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
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