UBS AG (Europe)

THE SCOOP

Swiss giant

UBS AG is one of the world's largest financial firms. Headquartered in Zurich and Basel, Switzerland, UBS AG has offices in over 50 countries and employs over 60,000 people around the world. In addition to investment banking, UBS AG serves clients through its wealth management and asset management units. UBS Investment Bank provides advisory services as well as access to the world's capital markets for corporate, institutional, intermediary, and alternative asset management clients. It also provides securities products and research in equities, fixed income, rates, and foreign exchange.

The current version of UBS was formed in 1998 when the Union Bank of Switzerland merged with the Swiss Bank Corporation, whose history dated to the 1870s. In 2000, UBS began trading on the NYSE and bought New York-based PaineWebber for $11.8 billion, solidifying its U.S. presence. More recently, in 2008 and 2009, it reorganized itself and shrank considerably, as a result of losses stemming from the subprime mortgage crisis. The company also received aid from the Swiss government.

In addition, the firm went through a management shakeup. In early 2009, CEO Marcel Rohner resigned and Oswald Grübel, an ex-Credit Suisse executive, took over. Grübel was largely responsible for Credit Suisse's turnaround, and investors hoped he'd be able to do the same for UBS. But it wasn't meant to be; another scandal-involving a rogue UBS trader-resulted in Grübel's resignation in September 2011. Sergio Ermotti, the head of UBS AG's European operations, was named interim CEO and remains the CEO of UBS AG today. 

Since 2012, UBS has focused on its traditional strengths in advisory, research, equities, foreign exchange, and precious metals. It has also improved its capital position while growing its business and enhancing its competitive positioning. In 2013, UBS's operating income increased by more than 9 percent. And at the beginning of 2014, Euromoney named UBS the "Best Global Bank," noting that "the bold decisions taken by a new chief executive and his management team make [UBS] today a bank that others seek to emulate."

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UBS AG (Europe)


Bahnhofstr. 45
P.O. Box CH-8098
Zurich
Phone: 41 11 234 11 11
www.ubs.com

STATS


  • Employer Type: Public
  • Stock Symbol: UBS
  • Stock Exchange: NYSE
  • Group CEO: Sergio P. Ermotti
  • 2014 Employees: 60,000

Major Office Locations

  • New York, NY
    London, United Kingdom
    Hong Kong, Hong Kong
    Zurich, Switzerland
    San Paulo, Brazil
    Tokyo, Japan
    Los Angeles, CA
    San Francisco, CA
    Stamford, CT
    Chicago, IL
    Houston, TX

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