резервной системой , Федеральной корпорацией по страхованию депозитов (FDIC), Казначейством США , Комиссией по ценным бумагам и биржам (SEC). ), а также различные регулирующие органы штатов США. Сотрудникам UBS запрещено публично обсуждать деятельность или информацию клиентов, обмениваться информацией через границы, небезопасно хранить информацию о клиентах и ​​обязаны соблюдать надежные соглашения о конфиденциальности между банком и клиентом. В 2018 году операции UBS в США заняли второе место в Индексе финансовой секретности после UBS Switzerland AG. В Европейском Союзе (ЕС) UBS придерживается такой же политики банковской тайны, как и Швейцария, в следующих странах и зависимых территориях: Джерси , Австрии , Люксембурге , Лихтенштейне , Монако и острове Мэн . Существенные, хотя и значительно сокращенные, положения о банковской тайне предоставляются операциям UBS во Франции , Германии , Ирландии и Нидерландах .

Скрытые активы

UBS, наряду с другими швейцарскими банками, хранит различные скрытые активы и пронумерованные банковские счета, стремясь сохранить анонимность и конфиденциальность. Несмотря на свое название, скрытые учетные записи не являются по-настоящему скрытыми. Использование этих типов счетов (и активов) ограничивает знание счета между клиентом и ограниченным числом частных банкиров, которые сохраняют информацию о том, кому принадлежит счет.

В январе 1997 года Кристоф Мейли , ночной охранник в Union Bank of Switzerland (предшественнике UBS) в Цюрихе , публично объявил, что чиновники банка уничтожали документы о потерянных активах, предположительно являвшихся кредитными балансами клиентов как нацистской Германии, так и евреев. во время Второй мировой войны . Вскоре после этого власти Цюриха начали судебное расследование против Мейли по подозрению в нарушении швейцарского законодательства о банковской тайне. После того, как против UBS и других швейцарских банков был подан иск на сумму 2,56 миллиарда долларов США от имени еврейских жертв Холокоста , в августе 1998 года было достигнуто мировое соглашение на общую сумму 1,25 миллиарда долларов США.

Вход в офис UBS Wealth Management в Милане, Италия . Благодаря ударной двери и матовому стеклу его цель — обеспечить безопасность и конфиденциальность банковских операций.

Правительство Швейцарии предприняло шаги по ограничению использования скрытых услуг владельцами иностранных счетов, поскольку они часто использовались для облегчения перевода « черных денег ». В мае 2013 года Швейцария объявила, что внесет поправки в некоторые законы о банковской тайне, применимые к UBS Switzerland AG, чтобы разрешить раскрытие скрытых счетов клиентов различным следственным органам. Однако раскрытие такой информации строго регулируется и «происходит исключительно в рамках процедур административной помощи, основанных на действующем соглашении об избежании двойного налогообложения».

Банковские хранилища и бункеры

UBS, наряду с другими швейцарскими банками, владеет и управляет нераскрытыми или иным образом секретными банковскими хранилищами, хранилищами или подземными бункерами для золотых слитков, алмазов, наличных денег или других ценных физических активов. Географическое расположение этих объектов общественности не разглашается, но известно, что они расположены в горных районах Швейцарских Альп . Эти учреждения не подпадают под те же банковские правила, что и банки в Швейцарии , и не обязаны сообщать о своих активах регулирующим органам. По данным вооруженных сил Швейцарии , в 1980-х и 1990-х годах UBS приобрела четыре бывших военных бункера , чтобы переоборудовать их в хранилища. До трех из этих бункеров невозможно добраться ни по дороге, ни пешком, и для их перевозки требуется авиаперевозка. Передача активов в эти бункеры носит выборочный характер, поскольку требуется многоэтапная проверка безопасности и доступна не всем клиентам UBS. В особых случаях UBS заключает контракты с более мелкими банками в Южной Швейцарии для поддержания активов компании.

Самое большое раскрытое хранилище швейцарского банка находится на пяти этажах (19 метров или 62 фута) под штаб-квартирой банка в Женеве . В июле 2013 года UBS открыл хранилище и депозитарий золота в Сингапуре для состоятельных и сверхбогатых клиентов на рынках Гонконга , Китая и Малайзии , которые готовы платить высокие сборы и комиссии за высочайший уровень секретности и конфиденциальности. безопасность своих активов.

Уклонение от уплаты налогов

Основная статья: Споры об уклонении от уплаты налогов UBS

Строгая политика банковской тайны и соглашения о конфиденциальности между банком и клиентом в UBS часто использовались, чтобы избежать, уклониться или иным образом избежать прямого иностранного налогообложения . UBS заключил многосторонние соглашения США с Налоговой службой (IRS) и Налоговой и таможенной службой Великобритании в 2009 и 2010 годах соответственно. Эти соглашения обеспечили линию связи между налоговыми органами и всеми зарегистрированными швейцарскими банками. Наиболее часто используемое условие, выдвигаемое некоторыми клиентами UBS Switzerland AG, касается следующего закона : швейцарским банкам разрешается раскрывать информацию о клиенте только в том случае, если клиенту по закону предъявлено обвинение в доказательстве преднамеренного финансового мошенничества , а не просто в сокрытии информации об активах во избежание налогообложения. .

Политика банковской конфиденциальности UBS привела к многочисленным спорам и разногласиям с правительствами иностранных государств:

Верховный суд Франции Cour de Cassation вынес решение против UBS в своей апелляции по делу об уклонении от уплаты налогов в 2014 году .

• В 2007 году Брэдли Биркенфельд , сотрудник из Женевы, работавший в североамериканском подразделении банка по управлению активами, заявил, что сделки UBS с американскими клиентами нарушают соглашение между банком и Службой внутренних доходов США . Впоследствии он пожаловался должностным лицам UBS по соблюдению нормативных требований на «несправедливую и обманную деловую практику банка», которая включала спонсирование таких мероприятий, как гонки на яхтах и ​​фестивали искусств в Соединенных Штатах, с целью привлечения богатых людей в качестве потенциальных клиентов. США предъявило UBS обвинение Федеральное бюро расследований и обязало его прекратить предоставление трансграничных частных банковских услуг клиентам, проживающим в США, через свои подразделения, не регулируемые в США, с июля 2008 года.
• В 2012 году правительство Германии позаботилось о том, чтобы UBS Deutschland AG попал под расследование прокуратуры Мангейма офиса банка , Германия, после того, как налоговое расследование выявило подозрительные переводы средств из Германии в Швейцарию, предположительно осуществляемые при содействии франкфуртского . В мае 2012 года налоговые следователи провели рейд во франкфуртском офисе UBS Deutschland, в ходе которого в качестве доказательств было изъято более 100 000 компьютерных файлов и записей. Банк, который утверждает, что сотрудничает со следователями, заявил, что «внутреннее расследование конкретных обвинений не выявило никаких доказательств неправомерного поведения со стороны UBS Deutschland AG».
• В 2014 году французское правительство начало расследование предполагаемого соучастия UBS France в уклонении от уплаты налогов французскими налогоплательщиками. По оценкам расследования, сумма налоговых доходов, потерянных на офшорных счетах, контролируемых UBS, составила 600 миллиардов евро. В июле 2014 года банк был обязан внести залог в размере 1,1 миллиарда евро, что UBS выполнил, подав несколько апелляций во французскую судебную систему, и в конечном итоге проиграл апелляцию в Кассационном суде , высшем суде Франции. В том же году UBS обвинил французское правительство в «крайне политизированном процессе» расследования деятельности банка.

В декабре 2021 года апелляционный суд Франции признал UBS уголовным виновным в «незаконной банковской деятельности», отмывании денег и « налоговом мошенничестве при отягчающих обстоятельствах » и оштрафовал на 1,8 миллиарда евро. В UBS заявили, что обжалуют это решение.

Корпоративная социальная ответственность

В январе 2010 года UBS опубликовал новый кодекс поведения и деловой этики , который всем сотрудникам было предложено подписать. Кодекс затрагивает такие вопросы, как финансовые преступления , конкуренция, конфиденциальность , а также права человека и экологические проблемы . В восьмистраничном кодексе также изложены возможные санкции против сотрудников, нарушающих его, включая предупреждения, понижение в должности или увольнение . По словам Каспара Виллигера , бывшего председателя правления, и Освальда Дж. Грюбеля , бывшего генерального директора группы, кодекс является «неотъемлемой частью изменения способа ведения бизнеса UBS».

В 2011 году UBS расширил свою глобальную базу данных о соответствии требованиям, включив в нее информацию по экологическим и социальным вопросам, предоставленную RepRisk . глобальная исследовательская фирма, специализирующаяся на в области экологического, социального и корпоративного управления (например, ESG ). анализе и показателях рисков фирмы Это было сделано с целью смягчить экологические и социальные риски, которые могут повлиять на репутацию банка или финансовые показатели, и одновременно помочь глобально стандартизировать и систематически внедрять процессы комплексной проверки . Данные RepRisk используются в процессе адаптации для проверки потенциальных новых клиентов и партнеров по снабжению. наряду с периодическими проверками клиентов, а также для оценки рисков, связанных с операциями в сфере инвестиционно-банковской деятельности и институционального кредитования.

В 2018 году UBS владел 0,72% акций HikVision. (камеры наблюдения), дочерней компании китайского военного конгломерата CETC.

В октябре 2019 года UBS присоединился к Альянсу глобальных инвесторов за устойчивое развитие ООН (GISD). UBS обязался к концу 2021 года привлечь 5 миллиардов долларов США (~ 5,55 миллиардов долларов США в 2023 году) в виде инвестиций, связанных с ЦУР, которые направлены на создание измеримого положительного социального или экологического воздействия.

Исследования и разработки

Блокчейн

UBS был одним из первых, кто начал использовать технологию блокчейна в финансовых услугах. В апреле 2015 года UBS открыл инновационную лабораторию в технологическом акселераторе Level39 в Лондоне.

В августе 2016 года UBS объявил, что объединится с BNY Mellon , Deutsche Bank , Banco Santander , брокерской компанией ICAP и финтех- компанией Clearmatics для продвижения «Utility Settlement Coin» (USC) UBS. USC — это цифровая валюта на основе блокчейна, которую финансовые учреждения могут использовать для сделок с ценными бумагами друг с другом, минуя традиционные процессы расчетов, которые продолжаются.

ИМЭКЛ

В 2021 году UBS покупает 31% акций ICO Markets Exchange Clearing Limited , Digital Asset Exchange , регуляторной компании на европейском рынке цифровых активов , которую финансовые учреждения и частные клиенты будут использовать для торговли ценными бумагами между собой, минуя традиционные текущие процессы расчетов.

Искусственный интеллект

В 2018 году UBS клонировал в цифровом формате Дэниела Кальта, одного из своих главных экономистов. Эксперт по искусственному интеллекту FaceMe был нанят для создания интерактивного аватара Калта, который может встречаться с клиентами через экран телевизора. Клиенты смогут задавать вопросы и получать ответы, что станет возможным благодаря IBM технологии Watson AI.

Признание

В 2006 году четвертый год подряд UBS был назван журналом «Working Mother» одной из 100 лучших компаний для работающих матерей, живущих в США . Он является членом Stonewall Diversity Champions. программы и имеет активные сетевые группы геев и лесбиянок, этнических меньшинств и женщин. UBS был включен в Business Week в по версии журнала список «Лучшие места для начала карьеры» 2008 году и занял 96-е место из 119 перечисленных компаний. 2 февраля 2010 года UBS девятый год подряд возглавил рейтинг самых уважаемых европейских фондовых аналитиков, составленный Institutional Investor. Финансовые менеджеры говорят, что в год крайностей на фондовых рынках ни одна фирма не справилась лучше, чем UBS, информируя их о том, какие европейские сектора, страны и отрасли предлагают наибольший потенциал. 4 мая 2010 года инвестиционный банк UBS был признан ведущей панъевропейской брокерской фирмой по исследованиям в области акций и связанных с ними акций уже рекордный десятый год подряд. Опрос Thomson Reuters Extel поставил UBS на первое место во всех трех ключевых дисциплинах исследований: исследования (десятый год); Продажи (девятый год подряд); и торговля акциями и исполнение (поднявшись со второго места в 2009 году). UBS также был назван ведущей общеевропейской брокерской фирмой номер один в области экономических и стратегических исследований.

31 октября 2013 года UBS Wealth Management был признан лучшим глобальным частным банком по версии журнала Professional Wealth Management . сохранив этот титул в 2014 году, а также был признан лучшим частным банком в сфере благотворительных услуг и лучшим мировым брендом в сфере частного банковского обслуживания . 27 октября 2016 года четвертый год подряд UBS Wealth Management получил титул «Лучший частный банк мира» , а также награду «Лучший частный банк в Азии» пятый год подряд. UBS снова выиграл главный приз в 2018 году.

В 2014 году Группа получила награду Euromoney ’s Awards for Excellence 2014 как лучший глобальный банк . и как лучший банк Швейцарии . В 2017 году UBS не только сохранил лидирующую позицию, занятую в 2016 году, в основной категории « Лучшие частные банковские услуги в целом» по версии Euromoney ’s Private Banking Awards , но также получил признание как лучший банк Западной Европы по консультированию 2017 года .

В 2018 году третий год подряд RobecoSAM, организация, специализирующаяся исключительно на инвестировании в устойчивое развитие и проводящая обширные исследования, назвал UBS в своем отчете о лидерах отраслевых групп за 2018 год для каждой из отраслевых групп, представленных в индексе устойчивости Доу-Джонса, лидером группы. в области диверсифицированных финансов . В отчете освещаются усилия Группы по устойчивому развитию, направленные в рамках программы UBS и Общество: межведомственной платформы, включающей деятельность и возможности в области устойчивого инвестирования и благотворительности, политики в области окружающей среды и прав человека, собственного воздействия UBS на окружающую среду, а также инвестиций в сообщество. Группа также получила признание от Global Finance , которое оценивает поставщиков финансовых услуг, которые лучше всего отвечают специализированным потребностям корпораций на глобальном уровне. Критерии выбора ориентированы не столько на размер, сколько на качества, на которые компании обращают внимание при выборе поставщика. UBS был назван в категории Global Winners лучшим частным банком мира 2017 года. а в списке лучших банков мира 2017 года Группа получила награду Global Winner в категории « Лучшие инвестиционные банки мира 2017» .

В 2019 году UBS вошел в число 50 самых привлекательных работодателей мира в глобальном бизнес-рейтинге 2019 года по версии Universum Global Survey.

Спонсорство

Спорт

UBS особенно активно спонсирует различные турниры по гольфу , лыжные гонки в Швейцарии, хоккей с шайбой и ряд других мероприятий по всему миру. UBS был спонсором парусного судна Alinghi , победителя Кубка Америки в 2003 году. UBS был или в настоящее время является спонсором следующих спортивных мероприятий и организаций:

• Никогда
• Приглашение Арнольда Палмера
• Атлетиссима
• Автомобильный клуб Монако
• Серия Фалдо Азия
• Формула-1

• Грайфензее Ран
• Ханенкамм Гонки
• Гонконгский футбольный союз регби
• Нью-Йорк Айлендерс
• Олимпийский музей Лозанны
• Чемпионат игроков
• Горная гонка Сьерре-Зиналь

• Кубок Шпенглера Давос
• Швейцарская федерация легкой атлетики
• UBS Arena , Элмонт, Нью-Йорк
• UBS Гонконг Открытый
• Чемпионат Японии по гольфу UBS
• Детский кубок UBS
• Мировой класс Цюрих

Культура

Культурное спонсорство UBS обычно связано с классической музыкой и современным искусством, хотя компания также спонсирует ряд кинофестивалей , музыкальных фестивалей и других культурных мероприятий и организаций. UBS поддержал Глобальную художественную инициативу Гуггенхайма UBS MAP , в рамках которой Фонд Соломона Р. Гуггенхайма выбирал и работал с художниками, кураторами и педагогами из Южной и Юго-Восточной Азии , Латинской Америки , Ближнего Востока и Северной Африки, чтобы расширить свое влияние в международном искусстве. миру и бросить вызов западноцентричному взгляду на историю искусства . UBS ранее был или в настоящее время является спонсором следующих культурных мероприятий и организаций:

• Арт Базель
• Арт Базель Майами Бич
• Художественная галерея Нового Южного Уэльса
• Балет Цюрих
• Базель Симфониетта
• Пекинский музыкальный фестиваль
• Бостонский симфонический оркестр
• Брегенцский фестиваль
• Фестиваль Казальса
• Выставка Сая Твомбли
• Дайхторхаллен
• Фонд Бейелера

• Фонд Пьера Джанадда
• Ярмарка современного искусства Fresh Paint, Тель-Авив
• Галерея современного искусства, Милан
• Гуггенхайм UBS MAP Глобальная художественная инициатива
• Международный фонд Моцартеум
• Международный кинофестиваль в Локарно
• Лондонский симфонический оркестр
• Музей современного искусства Луизианы
• Люцернский фестиваль
• Люцернский симфонический оркестр
• Фестиваль Лугано
• Джазовый фестиваль в Монтрё

• Новый Национальный музей Монако
• Фестиваль Равиния
• Музыкальный фестиваль в Рейнгау
• Сиднейская театральная труппа
• Сингапурский фестиваль солнца
• Швейцарский институт современного искусства Нью-Йорк
• Игры на озере Тун
• Симфонический оркестр Юты
• Музыкальный фестиваль Вербье
• ЖЕНЩИНЫ: новые портреты Энни Лейбовиц
• Цюрихский оперный театр

Права на наименование

UBS в настоящее время владеет правами на название UBS Arena , которая является домашней ареной команды « Нью-Йорк Айлендерс» .

См. также

• Банковское дело в Швейцарии
• Системно значимое финансовое учреждение
• Швейцарский орган по надзору за финансовым рынком
• Индекс УБС 100
• UBS Securities, филиал в Китае

Дальнейшее чтение

• Шютц, Дирк. Падение UBS: причины упадка Юнион-банка Швейцарии , 1-е изд. Медиа Групп «Пирамида», 2000. ISBN   978-1-57441-308-3 .
• Фокс, Гай. Как на самом деле устроен мир: инвестиционно-банковское дело , Guy Fox Publishing, 2009. ISBN   978-1-90471-111-7 .
• Сутер, Мартин. Монтекристо. Роман. Диоген-Верлаг, Цюрих, 2015. 320 стр. ISBN   978-3-257-06920-4 .
• Блюм, Джордж. Швейцарская банковская компания – Союз швейцарских банков. Правда и почему этого слияния. Фавр, Лозанна, 2015 г. ISBN   978-2-8289-1548-3 (французский)
• Темкин, Анна. Современные голоса: работы из художественной коллекции UBS, Музей современного искусства; Первое издание в мягкой обложке, 2005 г. ISBN   978-0-870-70087-3

Внешние ссылки

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