UBS#The beginning of UBS' troubles: Subprime mortgage crisis (2007)

UBS was founded in 1862 as the Bank in Winterthur.{{Cite book |last=Kumar |first=Rajesh |title=Strategies of Banks and Other Financial Institutions: Theories and Cases |publisher=Elsevier |year=2014 |isbn=978-0-12-416997-5 |location=Amsterdam |pages=380 |language=en}} The Bank in Winterthur came with the movement that founded muiltple Suisse Grossbanken (Swiss big banks) that occurred in the latter sector of the 19th century.{{Cite book |last=Pohl |first=Manfred |title=Handbook on the History of European Banks |publisher=Edward Elgar Publishing |year=1994 |isbn=1-85278-919-0 |location=Hants, UK |pages=1016 |language=en}} The name of the bank was derived from the town of Winterthur, which served as Switzerland's industrial hub in the 19th century.{{Cite book |title=UBS |publisher=WETFEET, INC. |year=2009 |isbn=978-1-58207-892-2 |location=Philadelphia, PA |pages=14 |language=en}} 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.{{Cite book |last=Odekon |first=Mehmet |title=Booms and Busts: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis |publisher=Routledge |year=2010 |isbn=978-0-7656-8224-6 |pages=849 |language=en}} It formed a private banking syndicate that expanded, aided by Switzerland's international neutrality.{{Citation needed|date=July 2022}}

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".{{#tag:ref|The "three keys" symbol was taken from the Swiss Bank Corporation's logo and are meant to represent the following, from left to right:{{Cite book|title=Booms and Busts: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis|last=Odekon|first=Mehmet|publisher=Routledge|year=2015|isbn=9781317475767|pages=850|language=en|quote=...A logo of three keys, standing for confidence, security, and discretion, was taken over from [Swiss Bank Corporation]...}}

• Confidence (i.e. consumer confidence)
• Security (i.e. economic and physical security)
• Discretion (i.e. banking secrecy)|group="nb"}} 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.{{Cite web |last=Walker |first=Owen |title=Inside European finance's most secretive society |url=https://www.ft.com/content/0ec8089d-df7c-4331-8c45-0f70a1f3cb8b |url-status=live |archive-url=https://archive.today/20240211051937/https://www.ft.com/content/0ec8089d-df7c-4331-8c45-0f70a1f3cb8b |archive-date=2024-02-11 |access-date=2024-02-12 |website=Financial Times|date=11 February 2024 }}

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 2008 financial crisis, UBS managed heavy losses with an asset relief recovery programme.{{Citation needed|date=July 2022}} In 2011, the company was hit by the 2011 rogue trader scandal resulting in a US$2 billion trading loss.{{Cite book |last=Girling |first=Philippa X. |title=Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework |publisher=John Wiley & Sons |year=2013 |isbn=978-1-118-53245-4 |location=Hoboken, NJ |pages=301 |language=en}} In 2012, the bank reoriented itself around wealth management advisory services and limited its sell side operations.

{{Pie chart

| caption= Capital ownership of UBS by country of origin as of 2014:{{Cite news|publisher=Bilan|url=http://www.bilan.ch/tv-bilan/les_fonds_americains_rachetent_la_suisse|title=Les fonds américains rachètent la Suisse|date=9 December 2015|work=Mary Varkadis|access-date=10 February 2020|language=fr|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227173237/https://www.bilan.ch/tv-bilan/les_fonds_americains_rachetent_la_suisse|url-status=live}}

| label1 = Switzerland

| value1 = 19.5

| color1 = red

| label2 = United States

| value2 = 10.6

| color2 = blue

| label3 = United Kingdom

| value3 = 16.8

| color3 = green

| label4 = Asia-Pacific-Singapore

| value4 = 9.7

| color4 = gray

| label6 = Others

| value6 = 42.7

| color6 = orange

| label5 = Germany

| value5 = 0.7

| color5 = Magenta

}}

UBS is a joint-stock company ({{Lang|de|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, such as New York, London, Zürich, Berlin, Sydney, and Singapore. UBS has offices in 50 countries, with about 30% of its approximately 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.{{Cite web|title=Our employees|url=https://www.ubs.com/global/en/our-firm/our-employees.html|access-date=9 May 2021|website=UBS|archive-date=18 May 2021|archive-url=https://web.archive.org/web/20210518130318/https://www.ubs.com/global/en/our-firm/our-employees.html|url-status=live}} The bank has a major presence in the United States. Its American headquarters for investment banking are located in New York City, and for private wealth management advisory in Weehawken, New Jersey. They have sales & trading, along with private wealth management offices in Stamford, Connecticut.{{citation needed|date=March 2022}}

The company's global business groups provide services that entail: global wealth management, investment banking, asset management and personal & corporate banking. UBS is the leading provider of retail banking and commercial banking services in Switzerland, and they have been on top of the Swiss market since in 2009.{{cite web|url=https://www.ubs.com/global/en/about_ubs/about_us/our_businesses.html|title=Our clients & businesses – UBS Global topics|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074545/https://www.ubs.com/global/en/our-firm/what-we-do.html|url-status=live}} Looking holistically, UBS' overall invested assets is $3.101 billion, shareholders' equity is $52.928 billion and market capitalization is $45.907 billion at the end of the year 2018. In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company at the New York Stock Exchange (NYSE) and the SIX Swiss Exchange. Upon application and with effect as of 14 January 2015, the shares of UBS AG, a subsidiary of the UBS Group AG, were delisted from the NYSE.{{cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/releases/news-display-investor-releases.html/en/2015/01/14/ad-hoc.html|title=Investor release|work=UBS|publisher=ubs.com|date=14 January 2015|access-date=4 February 2018|archive-date=7 June 2019|archive-url=https://web.archive.org/web/20190607194353/https://www.ubs.com/global/en/about_ubs/investor_relations/releases/news-display-investor-releases.html/en/2015/01/14/ad-hoc.html|url-status=dead}} As of September 2019, the largest institutional shareholders are:{{Cite web|url=https://www.ubs.com/global/en/investor-relations/investors/shareholder-information/significant-shareholder.html|access-date=3 January 2020|title=Significant shareholders|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074159/https://www.ubs.com/global/en/investor-relations/investors/shareholder-information/significant-shareholder.html|url-status=live}}

File:UBS Offices (299 Park Avenue) 06 (logo cube).png in New York City]]

As of 31 December 2024, the geographical distribution of the shareholders presents itself as follows:{{Cite web |title=Shareholder distribution {{!}} UBS Global |url=https://www.ubs.com/global/en/investor-relations/investors/shareholder-information/shareholder-details/distribution.html |access-date=2025-02-05 |website=Investor Relations |language=en}}

As of June 2018, UBS's corporate structure includes four divisions in total, namely:{{cite web|url=https://www.ubs.com/global/en/about_ubs/about_us/ourprofile.html|title=UBS in a few words|work=UBS|publisher=ubs.com|date=January 2017|access-date=4 February 2018|archive-date=7 October 2014|archive-url=https://web.archive.org/web/20141007102947/https://www.ubs.com/global/en/about_ubs/about_us/ourprofile.html|url-status=live}}{{Cite news|url=https://www.reuters.com/article/us-ubs-group-wealth/ubs-begins-global-wealth-management-shift-by-merging-teams-idUSKBN1H42B5|title=UBS begins global wealth management shift by merging teams|last=Neghaiwi|first=Brenna Hughes|date=1 June 2018|work=U.S.|access-date=1 June 2018|language=en-US|archive-date=16 June 2018|archive-url=https://web.archive.org/web/20180616053556/https://www.reuters.com/article/us-ubs-group-wealth/ubs-begins-global-wealth-management-shift-by-merging-teams-idUSKBN1H42B5|url-status=live}}

• 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.{{cite news|url= https://www.telegraph.co.uk/finance/2833426/UBS-means-RIP-for-Warburg.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/2833426/UBS-means-RIP-for-Warburg.html |archive-date=11 January 2022 |url-access=subscription |url-status=live|first=Helen|last=Dunne|title=UBS means RIP for Warburg|work=The Daily Telegraph|date=13 November 2002| access-date=4 February 2018}}{{cbignore}}

UBS's global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment products and services.{{cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting/2016/_jcr_content/par/teaserbox_f1a7/teaser/linklist/link_a6d4.0036442955.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwtcmVwb3J0LzIwMTYvdWJzLWdyb3VwLTIwMTYtZW4ucGRm/ubs-group-2016-en.pdf|title=UBS Annual Report 2016|date=10 March 2017|work=UBS|publisher=ubs.com|access-date=4 February 2018}}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }} As of the end of 2016, UBS Wealth Management's invested assets totalled CHF 977billion.{{Cite web|url=https://www.ubs.com/content/dam/static/epaper/index.html?id=a0ba9a78|title=UBS E-Paper|website=www.ubs.com|access-date=4 February 2018|archive-date=19 June 2018|archive-url=https://web.archive.org/web/20180619063107/https://www.ubs.com/content/dam/static/epaper/index.html?id=a0ba9a78|url-status=live}} 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.{{Cite news|url=http://www.scorpiopartnership.com/knowledge/report/scorpio-partnership-global-private-banking-benchmark-2016/|title=SCORPIO PARTNERSHIP GLOBAL PRIVATE BANKING BENCHMARK 2016 {{!}} Scorpio Partnership|work=Scorpio Partnership|access-date=4 February 2018|archive-date=31 July 2016|archive-url=https://web.archive.org/web/20160731150924/http://www.scorpiopartnership.com/knowledge/report/scorpio-partnership-global-private-banking-benchmark-2016/|url-status=dead}} 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.{{#tag:ref|UBS is the largest wealth manager in the world.{{Cite news|url=https://www.reuters.com/article/us-banks-wealth/ubs-retains-positions-as-worlds-biggest-private-bank-study-idUSKCN0ZU030|title=UBS retains positions as world's biggest private bank: study|last=Neghaiwi|first=Brenna Hughes|work=Reuters|access-date=5 April 2018|archive-date=1 April 2018|archive-url=https://web.archive.org/web/20180401003552/https://www.reuters.com/article/us-banks-wealth/ubs-retains-positions-as-worlds-biggest-private-bank-study-idUSKCN0ZU030|url-status=live}}{{Cite web|url=https://www.euromoney.com/article/b161gqh7xx2ph0/zeltner-leaves-ubs-wealth-as-the-clear-global-leader|title=Zeltner leaves UBS Wealth as the clear global leader|last=Avery|first=Helen|date=14 December 2017|website=Euromoney|access-date=5 April 2018|archive-date=1 April 2018|archive-url=https://web.archive.org/web/20180401003736/https://www.euromoney.com/article/b161gqh7xx2ph0/zeltner-leaves-ubs-wealth-as-the-clear-global-leader|url-status=live}}|group="nb"}} 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.{{cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/shared/quarterlies/2014/3q14/_jcr_content/par/columncontrol/col1/linklist/link.1891311526.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvMjAxNC8zcTE0LzNxMTQtZmluYW5jaWFsLXJlcG9ydC5wZGY=/3q14-financial-report.pdf|title=Our financial results for the third quarter of 2014|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=5 March 2016|archive-url=https://web.archive.org/web/20160305021351/https://www.ubs.com/global/en/about_ubs/investor_relations/shared/quarterlies/2014/3q14/_jcr_content/par/columncontrol/col1/linklist/link.1891311526.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvMjAxNC8zcTE0LzNxMTQtZmluYW5jaWFsLXJlcG9ydC5wZGY=/3q14-financial-report.pdf|url-status=live}}{{cite web|url=https://www.ubs.com/global/en/wealth-management.html|title=About Us.Create the life you want|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=26 March 2018|archive-url=https://web.archive.org/web/20180326131208/https://www.ubs.com/global/en/wealth-management.html|url-status=live}} 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.{{cite web|url=https://www.ubs.com/global/en/about_ubs/about_us/rfa_library/shared/facts_figures/_jcr_content/rightpar/teaser/linklist/link_3.1216230832.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvcXVhcnRlcmxpZXMvVUJTX0ZhY3RzaGVldF9FTkcucGRm/UBS_Factsheet_ENG.pdf|title=UBS at a glance. UBS factsheet|work=UBS|publisher=ubs.com|date=22 April 2016|access-date=4 February 2018}}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }} Two-thirds of the total invested assets come from Europe and Switzerland, with the final third coming mainly from the Asia-Pacific region.

File:UBS Weehawken 2017.jpg in Weehawken, New Jersey |214x214px]]

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.{{cite web|url=https://www.ubs.com/us/en/wealth/news/wealth-management-americas-news.html/en/2017/03/08/ubs-partners-to-raise-largest-industry-impact-investing-with-gender-lens-overlay.html|title=UBS Wealth Managements Americas. About us.|work=UBS|publisher=ubs.com|access-date=4 February 2018}}{{Dead link|date=March 2023 |bot=InternetArchiveBot |fix-attempted=yes }} 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.{{cite web|url=https://www.ubs.com/global/en/about_ubs/about_us/our_businesses.html|title=UBS About us. Our Businesses.|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074545/https://www.ubs.com/global/en/our-firm/what-we-do.html|url-status=live}} UBS was named "Best Bank for Wealth Management in North America" at the Euromoney Awards for Excellence 2017.{{cite web|url=https://www.euromoney.com/article/b13mr4bz6g6gc9/north-america39s-best-bank-for-wealth-management-2017-ubs|title=North America's best bank for wealth management 2017: UBS|website=www.euromoney.com|date=6 July 2017|access-date=4 February 2018|archive-date=19 June 2018|archive-url=https://web.archive.org/web/20180619062923/https://www.euromoney.com/article/b13mr4bz6g6gc9/north-america39s-best-bank-for-wealth-management-2017-ubs|url-status=live}}

UBS's main competitors in this division are Bank of America, Morgan Stanley, JP Morgan Chase, Wells Fargo and Charles Schwab.{{cite web|url=http://www.barrons.com/articles/americas-top-40-wealth-management-firms-1474086678|title=America's Top 40 Wealth Management Firms|website=www.barrons.com|access-date=4 February 2018|archive-date=22 February 2018|archive-url=https://web.archive.org/web/20180222043718/https://www.barrons.com/articles/americas-top-40-wealth-management-firms-1474086678|url-status=live}}

UBS's Personal & Corporate Banking division delivers financial products and services to retail,{{cite web|url=https://www.ubs.com/ch/en/swissbank/private.html|title=UBS. Private Clients. Private clients – Tailored money solutions.|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=10 July 2017|archive-url=https://web.archive.org/web/20170710030040/https://www.ubs.com/ch/en/swissbank/private.html|url-status=live}} corporate and institutional clients{{cite web|url=https://www.ubs.com/ch/en/swissbank/corporates.html|title=UBS. Companies. Corporate customers – The right solution for every need.|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=19 June 2018|archive-url=https://web.archive.org/web/20180619063131/https://www.ubs.com/ch/en/swissbank/corporates.html|url-status=live}} 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".{{cite web|url=https://www.ubs.com/ch/de/awards/cash-manager-switzerland.html|title=UBS gewinnt Euromoney Award "Best Cash Manager Switzerland 2017"|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=6 December 2018|archive-url=https://web.archive.org/web/20181206143559/https://www.ubs.com/ch/de/awards/cash-manager-switzerland.html|url-status=live}} As of 31 December 2018, its lending portfolio reached US$131 billion (~${{Format price|{{Inflation|index=US-GDP|value=131000000000|start_year=2018}}}} in {{Inflation/year|US-GDP}}).

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.

File:UBS Chicago North Wacker.jpg 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.{{cite web|title=UBS Annual Report 2013|url=https://www.static-ubs.com/global/en/about_ubs/investor_relations/annualreporting/2013/_jcr_content/par/teaserbox_6c86/teaser_acb3/linklist/link_9f50.1705024293.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwyMDEzL0FSMjAxMy1lbi5wZGY=/AR2013-en.pdf|work=UBS|publisher=ubs.com|date=14 March 2014|access-date=4 February 2018|archive-date=14 October 2017|archive-url=https://web.archive.org/web/20171014040004/https://www.static-ubs.com/global/en/about_ubs/investor_relations/annualreporting/2013/_jcr_content/par/teaserbox_6c86/teaser_acb3/linklist/link_9f50.1705024293.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwyMDEzL0FSMjAxMy1lbi5wZGY=/AR2013-en.pdf|url-status=live}} 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.

{{cite web|title=UBS quarterly reporting 2018|url=https://www.ubs.com/global/en/about_ubs/investor_relations/quarterly_reporting/2018.html|work=UBS|publisher=ubs.com|date=22 January 2019|access-date=18 March 2019|archive-date=3 June 2019|archive-url=https://web.archive.org/web/20190603110850/https://www.ubs.com/global/en/about_ubs/investor_relations/quarterly_reporting/2018.html|url-status=live}} 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.{{cite web|title=UBS Annual Report 2015|url=https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting/2015/_jcr_content/par/teaserbox_4724/teaser/linklist/link_8678.647433737.file/bGluay9wYXRoPS9jb250ZW50L2RhbS9zdGF0aWMvZ2xvYmFsL2ludmVzdG9yX3JlbGF0aW9ucy9hbm51YWwtcmVwb3J0LzIwMTUvdWJzLWdyb3VwLWFuZC11YnMtYWctMjAxNS1lbi5wZGY=/ubs-group-and-ubs-ag-2015-en.pdf|work=UBS|date=18 March 2016|publisher=ubs.com|access-date=27 July 2016}}{{Dead link|date=March 2023 |bot=InternetArchiveBot |fix-attempted=yes }}{{cite web|title=Asset Management|url=https://www.ubs.com/global/en/asset-management.html|website=ubs.com|publisher=ubs|access-date=1 May 2018|archive-date=17 March 2017|archive-url=https://web.archive.org/web/20170317202150/https://www.ubs.com/global/en/asset-management.html|url-status=live}} It has main offices in Chicago, Hong Kong,{{Cite web|url=https://www.ubs.com/hk/en/asset-management.html|title=UBS Asset Management in Hong Kong|website=UBS Asset Management|language=en|access-date=13 January 2020|archive-date=13 January 2020|archive-url=https://web.archive.org/web/20200113054527/https://www.ubs.com/hk/en/asset-management.html|url-status=live}} London,{{Cite web|url=https://www.ubs.com/uk/en/asset-management.html|title=Asset Management in the UK|website=Asset Management - UK|language=en|access-date=13 January 2020|archive-date=13 January 2020|archive-url=https://web.archive.org/web/20200113054529/https://www.ubs.com/uk/en/asset-management.html|url-status=live}} New York, Singapore,{{Cite web|url=https://www.ubs.com/sg/en/asset-management.html|title=UBS Asset Management in Singapore|website=UBS Asset Management|language=en|access-date=13 January 2020|archive-date=13 January 2020|archive-url=https://web.archive.org/web/20200113053020/https://www.ubs.com/sg/en/asset-management.html|url-status=live}} Sydney,{{Cite web|url=https://www.ubs.com/au/en/asset-management/about-us.html|title=About us|website=Asset Management - Australia|language=en|access-date=13 January 2020|archive-date=13 January 2020|archive-url=https://web.archive.org/web/20200113054526/https://www.ubs.com/au/en/asset-management/about-us.html|url-status=live}} Tokyo, and Zürich.{{cite web|title=Asset Management.Why invest with us. Helping you solve your global investment challenges|url=https://www.ubs.com/global/en/asset-management/about.html|work=UBS|publisher=ubs.com|date=31 March 2016|access-date=4 February 2018|archive-date=10 May 2020|archive-url=https://web.archive.org/web/20200510101305/https://www.ubs.com/global/en/asset-management/about.html|url-status=live}} 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,{{Cite web|url=https://www.northerntrust.com/about-us/news/press-release?c=082cdff3de9c14d31b8e1f89bc61b414|title=Northern Trust Completes Strategic Acquisition of UBS Asset Management's Fund Services Units in Luxembourg and Switzerland|website=www.northerntrust.com|access-date=4 February 2018|archive-date=29 December 2017|archive-url=https://web.archive.org/web/20171229113148/https://www.northerntrust.com/about-us/news/press-release?c=082cdff3de9c14d31b8e1f89bc61b414|url-status=live}} 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.{{cite web |title= Northern Trust to acquire Fund Services Units of UBS in Luxembourg and Switzerland |url= https://www.ubs.com/global/en/about_ubs/media/global/releases/news_display_media_global.html/en/2017/02/20/northern-trust.html |work= UBS.com |access-date= 4 February 2018 |archive-date= 5 July 2018 |archive-url= https://web.archive.org/web/20180705003634/https://www.ubs.com/global/en/about_ubs/media/global/releases/news_display_media_global.html/en/2017/02/20/northern-trust.html |url-status= dead }}

UBS's main competitors in this division are BlackRock, Vanguard Group, State Street Global Advisers (SSGA), Fidelity Investments and Allianz Asset Management (AAM).{{cite web|title=Top Asset Management Firms|url=https://www.relbanks.com/rankings/largest-asset-managers|website=www.relbanks.com|access-date=4 February 2018|archive-date=12 February 2018|archive-url=https://web.archive.org/web/20180212231529/https://www.relbanks.com/rankings/largest-asset-managers|url-status=live}}

In April, 2025, UBS Asset Management, which oversees $1.8 trillion in assets, has removed restrictions on some of its sustainability funds investing in manufacturers of conventional weapons. This marks a shift in European asset management, as investors respond to rising geopolitical tensions and a regional push for rearmament. UBS still maintains bans on controversial weapons like cluster munitions and biological arms but gave no explanation for lifting the conventional weapons ban. The trend reflects growing investor enthusiasm to support Europe's defense buildup, particularly amidst pressure from U.S. government and rising military spending across the continent. As a result, defense stocks have surged in value.{{Cite news |date=April 1, 2025 |title=UBS ditches weapons exclusion from sustainable investment criteria |url=https://www.reuters.com/sustainability/sustainable-finance-reporting/ubs-ditches-weapons-exclusion-sustainable-investment-criteria-2025-04-01/}}

File:StamfordCTUBSNorthAmericanHQ11112007.jpg. At roughly the size of two American football fields, it was the largest column-less trading floor in the world.{{Cite news|url=https://www.bloomberg.com/news/articles/2017-04-19/mortgage-on-ubs-s-huge-trading-floor-sold-at-100-million-loss|title=Monument to Wall Street Glory Becomes Just Another Mortgage Loss|date=19 April 2017|work=Bloomberg.com|access-date=4 February 2018|archive-date=10 August 2019|archive-url=https://web.archive.org/web/20190810163929/https://www.bloomberg.com/news/articles/2017-04-19/mortgage-on-ubs-s-huge-trading-floor-sold-at-100-million-loss|url-status=live}}]]

UBS Investment Bank provides services covering securities, other financial products, and research in equities, rates, credit, foreign exchange, precious metals and derivatives.{{cite web|url=https://www.ubs.com/global/en/investment-bank.html|title=UBS Investment Bank|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=29 September 2017|archive-url=https://web.archive.org/web/20170929222421/https://www.ubs.com/global/en/investment-bank.html|url-status=live}} 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.{{cite web|title=UBS. About us. Our Businesses|url=https://www.ubs.com/global/en/about_ubs/about_us/our_businesses.html|work=UBS|publisher=ubs.com|access-date=4 February 2018|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074545/https://www.ubs.com/global/en/our-firm/what-we-do.html|url-status=live}} 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 {{convert|103000|sqft|m2|adj=on|order=flip}} with {{convert|40|ft|m|adj=on|order=flip}} 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.{{cite news|url=https://www.ubs.com/global/en/about_ubs/media/america/releases/news_display_media_americas.html/en/2002/05/14/news_20020514b.html|work=UBS Press Release. Media Releases Americas|title=UBS Warburg Expansion Creates World's Largest Trading Floor|publisher=ubs.com|date=14 May 2002|access-date=4 February 2018|archive-date=5 September 2014|archive-url=https://web.archive.org/web/20140905021515/https://www.ubs.com/global/en/about_ubs/media/america/releases/news_display_media_americas.html/en/2002/05/14/news_20020514b.html|url-status=dead}}{{cite news|url=https://www.nytimes.com/2011/06/09/nyregion/ubs-may-move-back-to-manhattan-from-stamford.html|work=The New York Times|first=Charles V.|last=Bagli|title=Regretting Move, Bank May Return to Manhattan.(A version of this article appears in print on June 9, 2011, on page A1 of the New York edition with the headline: After Leaving City, Big Bank Mulls a Return.)|date=8 June 2011|access-date=4 February 2018|archive-date=17 June 2022|archive-url=https://web.archive.org/web/20220617074121/https://www.nytimes.com/2011/06/09/nyregion/ubs-may-move-back-to-manhattan-from-stamford.html|url-status=live}}

UBS's main competitors in this division are fellow members of the Bulge Bracket,{{Cite news|url=https://www.forbes.com/sites/mergermarket/2017/03/29/battling-the-bulge-boutique-banks-gaining-ground/|title=Battling The Bulge: Boutique Banks Gaining Ground|last=Star|first=Marlene|date=29 March 2017|work=Forbes|access-date=10 August 2018|language=en|archive-date=6 July 2018|archive-url=https://web.archive.org/web/20180706022305/https://www.forbes.com/sites/mergermarket/2017/03/29/battling-the-bulge-boutique-banks-gaining-ground/|url-status=live}} particularly Goldman Sachs, JPMorgan Chase, and Bank of America.{{cite web|title=The World's Top 10 Investment Banks|url=http://www.investopedia.com/articles/investing/111114/worlds-top-10-investment-banks.asp|website=www.investopedia.com|access-date=4 February 2018|date=11 November 2014|archive-date=22 February 2018|archive-url=https://web.archive.org/web/20180222043734/https://www.investopedia.com/articles/investing/111114/worlds-top-10-investment-banks.asp|url-status=live}}{{Cite news|url=https://www.divestopedia.com/definition/6010/bulge-bracket-investment-bank|title=What is Bulge Bracket Investment Bank? - Definition from Divestopedia|work=Divestopedia.com|access-date=10 August 2018|language=en|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227130118/https://www.divestopedia.com/definition/6010/bulge-bracket-investment-bank|url-status=live}}

The American division also offers its own credit card not sponsored by another bank unlike many of its competitors.{{Cite web|url=https://www.ubs.com/us/en/wealth-management/banking/cards/personal.html|title=UBS credit and debit cards|access-date=18 November 2020|archive-date=11 November 2020|archive-url=https://web.archive.org/web/20201111194351/https://www.ubs.com/us/en/wealth-management/banking/cards/personal.html|url-status=live}}

File:'Occupy Paradeplatz' in Zürich 2011-10-22 15-36-16.jpg branches next to each other in Zurich]]

On a global scale, UBS competes with the largest global investment banks,{{Cite web|url=http://whartonmagazine.com/issues/winter-2001/title/#sthash.wz4hWUxY.dpbs|title=The Battle of the Bulge Bracket|last=Morgan|first=Stephen|date=3 October 2016|website=whartonmagazine.com|language=en-US|access-date=11 November 2013|archive-date=3 November 2018|archive-url=https://web.archive.org/web/20181103170536/http://whartonmagazine.com/issues/winter-2001/title/#sthash.wz4hWUxY.dpbs|url-status=live}}{{Cite news|url=https://www.investopedia.com/terms/b/bulgebracket.asp|title=Bulge Bracket|author=Investopedia Staff|date=25 November 2003|work=Investopedia|access-date=10 August 2018|language=en-US|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227190515/https://www.investopedia.com/terms/b/bulgebracket.asp|url-status=live}} particularly within the Bulge Bracket. and until acquiring Credit Suisse in 2023 was regularly compared against it.{{cite web|url=https://www.finma.ch/en/news/2014/05/mm-finma-informiert-ueber-tbtf-verfuegungen-20140507/|title=FINMA details TBTF decrees|work=FINMA|publisher=finma.ch|date=7 May 2014|access-date=4 February 2018|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074619/https://www.finma.ch/en/news/2014/05/mm-finma-informiert-ueber-tbtf-verfuegungen-20140507/|url-status=live}}{{Cite web|url=https://www.institutionalinvestor.com/article/b1505psgh882z9/these-are-the-best-paying-investment-banks|title=These Are the Best-Paying Investment Banks|date=11 August 2017|website=Institutional Investor|access-date=31 October 2018|archive-date=20 August 2020|archive-url=https://web.archive.org/web/20200820091025/https://www.institutionalinvestor.com/article/b1505psgh882z9/these-are-the-best-paying-investment-banks|url-status=live}} According to a 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks.{{Cite news|url=http://www.finews.com/news/english-news/26715-investment-banking-ubs-and-cs-remain-among-top-10-%E2%80%93-just|title=Investment Banking: UBS and CS Remain Among Top 10 – Just|work=finews.com|access-date=4 February 2018|archive-date=24 February 2021|archive-url=https://web.archive.org/web/20210224133159/https://www.finews.com/news/english-news/26715-investment-banking-ubs-and-cs-remain-among-top-10-%E2%80%93-just|url-status=live}}

• 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.{{citation needed|date=March 2022}}
• 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.{{citation needed|date=March 2022}}
• In the United States: UBS competes with the largest American banks, such as Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley.{{citation needed|date=March 2022}}

UBS traces its history to 1862, the year when Bank in Winterthur, forerunner of Union Bank of Switzerland, was founded.[http://www.stadtgeschichte2014.ch/typo3conf/ext/startpage/pdf/Bank%20in%20Winterthur%20Landbote%202012-06-25.pdf Stadtgeschichte] {{Webarchive|url=https://web.archive.org/web/20180904031912/http://stadtgeschichte2014.ch/typo3conf/ext/startpage/pdf/Bank%20in%20Winterthur%20Landbote%202012-06-25.pdf |date=4 September 2018 }}. Der Landbote. Retrieved 23 October 2015 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.

{{Main|Swiss Bank Corporation}}

File:Swiss Bank Corp 1973 logo.png logo ({{Circa|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.{{Cite web|url=https://www.ubs.com/global/en/about_ubs/about_us/history.html|title=History of UBS|website=global|access-date=23 January 2017|archive-date=10 July 2019|archive-url=https://web.archive.org/web/20190710154350/https://www.ubs.com/global/en/about_ubs/about_us/history.html|url-status=live}} 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.[http://www.fundinguniverse.com/company-histories/ubs-ag-history/ UBS AG History] {{Webarchive|url=https://web.archive.org/web/20150214152316/http://www.fundinguniverse.com/company-histories/ubs-ag-history/ |date=14 February 2015 }}. Funding Universe. Retrieved 21 March 2015{{multiple image

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| image2 = Basler Bankverein Prospectus (1872).png

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| footer = The Basel offices of Swiss Bank Corporation c. 1920{{cite book|url= https://books.google.com/books?id=zGc9AAAAYAAJ&pg=PA470|title=Bankers Magazine|publisher=Bradford-Rhodes & Co.|year=1920|work=1872 Basler Bankverein investor prospectus}}

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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.[https://query.nytimes.com/gst/abstract.html?res=9903EFDD153EE63ABC4051DFB1668382629EDE Swiss Bank of Basle to Open Branch Here; Huge Vaults a Haven for European Capital] {{Webarchive|url=https://web.archive.org/web/20160305153629/http://query.nytimes.com/gst/abstract.html?res=9903EFDD153EE63ABC4051DFB1668382629EDE |date=5 March 2016 }}. The New York Times, 28 July 1939 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.[https://query.nytimes.com/gst/abstract.html?res=9C0DE7DA103AE532A25756C1A9669D946894D6CF Swiss Agency will Open, Bank to Occupy Quarters in the Equitable Building] {{Webarchive|url=https://web.archive.org/web/20160305184411/http://query.nytimes.com/gst/abstract.html?res=9C0DE7DA103AE532A25756C1A9669D946894D6CF |date=5 March 2016 }}. The New York Times, 15 October 1939 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.{{cite web|title=UBS. About us. UBS in the world|url=https://www.ubs.com/global/en/about_ubs/about_us/history/ubs-and-the-world.html|work=UBS|publisher=ubs.com|access-date=27 July 2016|archive-date=6 December 2018|archive-url=https://web.archive.org/web/20181206164125/https://www.ubs.com/global/en/about_ubs/about_us/history/ubs-and-the-world.html|url-status=live}} The bank opened a full branch office in Tokyo in 1970.

File:St._Gall_office_of_Swiss_Bank_Corporation_(UBS)c.1920.png, 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.{{cite news|url=https://www.nytimes.com/1992/01/10/business/swiss-bank-buys-o-connor.html|title=Swiss Bank Buys O'Connor|work=The New York Times|date=10 January 1992|access-date=21 March 2015|archive-date=22 November 2020|archive-url=https://web.archive.org/web/20201122010206/https://www.nytimes.com/1992/01/10/business/swiss-bank-buys-o-connor.html|url-status=live}} 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.[http://www.fundinguniverse.com/company-histories/sbc-warburg-history/ SBC Warburg Company History] {{Webarchive|url=https://web.archive.org/web/20210224130201/http://www.fundinguniverse.com/company-histories/sbc-warburg-history/ |date=24 February 2021 }}. Funding Universe. Retrieved 21 March 2015 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.{{cite web|url=http://www.pionline.com/article/19971208/PRINT/712080756|title=UBS-SBC WOULD BE LARGEST MANAGER YET: GARY BRINSON MAY LEAD INSTITUTIONAL SIDE|date=8 December 1997|publisher=PIOnline|access-date=29 March 2015|archive-date=17 November 2018|archive-url=https://web.archive.org/web/20181117004148/https://www.pionline.com/article/19971208/PRINT/712080756|url-status=live}} The acquisition of S.G. Warburg & Co., a leading British investment banking firm, in 1995 for the price of US$1.4 billion (~${{Format price|{{Inflation|index=US-GDP|value=1400000000|start_year=1995}}}} in {{Inflation/year|US-GDP}}) 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.[http://www.managementtoday.co.uk/news/411031/UK-Outsider-changed-City/ Outsider who changed the City] {{Webarchive|url=https://web.archive.org/web/20160529201055/http://www.managementtoday.co.uk/news/411031/UK-Outsider-changed-City/ |date=29 May 2016 }}. Management Today, 1 November 1998 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.{{cite news|url=http://www.highbeam.com/doc/1G1-15997442.html|archive-url=https://web.archive.org/web/20150402132408/http://www.highbeam.com/doc/1G1-15997442.html|url-status=dead|archive-date=2 April 2015|title=Jilted: Morgan Stanley and S.G. Warburg|newspaper=The Economist|date= December 1994|access-date=21 March 2015}} SBC merged the firm with its own existing investment banking unit to create SBC Warburg.{{cite news|url=https://www.nytimes.com/1995/05/11/business/international-business-swiss-bank-in-deal-to-buy-sg-warburg.html|title=Swiss Bank in deal to buy S.G. Warburg|work=The New York Times|date=11 May 1995|access-date=21 March 2015|first=Richard W.|last=Stevenson|archive-date=26 May 2015|archive-url=https://web.archive.org/web/20150526143048/http://www.nytimes.com/1995/05/11/business/international-business-swiss-bank-in-deal-to-buy-sg-warburg.html|url-status=live}}

Two years later, in 1997, SBC paid US$600 million (~${{Format price|{{Inflation|index=US-GDP|value=600000000|start_year=1997}}}} in {{Inflation/year|US-GDP}}) to acquire Dillon, Read & Co., a U.S. bulge bracket investment bank.{{cite news|url=https://www.nytimes.com/1997/05/16/business/swiss-bank-steps-up-to-buy-dillon-read-on-rebound.html|title=Swiss Bank Steps Up to Buy Dillon, Read on Rebound|work=The New York Times|date=16 May 1997|access-date=21 March 2015|first=Peter|last=Truell|archive-date=27 November 2020|archive-url=https://web.archive.org/web/20201127025111/https://www.nytimes.com/1997/05/16/business/swiss-bank-steps-up-to-buy-dillon-read-on-rebound.html|url-status=live}}{{cite book|url=https://books.google.com/books?id=xOgCAAAAMBAJ&pg=PA28|title=Sell Division|place=New York|date=17 November 1997}} 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.

{{Main|Union Bank of Switzerland}}

File:Union Bank of Switzerland.png 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.{{cite book|url= https://books.google.com/books?id=794H9xxe-SIC&pg=PA132|title=Swiss banking: An Analytical History|publisher=Palgrave Macmillan|year=1998|pages=132–136|isbn=9780312212834}} 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.{{cite book|url=https://books.google.com/books?id=eXvfNDHpfWwC|title=Handbook on the History of European Banks|publisher=Edward Elgar Publishing|year=1994|isbn=9781781954218|access-date=29 October 2015|archive-date=19 March 2023|archive-url=https://web.archive.org/web/20230319200454/https://books.google.com/books?id=eXvfNDHpfWwC|url-status=live}} 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).{{cite web|url= https://books.google.com/books?id=qmQmAQAAIAAJ|title=Bankers Magazine|date=December 1920|page=794|access-date=29 March 2015}}

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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.[https://www.nytimes.com/2001/12/02/world/swiss-were-part-of-nazi-economic-lifeline-historians-find.html Swiss Were Part of Nazi Economic Lifeline, Historians Find] {{Webarchive|url=https://web.archive.org/web/20201228084623/https://www.nytimes.com/2001/12/02/world/swiss-were-part-of-nazi-economic-lifeline-historians-find.html |date=28 December 2020 }}. The New York Times, 2 December 2001[http://content.time.com/time/magazine/article/0,9171,985947,00.html Switzerland: A Painful History] {{Webarchive|url=https://web.archive.org/web/20210224220345/http://content.time.com/time/magazine/article/0,9171,985947,00.html |date=24 February 2021 }}. Time, 24 February 1997 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.[https://www.nytimes.com/1997/01/20/world/swiss-envoy-in-us-in-midst-of-a-squall.html Swiss Envoy in U.S. in Midst of a Squall] {{Webarchive|url=https://web.archive.org/web/20200907152932/https://www.nytimes.com/1997/01/20/world/swiss-envoy-in-us-in-midst-of-a-squall.html |date=7 September 2020 }}. The New York Times, 20 January 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.[https://www.nytimes.com/1997/08/01/news/01iht-qanda.t.html Ulrich Jost, Swiss historian : Bank Secrecy Was Bern's Wartime 'Weapon'] {{Webarchive|url=https://web.archive.org/web/20200907184133/https://www.nytimes.com/1997/08/01/news/qahans-ulrich-jost-swiss-historian-bank-secrecy-was-berns-wartime.html |date=7 September 2020 }}. The New York Times, 1 August 1997[http://www.swissinfo.ch/eng/probe-lays-bare-swiss-wartime-role/2611562 Probe lays bare Swiss wartime role] {{Webarchive|url=https://web.archive.org/web/20201115234004/https://www.swissinfo.ch/eng/probe-lays-bare-swiss-wartime-role/2611562 |date=15 November 2020 }}, SwissInfo.ch, 22 March 2002 UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S.[https://www.nytimes.com/1997/01/26/world/how-swiss-strategy-on-holocaust-fund-unraveled.html How Swiss Strategy on Holocaust Fund Unraveled] {{Webarchive|url=https://web.archive.org/web/20200907151244/https://www.nytimes.com/1997/01/26/world/how-swiss-strategy-on-holocaust-fund-unraveled.html |date=7 September 2020 }}. The New York Times, 26 January 1997[https://www.nytimes.com/1997/08/03/opinion/more-blundering-by-swiss-banks.html More Blundering by Swiss Banks] {{Webarchive|url=https://web.archive.org/web/20200908061349/https://www.nytimes.com/1997/08/03/opinion/more-blundering-by-swiss-banks.html |date=8 September 2020 }}. The New York Times, 3 August 1997 UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.[https://www.nytimes.com/1997/10/10/nyregion/new-york-punishes-swiss-bank-over-nazi-gold.html New York Punishes Swiss Bank Over Nazi Gold] {{Webarchive|url=https://web.archive.org/web/20201211025002/https://www.nytimes.com/1997/10/10/nyregion/new-york-punishes-swiss-bank-over-nazi-gold.html |date=11 December 2020 }}. The New York Times, 10 October 1997

File:Bahnhofstrasse_Zürich_1920.jpg (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.{{cite web|url=http://www.argor.com/index.php/eng/|title=Argor-Heraeus|publisher=Argor.com|access-date=29 March 2015|archive-date=27 October 2017|archive-url=https://web.archive.org/web/20171027131946/http://argor.com/index.php/eng|url-status=live}} 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.[https://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html Offer Made to Create Largest Swiss Bank Group] {{Webarchive|url=https://web.archive.org/web/20160304134026/http://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html |date=4 March 2016 }}. The New York Times, 6 January 1993 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.[https://www.nytimes.com/1991/02/22/business/company-news-swiss-bank-to-acquire-chase-investment-unit.html Swiss Bank to Acquire Chase Investment Unit] {{Webarchive|url=https://web.archive.org/web/20170804014717/http://www.nytimes.com/1991/02/22/business/company-news-swiss-bank-to-acquire-chase-investment-unit.html |date=4 August 2017 }}. The New York Times, 22 February 1991 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.UBS Banks on Conservative Strategies --- Industry Leader Avoids Troubles That Have Snared Main Swiss Rivals. Wall Street Journal, 1 June 1993[http://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/credit-suisse-group UBS AG Britannica] {{Webarchive|url=https://web.archive.org/web/20180513081858/https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/credit-suisse-group |date=13 May 2018 }}. Britannica, 15 December 2008 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.[https://www.independent.co.uk/news/business/ubs-buys-lloyds-tsbs-stake-in-smh-for-pounds-100m-1247535.html UBS buys Lloyds TSB's stake in SMH for pounds 100m] {{Webarchive|url=https://web.archive.org/web/20181127191637/https://www.independent.co.uk/news/business/ubs-buys-lloyds-tsbs-stake-in-smh-for-pounds-100m-1247535.html |date=27 November 2018 }}. The Independent (London), 27 August 1997

{{Clear}}

File:UBS Building, New York City นายกรัฐมนตรี เข้าร่วมการ - Flickr - Abhisit Vejjajiva.jpg'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.[https://www.nytimes.com/1995/01/09/business/swiss-battle-for-big-bank-proves-costly.html Swiss Battle For Big Bank Proves Costly] {{Webarchive|url=https://web.archive.org/web/20171027130756/http://www.nytimes.com/1995/01/09/business/swiss-battle-for-big-bank-proves-costly.html |date=27 October 2017 }}.The New York Times, 9 January 1995 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.[https://www.nytimes.com/2002/08/01/business/financier-who-shook-up-the-swiss-is-himself-shaken-up.html Financier Who Shook Up the Swiss Is Himself Shaken Up] {{Webarchive|url=https://web.archive.org/web/20171027180609/http://www.nytimes.com/2002/08/01/business/financier-who-shook-up-the-swiss-is-himself-shaken-up.html |date=27 October 2017 }}.The New York Times, 1 August 2002 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.[https://www.nytimes.com/1996/04/10/business/international-business-swiss-banks-considering-giant-merger.html Swiss Banks Considering Giant Merger] {{Webarchive|url=https://web.archive.org/web/20171027074746/http://www.nytimes.com/1996/04/10/business/international-business-swiss-banks-considering-giant-merger.html |date=27 October 2017 }}.The New York Times, 10 April 1996 Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger.[https://www.nytimes.com/1996/04/12/business/big-swiss-bank-rejects-merger-appeal-by-rival.html Big Swiss Bank Rejects Merger Appeal by Rival] {{Webarchive|url=https://web.archive.org/web/20171027074747/http://www.nytimes.com/1996/04/12/business/big-swiss-bank-rejects-merger-appeal-by-rival.html |date=27 October 2017 }}.The New York Times, 12 April 1996 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.[https://www.nytimes.com/1996/04/12/news/12iht-bank.t.html Switzerland's Top Bank Spurns Merger Bid From Arch-Rival] {{Webarchive|url=https://web.archive.org/web/20160304084948/http://www.nytimes.com/1996/04/12/news/12iht-bank.t.html |date=4 March 2016 }}. The New York Times, 12 April 1996

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.{{cite book|url=https://books.google.com/books?id=nZv6IMfToX0C&pg=PA295|title=Finance and Financiers in European History 1880–1960|publisher=Cambridge University Press|year=2002|access-date=29 March 2015|isbn=9780521893732}} Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.[https://www.independent.co.uk/news/business/embattled-ubs-poised-for-merger-with-sbc-1287188.html Embattled UBS poised for merger with SBC] {{Webarchive|url=https://web.archive.org/web/20171027025113/https://www.independent.co.uk/news/business/embattled-ubs-poised-for-merger-with-sbc-1287188.html |date=27 October 2017 }} The Independent, 6 December 1997 The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$590 billion (~${{Format price|{{Inflation|index=US-GDP|value=590000000000|start_year=1997}}}} in {{Inflation/year|US-GDP}}), the largest of its kind.[https://www.nytimes.com/1997/12/09/business/international-business-2-of-the-big-3-swiss-banks-to-join-to-seek-global-heft.html 2 of the Big 3 Swiss Banks To Join to Seek Global Heft] {{Webarchive|url=https://web.archive.org/web/20171027074721/http://www.nytimes.com/1997/12/09/business/international-business-2-of-the-big-3-swiss-banks-to-join-to-seek-global-heft.html |date=27 October 2017 }}. The New York Times, 9 December 1997 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.{{Cite news|url=https://www.reuters.com/article/us-ubs-ospel/ubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423|title=UBS architect Ospel leaves battered bank|last=O'Donnell|first=John|date=28 April 2008|work=Reuters|access-date=8 August 2018|language=en-US|quote=The three-times married banker was the architect of what was originally meant to be called United Bank of Switzerland – the fusion of Swiss Bank Corporation and Union Bank of Switzerland in 1998. He later masterminded the acquisition of U.S.-based PaineWebber.|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074020/https://www.reuters.com/article/us-ubs-ospel/ubs-architect-ospel-leaves-battered-bank-idUSL2279145320080423|url-status=live}}

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.[https://www.nytimes.com/1997/12/09/business/international-business-performance-of-new-bank-relies-on-us.html Performance Of New Bank Relies on U.S.] {{Webarchive|url=https://web.archive.org/web/20171027074754/http://www.nytimes.com/1997/12/09/business/international-business-performance-of-new-bank-relies-on-us.html |date=27 October 2017 }} 9 December. 1997[https://www.bloomberg.com/bw/stories/1999-03-28/has-ubs-found-its-way-out-of-the-woods-intl-edition Has UBS Found Its Way out of the Woods?] {{Webarchive|url=https://web.archive.org/web/20160310065700/http://www.bloomberg.com/bw/stories/1999-03-28/has-ubs-found-its-way-out-of-the-woods-intl-edition |date=10 March 2016 }} BusinessWeek, 29 March 1999 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.[https://www.independent.co.uk/news/business/four-leave-after-ubs-suffers-big-trading-loss-1295126.html Four leave after UBS suffers big trading loss] {{Webarchive|url=https://web.archive.org/web/20171027025236/https://www.independent.co.uk/news/business/four-leave-after-ubs-suffers-big-trading-loss-1295126.html |date=27 October 2017 }}. The Independent (London), 20 November 1997[https://www.nytimes.com/1998/01/31/business/international-business-a-swiss-bank-raises-loss-on-derivatives.html A Swiss Bank Raises Loss on Derivatives] {{Webarchive|url=https://web.archive.org/web/20171027125406/http://www.nytimes.com/1998/01/31/business/international-business-a-swiss-bank-raises-loss-on-derivatives.html |date=27 October 2017 }}.The New York Times, 31 January 1998

File:UBS Paine Webber logo.png brand was dropped]]

File:UBS Warburg.png

On 3 November 2000, UBS merged with Paine Webber, an American stock brokerage and asset management firm led by chairman and CEO Donald Marron.[https://www.nytimes.com/2000/10/24/business/painewebber-merger-vote.html PaineWebber Merger Vote] {{Webarchive|url=https://web.archive.org/web/20200912234747/https://www.nytimes.com/2000/10/24/business/painewebber-merger-vote.html |date=12 September 2020 }}.The New York Times, 24 October 2000[https://www.nytimes.com/2000/07/12/business/swiss-bank-is-acquiring-painewebber.html Swiss Bank Is Acquiring PaineWebber] {{Webarchive|url=https://web.archive.org/web/20200912211008/https://www.nytimes.com/2000/07/12/business/swiss-bank-is-acquiring-painewebber.html |date=12 September 2020 }}.The New York Times, 12 July 2000 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.[https://www.nytimes.com/2001/03/05/business/05ADCO.html?ex=1226466000&en=1efd78d6fe2d3a1c&ei=5070 Advertising: Introducing UBS PaineWebber, Post Merger] {{Webarchive|url=https://web.archive.org/web/20210227183521/https://www.nytimes.com/2001/03/05/business/media-business-advertising-story-line-vignettes-over-several-commercials.html |date=27 February 2021 }}.The New York Times, 5 March 2001 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.[http://www.efinancialnews.com/story/2010-05-03/costas-seeks-to-seize-middle-ground Costas Seeks to Seize Middle Ground]. Financial News, 3 May 2010 {{Webarchive|url=https://web.archive.org/web/20100505232940/http://www.efinancialnews.com/story/2010-05-03/costas-seeks-to-seize-middle-ground |date=5 May 2010 }} 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.[https://www.nytimes.com/2000/08/31/business/swiss-banks-calling-wall-st-home.html Swiss Banks Calling Wall St. Home] {{Webarchive|url=https://web.archive.org/web/20200912221341/https://www.nytimes.com/2000/08/31/business/swiss-banks-calling-wall-st-home.html |date=12 September 2020 }}. The New York Times, 31 August 2000{{cite news|url=https://www.nytimes.com/2002/05/26/business/how-banks-chased-a-mirage.html|title=How Banks Chased a Mirage|work=The New York Times|date=26 May 2002|access-date=21 March 2015|first=Riva D.|last=Atlas|archive-date=16 September 2020|archive-url=https://web.archive.org/web/20200916024349/https://www.nytimes.com/2002/05/26/business/how-banks-chased-a-mirage.html|url-status=live}} 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.

File:Opernturm (UBS) und Alte Oper Frankfurt-2012-Ffm-b.jpg, 2012|left]]

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.{{cite news|url=https://dealbook.nytimes.com//2007/03/19/moelis-leaving-ubs-the-memo/|title=Moelis Is Leaving UBS|work=The New York Times|date=19 March 2007|access-date=21 March 2015|archive-date=12 August 2020|archive-url=https://web.archive.org/web/20200812195024/https://dealbook.nytimes.com//2007/03/19/moelis-leaving-ubs-the-memo/|url-status=live}} 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.{{cite news|url= https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGaVnfgWhIpI|archive-url= https://web.archive.org/web/20110813205741/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGaVnfgWhIpI|archive-date= 13 August 2011|title=Costas Sees UBS Eclipsing Goldman, Citigroup as Top Fee Earner|date=1 March 2004|access-date=21 March 2015|url-status=dead}} 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.{{cite news|url=https://www.nytimes.com/2004/05/05/business/higher-fees-and-trading-help-double-ubs-income.html|title=Higher Fees And Trading Help Double UBS Income|work=The New York Times|date=5 May 2004|access-date=21 March 2015|archive-date=18 November 2020|archive-url=https://web.archive.org/web/20201118155859/https://www.nytimes.com/2004/05/05/business/higher-fees-and-trading-help-double-ubs-income.html|url-status=live}} Among the bank's other major recruits during this period were Olivier Sarkozy, Ben Lorello, Blair Effron, and Jeff McDermott.{{cite news|url=https://blogs.wsj.com/deals/2009/06/26/health-scare-calculating-ubss-loss-of-banker-benjamin-lorello/|title=Health Scare: Calculating UBS's Loss of Banker Benjamin Lorello|newspaper=The Wall Street Journal|date=26 June 2009|access-date=21 March 2015|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809181139/https://blogs.wsj.com/deals/2009/06/26/health-scare-calculating-ubss-loss-of-banker-benjamin-lorello/|url-status=live}}{{cite news|url=http://www.efinancialnews.com/story/2007-06-29/top-ubs-banker-founds-private-equity-firm|title=Top UBS banker founds private equity firm|publisher=Financial News|date=29 June 2007|access-date=21 March 2015|archive-date=28 August 2016|archive-url=https://web.archive.org/web/20160828072852/http://www.efinancialnews.com/story/2007-06-29/top-ubs-banker-founds-private-equity-firm|url-status=live}} 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.{{cite news|url=https://www.nytimes.com/2007/03/19/business/19ubs.html|title=Prominent UBS Executive to Leave|work=The New York Times|date=19 March 2007|access-date=21 March 2015|archive-date=23 November 2020|archive-url=https://web.archive.org/web/20201123204825/https://www.nytimes.com/2007/03/19/business/19ubs.html|url-status=live}}

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.{{cite news|url=https://www.nytimes.com/2005/09/09/business/09wall.html|title=From UBS's Suite of Power to the Sweat of a Hedge Fund|work=The New York Times|date=9 September 2005|access-date=21 March 2015|first=Jenny|last=Anderson|archive-date=21 May 2013|archive-url=https://web.archive.org/web/20130521173037/http://www.nytimes.com/2005/09/09/business/09wall.html|url-status=live}} In 2006, UBS bankers Blair Effron and Michael Martin announced their departures.{{cite news|url=https://www.nytimes.com/2008/02/29/business/29blair.html|title=Boutique Bank That's Riding Out the Storm|newspaper=The New York Times|date=29 February 2008|access-date=21 March 2015|archive-date=26 November 2020|archive-url=https://web.archive.org/web/20201126005013/https://www.nytimes.com/2008/02/29/business/29blair.html|url-status=live}}{{cite news|url=https://blogs.wsj.com/deals/2007/03/21/out-they-go-moeliss-troops-at-ubs-begin-to-disperse/|title=Out They Go: Moelis's Troops at UBS Begin to Disperse|newspaper=The Wall Street Journal|date=21 March 2007|access-date=21 March 2015|first=Dana|last=Cimilluca|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809180737/https://blogs.wsj.com/deals/2007/03/21/out-they-go-moeliss-troops-at-ubs-begin-to-disperse/|url-status=live}} In March 2007, Moelis announced that he was leaving the company, and shortly thereafter founded a new business, Moelis & Company.[https://www.nytimes.com/2007/03/19/business/19ubs.html Prominent UBS Executive to Leave] {{Webarchive|url=https://web.archive.org/web/20201123204825/https://www.nytimes.com/2007/03/19/business/19ubs.html |date=23 November 2020 }}. The New York Times, 19 March 2007 As he had when joining UBS, Moelis took a large team of senior UBS investment bankers.{{cite news|url=https://www.latimes.com/archives/la-xpm-2007-jul-20-fi-wrap20.4-story.html|title=Ex-UBS executive Moelis opens firm|newspaper=LA Times|date=20 July 2007|access-date=21 March 2015|archive-date=3 March 2016|archive-url=https://web.archive.org/web/20160303192124/http://articles.latimes.com/2007/jul/20/business/fi-wrap20.4|url-status=live}}{{cite news|url=https://www.latimes.com/archives/la-xpm-2007-mar-20-fi-wrap20.1-story.html|title=Ken Moelis parts ways with UBS: Some wonder if the high-profile investment banker will launch his own firm in L.A.|newspaper=Los Angeles Times|date=20 March 2007|access-date=21 March 2015|first=Tom|last=Petruno|archive-date=21 October 2018|archive-url=https://web.archive.org/web/20181021231949/http://articles.latimes.com/2007/mar/20/business/fi-wrap20.1|url-status=live}} 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.{{cite news|url=https://www.nytimes.com/2007/03/16/business/16swiss.html|title=Future of UBS Executive Part of Wall Street Chatter|date=16 March 2007|access-date=21 March 2015|work=The New York Times|archive-date=23 November 2020|archive-url=https://web.archive.org/web/20201123194445/https://www.nytimes.com/2007/03/16/business/16swiss.html|url-status=live}} 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 2008 financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early 2008 and Ben Lorello in 2009.

File:UBSentrance.jpg in Midtown Manhattan]]

UBS was fined $100 million by the FED in 2004 for trading in dollars with Iran and other sanctioned countries.{{Cite news|url = https://www.nytimes.com/2004/05/11/business/ubs-fined-100-million-over-trading-of-dollars.html|title = UBS Fined $100 Million over Trading of Dollars|newspaper = The New York Times|date = 11 May 2004|access-date = 11 September 2021|archive-date = 11 September 2021|archive-url = https://web.archive.org/web/20210911110322/https://www.nytimes.com/2004/05/11/business/ubs-fined-100-million-over-trading-of-dollars.html|url-status = live}}

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.{{cite news|url=https://www.nzz.ch/ubs_groesster_opfer_kreditkrise-1.563256|language=de|title=UBS leidet unter der Kreditkrise|work=Neue Zürcher Zeitung, nzz.ch|last=Bumbacher|first=Beat|access-date=10 March 2019|date=1 October 2007|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809131032/https://www.nzz.ch/ubs_groesster_opfer_kreditkrise-1.563256|url-status=live}} In May 2007, UBS announced the closure of its Dillon Read Capital Management (DRCM) division.{{Cite news|url=https://www.theguardian.com/business/2007/may/04/usnews.internationalnews|title=UBS shuts hedge fund after big sub-prime losses|last=Clark|first=Andrew|date=3 May 2007|work=The Guardian|access-date=29 December 2017|language=en-GB|issn=0261-3077|archive-date=25 January 2021|archive-url=https://web.archive.org/web/20210125025925/https://www.theguardian.com/business/2007/may/04/usnews.internationalnews|url-status=live}} 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,{{cite news|url=https://www.ft.com/content/d4e0b92a-0f69-11dd-8871-0000779fd2ac|title=UBS details subprime losses|work=Financial Times|last=Simonian|first=Haig|access-date=10 March 2019|date=21 April 2008|archive-date=28 September 2020|archive-url=https://web.archive.org/web/20200928070822/https://www.ft.com/content/d4e0b92a-0f69-11dd-8871-0000779fd2ac|url-status=live}} resulting in not only expanding DRCM losses but creating 84% of the other losses experienced by the bank.{{cite news|url=https://www.bloomberg.com/news/articles/2008-05-18/ubs-100-billion-wager-prompted-24-billion-loss-in-nine-months|title=UBS $100 Billion Wager Prompted $24 billion Loss in Nine Months|date=18 May 2008|work=Bloomberg|access-date=29 March 2015|archive-date=27 August 2020|archive-url=https://web.archive.org/web/20200827210202/https://www.bloomberg.com/news/articles/2008-05-18/ubs-100-billion-wager-prompted-24-billion-loss-in-nine-months|url-status=live}}

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.[https://www.nytimes.com/2007/07/06/business/06ubs.html After Losses, UBS Ousts Its Chief] {{Webarchive|url=https://web.archive.org/web/20210211035750/http://www.nytimes.com/2007/07/06/business/06ubs.html |date=11 February 2021 }}. The New York Times, 6 July 2007|access-date=29 March 2015{{cite news|url=https://www.nzz.ch/ubs_kommentar_nzz-1.563344|language=de|title=Späte Offenbarung|work=Neue Zürcher Zeitung, nzz.ch)|access-date=10 March 2019|date=1 October 2007|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809133754/https://www.nzz.ch/ubs_kommentar_nzz-1.563344|url-status=live}} 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,{{cite news|url=https://www.smh.com.au/world/swiss-bank-ubs-reports-huge-loss-after-subprime-debacle-20080214-1sbn.html|title=Swiss bank UBS reports huge loss after subprime debacle|work=The Sydney Morning Herald|last=Lehmann|first=Andre|access-date=10 March 2019|date=14 February 2008|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809131724/https://www.smh.com.au/world/swiss-bank-ubs-reports-huge-loss-after-subprime-debacle-20080214-1sbn.html|url-status=live}} when the bank reported its first quarterly loss in over five years.[https://www.nytimes.com/2007/10/31/business/worldbusiness/31bank.html Mortgage Woes Push UBS to Its First Loss in 5 Years] {{Webarchive|url=https://web.archive.org/web/20201124204307/https://www.nytimes.com/2007/10/31/business/worldbusiness/31bank.html |date=24 November 2020 }}. The New York Times, 31 October 2007 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){{cite news|url=https://www.cnbc.com/2007/12/10/ubs-writes-down-10-billion-singapore-injects-capital.html|title=UBS Writes Down $10 Billion, Singapore Injects Capital|agency=Reuters|access-date=10 March 2019|date=10 December 2007|archive-date=19 August 2020|archive-url=https://web.archive.org/web/20200819063046/https://www.cnbc.com/id/22178101|url-status=live}} and US$1.8 billion from an unnamed Middle Eastern investor.[https://www.nytimes.com/2007/12/11/business/worldbusiness/11bank.html UBS Records a Big Write-Down and Sells a Stake] {{Webarchive|url=https://web.archive.org/web/20210125052021/http://www.nytimes.com/2007/12/11/business/worldbusiness/11bank.html |date=25 January 2021 }}. The New York Times, 11 December 2007

File:Juso Schweiz Demonstration gegen UBS-Boni.jpg headquarters, 2009|left]]

After a significant expansion of fixed income risk during 2006 and 2007 under the leadership of Huw Jenkins, the UBS Investment Bank CEO,{{cite news|url=https://www.nzz.ch/ubs_absturz_subprime_geschaeft-1.563341|language=de|title=Absturz der UBS im Subprime-Geschäft|work=Neue Zürcher Zeitung, nzz.ch)|access-date=10 March 2019|date=1 October 2007|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809160255/https://www.nzz.ch/ubs_absturz_subprime_geschaeft-1.563341|url-status=live}} 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.{{cite news|url=https://www.finma.ch/FinmaArchiv/ebk/e/publik/medienmit/20081016/ubs-subprime-bericht-ebk-e.pdf|title=Subprime Crisis: SFBC Investigation into the Causes of the Write-downs of UBS AG|work=Swiss Federal Banking Commission (the SFBC)|access-date=10 March 2019|date=30 September 2008|archive-date=27 September 2020|archive-url=https://web.archive.org/web/20200927032916/https://www.finma.ch/FinmaArchiv/ebk/e/publik/medienmit/20081016/ubs-subprime-bericht-ebk-e.pdf|url-status=live}}

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.[https://www.nytimes.com/2008/04/02/business/worldbusiness/02ubs.html UBS to Write Down Another $19 billion] {{Webarchive|url=https://web.archive.org/web/20210211075517/https://www.nytimes.com/2008/04/02/business/worldbusiness/02ubs.html |date=11 February 2021 }}.The New York Times, 2 April 2008|access-date=29 March 2015 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.[https://www.telegraph.co.uk/finance/markets/2817126/Downturn-hits-banks-fixed-income-trading.html Downturn hits banks' fixed-income trading] {{Webarchive|url=https://web.archive.org/web/20201122155101/https://www.telegraph.co.uk/finance/markets/2817126/Downturn-hits-banks-fixed-income-trading.html |date=22 November 2020 }} from The Daily Telegraph, date 5 October 2007[http://www.marketwatch.com/story/story/?guid={FB432404-34EC-415B-9EEA-5A0942D12C21} UBS plans $19 bln write-down, capital injection] {{Webarchive|url=https://web.archive.org/web/20110607010532/http://www.marketwatch.com/story/story/?guid=%7BFB432404-34EC-415B-9EEA-5A0942D12C21%7D |date=7 June 2011 }} from www.marketwatch.com, date 1 April 2008 In October 2008, UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with Swiss Confederation.{{cite news|url=https://www.swissinfo.ch/eng/2008-crisis_the-day-ubs--the-biggest-swiss-bank--was-saved/44474630|title=2008 crisis. The day UBS, the biggest Swiss bank, was saved|work=swissinfo.ch|last=Mombelli|first=Armando|access-date=10 March 2019|date=16 October 2008|archive-date=15 January 2021|archive-url=https://web.archive.org/web/20210115201754/https://www.swissinfo.ch/eng/2008-crisis_the-day-ubs--the-biggest-swiss-bank--was-saved/44474630|url-status=live}} 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.{{cite news|url=http://www.thetimes.co.uk/tto/business/industries/banking/article2159109.ece|title=UBS and Credit Suisse secure $70bn|work=The Times|access-date=21 March 2015|place=London|first=Miles|last=Costello|date=17 October 2008|archive-date=7 May 2016|archive-url=https://web.archive.org/web/20160507205028/http://www.thetimes.co.uk/tto/business/industries/banking/article2159109.ece|url-status=live}}{{cite news|url=https://www.parlament.ch/centers/documents/en/bericht-gpk-ns-ubs-kundendaten-usa-2010-05-30-res-e.pdf|title=The Swiss authorities under the pressure of the financial crisis and the disclosure of UBS customer data to the USA. Report of the Control Committees of the Federal Assembly|access-date=10 March 2019|date=31 May 2010|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809124702/https://www.parlament.ch/centers/documents/en/bericht-gpk-ns-ubs-kundendaten-usa-2010-05-30-res-e.pdf|url-status=live}} In November 2008, UBS put US$6 billion (~${{Format price|{{Inflation|index=US-GDP|value=6000000000|start_year=2008}}}} in {{Inflation/year|US-GDP}}) 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.{{cite news|url=https://www.nytimes.com/2008/11/25/business/economy/25views.html|title=Bad Assets Don't Just Disappear|work=The New York Times|access-date=21 March 2015|date=25 November 2008|archive-date=29 November 2020|archive-url=https://web.archive.org/web/20201129044332/https://www.nytimes.com/2008/11/25/business/economy/25views.html|url-status=live}} 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.{{cite news|url=http://www.taipeitimes.com/News/worldbiz/archives/2009/02/09/2003435611|title=UBS expected to post biggest Swiss loss ever|date=9 February 2009|work=Taipei Times|access-date=21 March 2015|archive-date=11 August 2020|archive-url=https://web.archive.org/web/20200811102027/http://www.taipeitimes.com/News/worldbiz/archives/2009/02/09/2003435611|url-status=live}} During the 2008 financial crisis, UBS wrote down more than US$50 billion (~${{Format price|{{Inflation|index=US-GDP|value=50000000000|start_year=2007}}}} in {{Inflation/year|US-GDP}}) from subprime mortgage investments and cut more than 11,000 jobs.{{cite news|url=https://www.nytimes.com/2009/04/16/business/global/16ubs.html|title=UBS to Cut 7,500 More Jobs After $1.8 Billion Loss|date=15 April 2009|work=The New York Times|access-date=21 March 2015|first=Julia|last=Werdigier|archive-date=17 November 2018|archive-url=https://web.archive.org/web/20181117045754/https://www.nytimes.com/2009/04/16/business/global/16ubs.html|url-status=live}}{{cite news|url=https://dealbook.nytimes.com/2011/09/16/ubs-faces-questions-on-oversight-after-traders-huge-loss/|title=UBS Faces Questions on Oversight After a Trader Lost $2 Billion|date=16 September 2011|work=The New York Times|access-date=21 March 2015|first1=Susanne|last1=Craig|first2=Ben|last2=Protess|first3=Matthew|last3=Saltmarsh|archive-date=25 February 2021|archive-url=https://web.archive.org/web/20210225013932/https://dealbook.nytimes.com/2011/09/16/ubs-faces-questions-on-oversight-after-traders-huge-loss/|url-status=live}}

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.{{cite news|url=https://www.risk.net/people/1503880/ubs-replaces-head-investment-banking|title=UBS replaces head of investment banking|date=27 April 2009|access-date=14 October 2017|publisher=Risk.net|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612151017/https://www.risk.net/people/1503880/ubs-replaces-head-investment-banking|url-status=live}} At the same time, UBS announced the planned cut of 8,700 jobs{{cite news|url=http://www.stockozone.com/2009/04/swiss-bank-ubs-to-cut-8700-jobs-to.html|title=Swiss Bank UBS To Cut 8700 Jobs To Return To Profitability|date=15 April 2009|publisher=stockozone.com|access-date=21 March 2015|archive-date=9 November 2020|archive-url=https://web.archive.org/web/20201109001850/http://www.stockozone.com/2009/04/swiss-bank-ubs-to-cut-8700-jobs-to.html|url-status=dead}} 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$2.5 billion (~${{Format price|{{Inflation|index=US-GDP|value=2500000000|start_year=2009}}}} in {{Inflation/year|US-GDP}}) to BTG Investments.{{cite news|url=https://www.wsj.com/articles/SB124020500095834219|title=UBS, in Asset Dump, to Sell Brazilian Bank|date=21 April 2009|work=The Wall Street Journal|access-date=21 March 2015|first=Katharina|last=Bart|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809155557/https://www.wsj.com/articles/SB124020500095834219|url-status=live}}

File:UBS (18707986273).jpg]]

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.[https://www.stockwatch.com.cy/en/article/eyropaiki-oikonomia/switzerland-selling-ubs-stake-after-us-tax-accord Switzerland Selling UBS Stake After U.S. Tax Accord] {{Webarchive|url=https://web.archive.org/web/20180627144240/https://www.stockwatch.com.cy/en/article/eyropaiki-oikonomia/switzerland-selling-ubs-stake-after-us-tax-accord |date=27 June 2018 }}. Stockwatch, 20 August 2009. 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.{{cite news |url=https://www.reuters.com/article/us-ubs-idUSTRE55P1DY20090626 |title=UBS problems to remain after $3.5 billion capital hike |first1=Jason |last1=Rhodes |first2=Sven |last2=Egenter |work=Reuters |date=26 June 2009 |access-date=21 March 2015 |archive-date=26 January 2016 |archive-url=https://web.archive.org/web/20160126001148/http://www.reuters.com/article/us-ubs-idUSTRE55P1DY20090626 |url-status=live }} 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."{{cite news|url=https://www.nytimes.com/2009/11/18/business/global/18ubs.html|title=UBS Plans to Be Making Nearly $15 Billion a Year in Profit by 2014|work=The New York Times|last=Werdigiernov|first=Julia|access-date=10 March 2019|date=17 November 2009|archive-date=27 January 2018|archive-url=https://web.archive.org/web/20180127105741/http://www.nytimes.com/2009/11/18/business/global/18ubs.html|url-status=live}} Grübel reiterated plans to maintain an integrated business model of providing wealth management advisory, investment banking, and asset management services.{{cite news|url=http://www.ft.com/intl/cms/s/0/d8c1e14c-d35b-11de-9607-00144feabdc0.html#axzz3V1h3rbbG|title=UBS sets out ambitious plans for return to growth|date=17 November 2009|work=Financial Times|access-date=21 March 2015|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227200357/https://www.ft.com/content/d8c1e14c-d35b-11de-9607-00144feabdc0#axzz3V1h3rbbG|url-status=live}}

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.{{Cite news|url=https://www.campaignlive.co.uk/article/ubs-new-brand-campaign-formula-1-tie-up/1023701|title=UBS in new brand campaign and Formula 1 tie-up|access-date=29 December 2017|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809161249/https://www.campaignlive.co.uk/article/ubs-new-brand-campaign-formula-1-tie-up/1023701|url-status=live}}{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7960547/UBS-sticks-by-you-and-us-in-Formula-1-sponsorship-deal.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7960547/UBS-sticks-by-you-and-us-in-Formula-1-sponsorship-deal.html |archive-date=11 January 2022 |url-access=subscription |url-status=live|title=UBS sticks by 'you & us' in Formula 1 sponsorship deal|work=Daily Telegraph|last=Wilson|first=Harry|date=24 August 2010|access-date=29 December 2017|language=en-GB|issn=0307-1235}}{{cbignore}} 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.[https://www.wsj.com/articles/SB10001424052702303467004575575371095734894 UBS Stanches Outflow of Funds] {{Webarchive|url=https://web.archive.org/web/20190919003148/https://www.wsj.com/articles/SB10001424052702303467004575575371095734894 |date=19 September 2019 }}. Wall Street Journal, 26 October 2010 UBS's third quarter net profit of US$1.65 billion (~${{Format price|{{Inflation|index=US-GDP|value=1650000000|start_year=2010}}}} in {{Inflation/year|US-GDP}}) 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.{{cite news|url=http://www.ft.com/intl/cms/s/0/d00711e6-cd4e-11e0-b267-00144feabdc0.html|title=UBS announces 3,500 jobs to go|newspaper=Financial Times|date=23 August 2011|access-date=29 March 2015|archive-date=11 November 2020|archive-url=https://web.archive.org/web/20201111205330/https://www.ft.com/content/d00711e6-cd4e-11e0-b267-00144feabdc0|url-status=live}}{{cite news|url=https://dealbook.nytimes.com/2011/08/23/ubs-to-slash-3500-jobs/|title=UBS to Cut 3,500 Jobs, Half in Investment Banking|date=23 August 2011|work=The New York Times|access-date=21 March 2015|first=Julia|last=Werdigier|archive-date=25 February 2021|archive-url=https://web.archive.org/web/20210225052730/https://dealbook.nytimes.com/2011/08/23/ubs-to-slash-3500-jobs/|url-status=live}}

On 15 September 2011, UBS became aware of a massive loss, originally estimated at US$2 billion (~${{Format price|{{Inflation|index=US-GDP|value=2000000000|start_year=2011}}}} in {{Inflation/year|US-GDP}}), 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.{{cite news|url=https://www.bbc.co.uk/news/business-14950873|title=UBS trader Kweku Adoboli charged with fraud|author=Robert Peston|date=16 September 2011|access-date=29 March 2015|publisher=BBC|archive-date=28 August 2020|archive-url=https://web.archive.org/web/20200828014634/https://www.bbc.co.uk/news/business-14950873|url-status=live}} 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."{{cite news|url=https://www.bbc.co.uk/news/business-14965438|title=UBS 'rogue trader': Loss estimate raised to $2.3bn|date=18 September 2011|access-date=29 March 2015|work=BBC News|archive-date=12 November 2020|archive-url=https://web.archive.org/web/20201112034525/https://www.bbc.co.uk/news/business-14965438|url-status=live}}{{cite news|url=https://www.bbc.co.uk/news/uk-19595217|title=UBS trader Kweku Adoboli 'gambled away' £1.4bn|date=14 September 2012|access-date=29 March 2015|work=BBC News|archive-date=9 October 2018|archive-url=https://web.archive.org/web/20181009131402/https://www.bbc.co.uk/news/uk-19595217|url-status=live}} 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.{{cite news|url=http://www.ft.com/cms/s/0/2f91e7a2-e380-11e0-8f47-00144feabdc0.html?ftcamp=rss#axzz1YPfaoSaK|title=Singapore fund hits at UBS 'lapses'|last=Jenkins|first=Patrick|date=20 September 2011|work=Financial Times|access-date=21 September 2011|archive-date=25 January 2012|archive-url=https://web.archive.org/web/20120125010940/http://www.ft.com/cms/s/0/2f91e7a2-e380-11e0-8f47-00144feabdc0.html?ftcamp=rss#axzz1YPfaoSaK|url-status=live}}{{cite web|url=https://www.ubs.com/global/en/about_ubs/media/global/releases/news_display_media_global.html/en/2011/09/24/medienmitteilung.html|title=UBS press release|publisher=UBS|access-date=29 March 2015|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116053155/https://www.ubs.com/global/en/about_ubs/media/global/releases/news_display_media_global.html/en/2011/09/24/medienmitteilung.html|url-status=dead}}

File:- panoramio (4612).jpg, Switzerland|left]]

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).{{cite news|last=Elliott|first=Dominic|title=New UBS is starting to work|url=http://blogs.reuters.com/breakingviews/2013/04/30/new-ubs-is-starting-to-work/|archive-url=https://web.archive.org/web/20130503113443/http://blogs.reuters.com/breakingviews/2013/04/30/new-ubs-is-starting-to-work/|url-status=dead|archive-date=3 May 2013|publisher=Reuters Blog|access-date=21 March 2015}}{{cite news|url=https://www.bbc.com/news/business-20132857|title=UBS cuts 10,000 jobs as it slims down investment bank arm|publisher=BBC|date=30 October 2012|access-date=29 March 2015|archive-date=11 September 2020|archive-url=https://web.archive.org/web/20200911233400/https://www.bbc.com/news/business-20132857|url-status=live}} 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 $1.5 billion (~${{Format price|{{Inflation|index=US-GDP|value=1500000000|start_year=2012}}}} in {{Inflation/year|US-GDP}}) for its role in the Libor scandal{{cite news | url=https://www.bbc.co.uk/news/business-20767984 | title=UBS fined $1.5bn for Libor rigging | publisher=BBC | date=19 December 2012 | access-date=21 March 2015 | archive-date=12 November 2020 | archive-url=https://web.archive.org/web/20201112002822/https://www.bbc.co.uk/news/business-20767984 | url-status=live }} over accusations that it tried to rig benchmark interest rates.{{cite web|title=UBS Agrees to Pay $1.54 Billion to Settle Libor Investigations|url=https://www.cnbc.com/2012/12/19/ubs-traders-humongous-liborfixing-boasts.html|publisher=CNBC|access-date=21 March 2015|date=19 December 2012|archive-date=21 August 2020|archive-url=https://web.archive.org/web/20200821031758/https://www.cnbc.com/id/100326489|url-status=live}} In November 2014, regulators including the FCA and CFTC hit UBS with fines, along with other banks, for currency manipulation.{{cite news|work=Sovereign Wealth Fund Institute|title=HANDS SLAPPED: 5 Banks Get Hit with Fines for Currency Manipulation|url=https://www.swfinstitute.org/news/23131/hands-slapped-5-banks-get-hit-with-fines-for-currency-manipulation|access-date=8 January 2021|archive-date=8 January 2021|archive-url=https://web.archive.org/web/20210108191844/https://www.swfinstitute.org/news/23131/hands-slapped-5-banks-get-hit-with-fines-for-currency-manipulation|url-status=live}} On 6 January 2014, it was reported that UBS had become the largest private banker in the world, with $1.7 (~${{Format price|{{Inflation|index=US-GDP|value=1700000000000|start_year=2014}}}} in {{Inflation/year|US-GDP}}) trillion in assets.{{cite news|url=https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/|title=A tale of two bankers|work=Forbes|date=6 January 2014|access-date=29 March 2015|first=Halah|last=Touryalai|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809150006/https://www.forbes.com/sites/halahtouryalai/2014/01/06/tale-of-two-bankers-bob-mccann-sergio-ermotti-are-reinventing-wall-street/|url-status=live}} 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.{{cite news |author= Katharina Bart |url= https://www.reuters.com/article/us-ubs-wealth-australia-idUSKBN0OA10O20150525 |title= UBS seeks to offload Australian wealth unit to management |work= Reuters |date= 25 May 2015 |access-date= 26 May 2015 |archive-date= 30 January 2016 |archive-url= https://web.archive.org/web/20160130072659/http://www.reuters.com/article/us-ubs-wealth-australia-idUSKBN0OA10O20150525 |url-status= live }}

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.{{Cite web|url=https://blogs.wsj.com/digits/2015/04/02/ubs-to-open-blockchain-research-lab-in-london/|title=UBS to Open Blockchain Research Lab in London|last=Irrera|first=Anna|date=2 May 2016|website=The Wall Street Journal|language=en-US|access-date=14 May 2018|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809191215/https://blogs.wsj.com/digits/2015/04/02/ubs-to-open-blockchain-research-lab-in-london/|url-status=live}}{{Cite news|url=https://www.reuters.com/article/us-banks-blockchain-ubs-idUSKCN10Z147|title=UBS leads team of banks working on blockchain settlement system|last=Kelly|first=Jemima|date=24 August 2016|work=Reuters|access-date=14 May 2018|language=en-US|archive-date=19 May 2017|archive-url=https://web.archive.org/web/20170519073429/http://www.reuters.com/article/us-banks-blockchain-ubs-idUSKCN10Z147|url-status=live}} 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.{{Cite web|url=https://www.ft.com/content/02cac92c-d9ec-11e3-9b6a-00144feabdc0|title=Welcome to the new era of bank downsizing|last=Plender|first=John|date=13 May 2014|website=Financial Times|language=en-GB|access-date=7 October 2018|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809180841/https://www.ft.com/content/02cac92c-d9ec-11e3-9b6a-00144feabdc0|url-status=live}}{{Cite web|url=https://www.bloomberg.com/news/articles/2018-04-05/top-ubs-banker-orcel-says-he-has-very-aggressive-plan-for-u-s|title=Top UBS Banker Has 'Very Aggressive Plan for U.S.'|last=Winters|first=Patrick|date=3 April 2018|website=Bloomberg|access-date=7 September 2018|quote=Fiat is like the bulge-bracket banks that are active on all the business segments, and they go for volume. UBS is like Ferrari: We are much smaller and focused.|archive-date=4 September 2020|archive-url=https://web.archive.org/web/20200904100422/https://www.bloomberg.com/news/articles/2018-04-05/top-ubs-banker-orcel-says-he-has-very-aggressive-plan-for-u-s|url-status=live}} 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.{{Cite news|url=https://www.bloomberg.com/news/articles/2018-01-24/ubs-chairman-weber-sees-possible-massive-bitcoin-correction|title=UBS Chairman Says a 'Massive' Bitcoin Correction Is Possible|last=Lacqua|first=Francine|date=24 January 2018|work=Bloomberg.com|access-date=14 May 2018|language=en|quote=We fear that in the future if these investments implode and the market corrects, then investors will be looking at 'who sold us this?'|archive-date=26 November 2020|archive-url=https://web.archive.org/web/20201126163536/https://www.bloomberg.com/news/articles/2018-01-24/ubs-chairman-weber-sees-possible-massive-bitcoin-correction|url-status=live}} It partnered with technology company IBM to launch a blockchain trade finance platform called "Batavia" in early 2018.{{Cite news|url=https://www.reuters.com/article/us-blockchain-banks/commerzbank-other-banks-join-ubs-and-ibm-trade-finance-blockchain-idUSKCN1C90ST|title=Commerzbank, other banks join UBS and IBM trade finance blockchain|last=Irrera|first=Anna|date=4 October 2017|work=Reuters|access-date=14 May 2018|language=en-US|archive-date=7 December 2020|archive-url=https://web.archive.org/web/20201207150826/https://www.reuters.com/article/us-blockchain-banks/commerzbank-other-banks-join-ubs-and-ibm-trade-finance-blockchain-idUSKCN1C90ST|url-status=live}}

In April 2021, UBS reported a $774 million (~${{Format price|{{Inflation|index=US-GDP|value=774000000|start_year=2021}}}} in {{Inflation/year|US-GDP}}) loss from the collapse of US investment fund Archegos Capital Management.{{Cite web|date=27 April 2021|title=UBS, Nomura push global banks' Archegos losses over $10 bln|url=https://www.reuters.com/business/finance/ubs-q1-profit-up-14-switzerlands-no-1-bank-unveils-archegos-charge-2021-04-27/|access-date=28 April 2021|website=Reuters|archive-date=27 April 2021|archive-url=https://web.archive.org/web/20210427204634/https://www.reuters.com/business/finance/ubs-q1-profit-up-14-switzerlands-no-1-bank-unveils-archegos-charge-2021-04-27/|url-status=live}}

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.{{Cite news |last=Forman |first=Laura |title=Work Flexibility, Popular With Employees, Is Hardly a Holy Grail |work=The Wall Street Journal |url=https://www.wsj.com/articles/work-flexibility-popular-with-employees-is-hardly-a-holy-grail-11624300543 |date=21 June 2021 |url-access=subscription |issn=0099-9660 |access-date=14 July 2021 |archive-date=14 July 2021 |archive-url=https://web.archive.org/web/20210714121025/https://www.wsj.com/articles/work-flexibility-popular-with-employees-is-hardly-a-holy-grail-11624300543 |url-status=live }} 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.{{Cite news|last=Patrick|first=Margot|date=28 June 2021|title=UBS Says Hybrid Work Is Here to Stay|language=en-US|work=The Wall Street Journal|url=https://www.wsj.com/articles/ubs-says-hybrid-work-is-here-to-stay-11624895456|access-date=14 July 2021|issn=0099-9660|archive-date=14 July 2021|archive-url=https://web.archive.org/web/20210714012351/https://www.wsj.com/articles/ubs-says-hybrid-work-is-here-to-stay-11624895456|url-status=live}}{{Cite web|title=Morgan Stanley, Bank of America CEOs break relative silence on office returns|url=https://www.bankingdive.com/news/morgan-stanley-bank-of-america-ceos-break-relative-silence-on-office-retur/601830/|access-date=14 July 2021|website=Banking Dive|language=en-US|archive-date=14 July 2021|archive-url=https://web.archive.org/web/20210714121027/https://www.bankingdive.com/news/morgan-stanley-bank-of-america-ceos-break-relative-silence-on-office-retur/601830/|url-status=live}}

In January 2022, UBS agreed to acquire Wealthfront for $1.4 billion.{{Cite news|date=26 January 2022|title=UBS steps up U.S. push with $1.4 bln Wealthfront purchase|language=en|work=Reuters|url=https://www.reuters.com/business/finance/ubs-buy-us-wealth-management-specialist-wealthfront-14-bln-2022-01-26/|last=Shields|first=Michael|access-date=9 April 2022|archive-date=9 April 2022|archive-url=https://web.archive.org/web/20220409094816/https://www.reuters.com/business/finance/ubs-buy-us-wealth-management-specialist-wealthfront-14-bln-2022-01-26/|url-status=live}} 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.{{cite web |url=https://www.bloomberg.com/news/articles/2022-09-05/ubs-growth-strategy-in-us-dented-after-wealthfront-deal-spiked |title=UBS Growth Plans in US Dented After Wealthfront Deal Fails |date=5 September 2022 |work=Bloomberg News |first=Myriam |last=Balezou |access-date=7 September 2022 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319200418/https://www.bloomberg.com/news/articles/2022-09-05/ubs-growth-strategy-in-us-dented-after-wealthfront-deal-spiked |url-status=live }}{{cite web |url=https://www.barrons.com/advisor/articles/ubs-wealthfront-cancel-merger-robo-advisor-51662157295 |title=UBS Planned to Buy Robo-Advisor Wealthfront. Now the Deal's off |work=Barron's |first=Ross |last=Snel |date=2 September 2022 |access-date=7 September 2022 |archive-date=5 September 2022 |archive-url=https://web.archive.org/web/20220905223645/https://www.barrons.com/advisor/articles/ubs-wealthfront-cancel-merger-robo-advisor-51662157295 |url-status=live }} UBS announced that it would instead invest in a $69.7{{nbsp}}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.{{Cite web |last=Chau |first=Candice |date=2 November 2022 |title=Don't bet against China and Hong Kong and don't read too much foreign news, top Chinese regulator tells banking summit |url=https://hongkongfp.com/2022/11/02/dont-bet-against-china-and-hong-kong-and-dont-read-too-much-foreign-news-top-chinese-regulator-tells-banking-summit/ |access-date=2 November 2022 |website=Hong Kong Free Press HKFP |language=en-GB |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319200419/https://hongkongfp.com/2022/11/02/dont-bet-against-china-and-hong-kong-and-dont-read-too-much-foreign-news-top-chinese-regulator-tells-banking-summit/ |url-status=live }} 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."{{Cite news |date=2 November 2022 |title=Global bankers 'very pro-China', says UBS chair |work=Financial Times |url=https://www.ft.com/content/037cc9d0-b214-43a6-8bcb-43f76507f9c5 |access-date=2 November 2022 |archive-date=29 November 2022 |archive-url=https://web.archive.org/web/20221129180705/https://www.ft.com/content/037cc9d0-b214-43a6-8bcb-43f76507f9c5 |url-status=live }}{{Cite news |last1=Sorkin |first1=Andrew Ross |last2=Mattu |first2=Ravi |last3=Warner |first3=Bernhard |last4=Kessler |first4=Sarah |last5=Gandel |first5=Stephen |last6=Merced |first6=Michael J. de la |last7=Hirsch |first7=Lauren |last8=Livni |first8=Ephrat |date=2 November 2022 |title=Investors Await the Fed's Next Move |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/11/02/business/dealbook/investors-market-fed-interest-rates-inflation-fomc.html |access-date=2 November 2022 |issn=0362-4331 |archive-date=16 November 2022 |archive-url=https://web.archive.org/web/20221116223025/https://www.nytimes.com/2022/11/02/business/dealbook/investors-market-fed-interest-rates-inflation-fomc.html |url-status=live }}

{{Main|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.{{Cite web |last=swissinfo.ch/mga |title=Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS |url=https://www.swissinfo.ch/eng/business/credit-suisse-agrees-to-takeover-by-rival-swiss-bank-ubs/48373120 |access-date=20 March 2023 |website=SWI swissinfo.ch |date=19 March 2023 |language=en}}{{Cite news |date=19 March 2023 |title=UBS agrees $3.25bn rescue deal for rival Credit Suisse |work=Financial Times |url=https://www.ft.com/content/9fe40e6a-f01f-4205-b885-7771d305721e |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201122/https://www.ft.com/content/9fe40e6a-f01f-4205-b885-7771d305721e |url-status=live}}{{cite news |url=https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |title=UBS Agrees to Buy Credit Suisse for More Than $3 Billion |work=The Wall Street Journal |date=19 April 2023 |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319164147/https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |url-status=live}} 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.{{Cite web |last=Bloomberg/Keystone-SDA/jc |title=UBS shareholders express concerns, but broadly support mega-merger |url=https://www.swissinfo.ch/eng/business/ubs-shareholders-express-concerns--but-broadly-support-mega-merger/48419576 |access-date=5 April 2023 |website=SWI swissinfo.ch |date=5 April 2023 |language=en}} Hamers is expected to stay with the bank for a transition period.{{Cite news |last=bloomberg.com |title=UBS Brings Back Ermotti as CEO to Oversee Credit Suisse Deal |url=https://www.bloomberg.com/news/articles/2023-03-29/ubs-names-ermotti-to-return-as-ceo-in-wake-of-credit-suisse-deal?srnd=premium-europe#xj4y7vzkg |access-date=29 March 2023 |newspaper=Bloomberg |date=29 March 2023 |language=en}} UBS completed the acquisition on 12 June 2023.{{cite news |last=Halftermeyer |first=Marion |date=11 June 2023 |title=UBS Completes Credit Suisse Takeover to Create Swiss Bank Titan |url=https://www.bloomberg.com/news/articles/2023-06-12/ubs-completes-credit-suisse-takeover-to-create-swiss-bank-titan |work=Bloomberg News}}{{cite news |last=Muller |first=Andre |date=12 June 2023 |title=Credit Suisse, 1856 bis 2023: Die Überlebenskünstlerin ist am Ende |trans-title=Credit Suisse, 1856 to 2023: The survivor is dead |url=https://www.nzz.ch/wirtschaft/credit-suisse-1856-bis-2023-die-ueberlebenskuenstlerin-ist-am-ende-ld.1741324 |work=Neue Zürcher Zeitung |language=de}}

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.{{Cite web|url=https://www.reuters.com/business/finance/ubs-cut-more-than-half-credit-suisse-workforce-bloomberg-news-2023-06-27/|title=UBS to cut more than half of Credit Suisse workforce, Bloomberg reports|date=28 June 2023|website=Reuters}}

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.{{cite news |last1=Illien |first1=Noele |last2=Revill |first2=John |date=24 July 2023 |title=UBS agrees to pay $388 million over Credit Suisse's Archegos failings |url=https://www.reuters.com/business/finance/ubs-agrees-pay-388-million-over-credit-suisses-archegos-failings-2023-07-24/ |publisher=Reuters}} 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.{{Cite news |url=https://www.theguardian.com/business/2023/aug/14/ubs-settlement-mortgage-fraud-financial-crisis |title=UBS to pay $1.43bn in penalties over mortgage fraud prior to 2008 crisis |date=14 August 2023 |work=The Guardian}}

According to Citigroup, the new bank will account for 35% of domestic deposits, 31% of corporate loans and 26% of mortgages in Switzerland.{{cite web | title=UBS to cut 3,000 staff in Switzerland as it integrates rival | website=SWI swissinfo.ch | date=31 August 2023 | url=https://www.swissinfo.ch/eng/ubs-to-cut-3-000-staff-in-switzerland-as-it-integrates-rival/48775198 | access-date=31 August 2023}} UBS will keep the Swiss business of Credit Suisse but will retire its brand. UBS says it plans to cut costs by $10 billion. UBS also announced at the end of August 2023 that money outflows have stopped at Credit Suisse.

In early September 2023, UBS had clearly profited from the takeover as its stocks were increasingly valuable. From April to July, UBS made a record profit of 29.2 billion CHF and its stocks, which were initially depressed after the fusion, were traded at much higher prices. The record profit was based on the difference between the purchase price of Credit Suisse stocks and the apparently higher value of its assets.{{cite web | title=Fusion de grandes banques – UBS annonce 3000 postes supprimés chez Credit Suisse | website=Tribune de Genève | date=31 August 2023 | url=https://www.tdg.ch/fusion-de-grandes-banques-ubs-annonce-l-integration-finale-de-credit-suisse-355684264343 | language=fr | access-date=31 August 2023}}

[https://www.cash.ch/news/trading-ideen/ubs-die-aktie-ist-nach-oben-ausgebrochen-633885 „UBS: Die Aktie ist nach oben ausgebrochen“] (in German). Cash. 4 September 2023. Accessed 4 September 2023.

In September 2023, the US Department of Justice (DOJ) started investigating UBS for Credit Suisse's alleged compliance failures which enabled its Russian clients to dodge sanctions.{{Cite news |last=Zaidy |first=Hanna |date=27 September 2023 |title=UBS shares rattled by report of US probe into Russia sanctions evasion |url=https://www.cnn.com/2023/09/27/investing/ubs-probe-russia-sanctions-evasion/index.html |work=CNN Business}} Later UBS stated that the bank is not aware of such a probe by the DOJ and that previous reports on such allegations were incorrect.[https://www.reuters.com/business/finance/ubs-says-not-aware-doj-probe-into-sanctions-related-compliance-failures-2023-09-30/ „UBS says not aware of DOJ probe into sanctions-related compliance failures“] Reuters 30 September 2023. Accessed 2 October 2023.

In May 2025, UBS agreed to pay $511 million to settle a U.S. Department of Justice investigation into Credit Suisse's assistance to wealthy Americans in hiding over $4 billion in offshore accounts. This settlement includes a guilty plea from Credit Suisse Services AG for aiding in the preparation of false tax returns and a non-prosecution agreement related to undeclared accounts in Singapore.https://www.cnbc.com/2025/05/05/doj-credit-suisse-settles-criminal-tax-case.html

As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date back to the 19th century. Over the years, these firms merged to form the bank's three major predecessors, Union Bank of Switzerland, Swiss Bank Corporation, ICO Markets Exchange Clearing Limited and Paine Webber. The following is a visual illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:{{cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting/2009.html|title=UBS 2009 Annual report|format=PDF|access-date=21 March 2015|archive-date=11 May 2015|archive-url=https://web.archive.org/web/20150511041819/http://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting/2009.html|url-status=live}}

{{clade | style=font-size:75%;line-height:150%|thickness=0

|label1=File:UBS Logo.svg
(Formed 1998 from merger of Union Bank of Switzerld & Swiss Bank Corp.)

|1={{clade

|label1=File:Union Bank of Switzerland.png
Union Bank of Switzerland
(Merged in 1998 with Swiss Bank Corporation)

|1={{clade

|label1=Union Bank of Switzerland
(originally Swiss Banking Association, merged 1912)

|1={{clade

|1=Bank in Winterthur
(est. 1862)

|2=Toggenburger Bank
(est. 1863)

}}

|label2=Aargauische Kreditanstalt
(merged 1915, acq. 1919)

|2={{clade

|1=Aargauische Kreditanstalt
(est. 1872)

|2=Bank in Baden
(est. 1863)

}}

|3=Eidgenössische Bank
(est. 1863, acq. 1945)

|4=Interhandel
(est. 1928, acq. 1967)

|5=Phillips & Drew
(est. 1895 as G.A. Phillips & Co., acq. 1986)

|6=Chase Investors Management Corporation
(est. 1972 as subsidiary)

|label7=Schröder, Münchmeyer, Hengst & Co.
(merged 1969, acq. 1997)

|8={{clade

|1=Schröder Brothers & Co.
(est. 1846)

|2=Münchmeyer & Co.
(est. 1855)

|3=Frederick Hengst & Co.

}}

}}

|label2=File:Swiss Bank Corp 1973 logo.png
Swiss Bank Corporation
(Merged in 1998 with Union Bank of Switzerland)

|2={{clade

|label1=Swiss Bank Corporation
(merged 1897)

|1={{clade

|label1=Basler & Zürcher Bankverein
(est. 1880)

|1={{clade

|1=Basler Bankverein
(est. 1856 as Bankverein, renamed in 1872)

|2=Zürcher Bankverein
(est. 1889)

}}

|2=Basler Depositenbank
(est. 1882)

|3=Schweiz Unionbank
(est. 1889)

}}

|2=Basler Handelsbank
(est. 1862, acq. 1945)

|3=O'Connor & Associates
(est. 1977, acq. 1992)

|4=Brinson Partners
(est. 1989, acq. 1994)

|label5=Warburg Dillon Read
(merged 1997 under SBC ownership)

|5={{clade

|1=S. G. Warburg & Co.
(est. 1946, acq. 1995)

|2=Dillon, Read & Co.
(est. 1832, acq. 1997)

}}

}}

|label3=File:Paine Webber Logo.png
Paine Webber
(consolidated 3 subsidiaries in 1984; merged in 2000 with UBS)

|3={{clade

|label1=Paine, Webber, Jackson & Curtis
(merged 1942)

|1={{clade

|1=Paine & Webber
(est. 1880)

|2=Jackson & Curtis
(est. 1879)

}}

|2=Mitchell Hutchins
(est. 1938, acq. 1975)

|label3=Blyth, Eastman Dillon & Co.
(merged 1972, acq. 1979)

|3={{clade

|1=Blyth & Co.
est. 1914 as Blyth, Witter & Co.

|label2=Eastman Dillon Union Securities & Co.
(merged 1956)

|2={{clade

|1=Union Securities
est. 1939 as spin-off
from J. & W. Seligman & Co.

|2=Eastman Dillon & Co.
(est. 1912)

}}

}}

|4=Kidder, Peabody & Co.
(est. 1864, acq. 1995)

|5=J.C. Bradford & Co.
(est. 1928, acq. 2000)

|6=ICO Markets Exchange Clearing Limited
(est. 2021, acq. as a shareholder 2021)

}}

|label4=File:Credit Suisse Logo 2022.svg
Credit Suisse
(est. 1856, acquired in 2023)

|4={{clade

|1=First Boston
(est. 1932, acq. 1988)

}}

}}

}}

• Chairman: Colm Kelleher (since April 2022)
• Chief Executive: Sergio Ermotti (since April 2023); second term{{cite web |last=Toh |first=Michelle |date=29 March 2023 |title=UBS brings back Sergio Ermotti as CEO after Credit Suisse rescue |url=https://edition.cnn.com/2023/03/29/business/ubs-new-ceo-sergio-ermotti-intl-hnk/index.html |access-date=29 March 2023}} In March 2025, he received SFr14.9 million ($16.8 million) in compensation last year, making him Europe's highest-paid bank executive, amid discussions on capping executive pay in Switzerland.{{Cite news |last=Foy |first=Simon |last2=Ruehl |first2=Mercedes |date=2025-03-17 |title=UBS paid chief Sergio Ermotti $16.8mn last year |url=https://www.ft.com/content/d1140ff6-7d92-481c-8ea3-3c4afa11bae4 |access-date=2025-03-20 |work=Financial Times}}

1. Mathis Cabiallavetta (1998)
2. Alex Krauer (1998–2001)
3. Marcel Ospel (2001–2008)
4. Peter Kurer (2008–2009)
5. Kaspar Villiger (2009–2012)
6. Axel Weber ( 2012–2022)

1. Marcel Ospel (1998–2001)
2. Peter Wuffli (2001–2007)
3. Marcel Rohner (2007–2009)
4. Oswald Grübel (2009–2011)
5. Sergio Ermotti (2011–2020)
6. Ralph Hamers (2020–2023)

File:Frankfurter-Opernturm-2012-Ffm-916.jpg, Germany|234x234px]]

As disclosed under the Swiss Stock exchange Act, the most significant shareholders of UBS are GIC Private Limited with 7.07%, BlackRock Inc with 4.98%,{{Cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/significant.html|title=Significant shareholders|website=global|access-date=29 December 2017|archive-date=9 July 2015|archive-url=https://web.archive.org/web/20150709040839/http://www.ubs.com/global/en/about_ubs/investor_relations/share_information/significant.html|url-status=live}} Norges Bank with 3.30%, MFS Investment Management with 3.05% and Capital Group Companies with 3.01% of total share capital.{{cite web|title=UBS Annual Report 2016|url=https://www.ubs.com/content/dam/static/epaper/index.html?id=a0ba9a78|work=UBS|publisher=ubs.com|date=10 March 2017|access-date=29 May 2017|archive-date=19 June 2018|archive-url=https://web.archive.org/web/20180619063107/https://www.ubs.com/content/dam/static/epaper/index.html?id=a0ba9a78|url-status=live}} In 2008 during the subprime mortgage crisis, GIC Private Limited invested CHF 11 billion into UBS to help bail it out, thus becoming the largest single shareholder.

Additionally, the UBS Group AG disclosed shareholders registered in their share register with 3% or more of shares issued. As of 30 September 2017, these are Chase Nominees Ltd, DTC (Cede & Co.) and Nortrust Nominees Ltd with 10.32%, 6.63% and 4.04% of total share capital respectively.{{cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/significant.html|title=Significant shareholders|publisher=ubs.com|access-date=29 December 2017|archive-date=9 July 2015|archive-url=https://web.archive.org/web/20150709040839/http://www.ubs.com/global/en/about_ubs/investor_relations/share_information/significant.html|url-status=live}}

As of 30 June 2019, shareholdings of the Group were distributed as follows:{{cite web|url=https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/shareholder_details/distribution.html|title=Shareholder distribution|publisher=ubs.com|access-date=12 September 2019|archive-date=6 June 2019|archive-url=https://web.archive.org/web/20190606064108/https://www.ubs.com/global/en/about_ubs/investor_relations/share_information/shareholder_details/distribution.html|url-status=live}}

UBS frequently cites Swiss culture—specifically its penchant for privacy, security and neutrality—as foundational to its company culture.{{Cite book|title=The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank|last=Schütz|first=Dirk|date=2000|publisher=Pyramid Media Group|isbn=9780944188200|language=en}} Although banking secrecy started in the 1700s, Switzerland drafted a series of banking regulations and statutes in the late 1800s and 1930s to protect and secure banks within its borders.Juliette Garside, [https://www.theguardian.com/business/2015/feb/08/hsbc-files-1934-swiss-law-secrecy?CMP=share_btn_tw "HSBC files: how a 1934 Swiss law enshrined secrecy,"] {{Webarchive|url=https://web.archive.org/web/20200809121405/https://www.theguardian.com/business/2015/feb/08/hsbc-files-1934-swiss-law-secrecy?CMP=share_btn_tw |date=9 August 2020 }} The Guardian (Sunday 8 February 2015). Retrieved 10 February 2015 The most prominent was the Federal Act on Banks and Savings Banks, known simply as the "Banking Law of 1934".{{cite web|url=https://assets.kpmg.com/content/dam/kpmg/ch/pdf/ch-banking-act-en.pdf|title=Swiss Federal Law on Banks and Savings Banks|publisher=KPMG|access-date=16 October 2013|archive-date=27 June 2018|archive-url=https://web.archive.org/web/20180627144242/https://assets.kpmg.com/content/dam/kpmg/ch/pdf/ch-banking-act-en.pdf|url-status=live}} The federal law prohibits and criminalizes the distribution and release of client information to third parties. The bill was passed by the Swiss Federal Assembly to combat the seizure of client assets and information for reasons debated by historians. UBS, then known as the Swiss Bank Corporation, received large influxes of capital from Europe for safe keeping during the war.{{cite journal|last=Mueller|first= Kurt|year=1969|title=The Swiss Banking Secret: From a Legal View|journal=The International and Comparative Law Quarterly|volume=18|issue=2|pages=361–362|doi=10.1093/iclqaj/18.2.360|jstor=757529}} More than two dozen Swiss banking statutes were drafted from 1934 to 2008 to strengthen banking secrecy at UBS Switzerland AG. In 2018, Switzerland, alongside major Swiss banks including UBS, was ranked first on the Financial Secrecy Index.{{Cite web|url=https://www.financialsecrecyindex.com/introduction/fsi-2018-results|title=Financial Secrecy Index – 2018 Results|date=1 May 2018|website=www.financialsecrecyindex.com|language=en-gb|access-date=15 May 2018|archive-date=31 March 2018|archive-url=https://web.archive.org/web/20180331040220/https://www.financialsecrecyindex.com/introduction/fsi-2018-results|url-status=live}} UBS was the largest wealth manager in 23 of the top 25 countries on the 2018 Financial Secrecy Index.

While UBS maintains the strictest banking secrecy policies in Switzerland, its policies across Europe and especially the United States are comparable.{{Better source needed|date=March 2023}} Within the U.S., the bank is prohibited from disclosing client activities and information both internally and through regulation imposed by the Financial Industry Regulatory Authority (FINRA), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), U.S. Treasury, Securities and Exchange Commission (SEC), and various U.S. state regulators.{{Cite web|url=http://www.econlib.org/library/Enc/FinancialRegulation.html|title=Financial Regulation: The Concise Encyclopedia of Economics {{!}} Library of Economics and Liberty|last=Ely|first=Bert|website=www.econlib.org|access-date=16 May 2018|archive-date=14 November 2020|archive-url=https://web.archive.org/web/20201114001314/https://www.econlib.org/library/Enc/FinancialRegulation.html|url-status=live}} UBS employees are prohibited from discussing client activity or information publicly, sharing information across borders, retaining client information insecurely and required to maintain robust bank-client confidentiality agreements. In 2018, UBS operations within the U.S. were ranked second on the Financial Secrecy Index, following UBS Switzerland AG. Within the European Union (E.U.), UBS operations maintain similar banking secrecy policies to Switzerland in the following countries and crown dependencies: Jersey, Austria, Luxembourg, Liechtenstein, Monaco, and the Isle of Man.{{Cite news|url=https://www.marketwatch.com/story/top-10-tax-havens-around-the-world-2016-02-11|title=These are the 10 biggest tax havens on the planet|last=Hill|first=Catey|date=23 July 2017|work=MarketWatch|access-date=16 May 2018|language=en-US|archive-date=21 February 2020|archive-url=https://web.archive.org/web/20200221083357/https://www.marketwatch.com/story/top-10-tax-havens-around-the-world-2016-02-11|url-status=live}} Substantial, albeit greatly reduced, banking secrecy provisions are afforded to UBS operations in France, Germany, Ireland, and the Netherlands.

UBS, along with other Swiss banks, maintains a variety of hidden assets and numbered bank accounts in an effort to preserve anonymity and confidentiality.{{Cite news|url=https://dealbook.nytimes.com/2013/05/29/swiss-officials-to-allow-banks-to-sidestep-secrecy-laws/|title=Switzerland to Allow Its Banks to Disclose Hidden Client Accounts|last=Werdigier|first=Lynnley Browning and Julia|date=29 May 2013|work=DealBook|access-date=18 May 2018|language=en|archive-date=24 February 2021|archive-url=https://web.archive.org/web/20210224155500/https://dealbook.nytimes.com/2013/05/29/swiss-officials-to-allow-banks-to-sidestep-secrecy-laws/|url-status=live}} Despite its name, hidden accounts are not truly hidden.{{Cite web|url=http://www.swissbanking.org/1116_e.pdf|title=Identification Rules for Swiss Banks: UBS|date=29 November 2011|archive-url=https://web.archive.org/web/20110928023922/http://www.swissbanking.org/1116_e.pdf|archive-date=28 September 2011|url-status=dead|access-date=16 May 2018}} The usage of these types of accounts (and assets) limits the knowledge of the account between the client and a restricted number of private bankers who retain record of who the account belongs to.

In January 1997, Christoph Meili, a night guard at the Union Bank of Switzerland (precursor of UBS) in Zürich, publicly announced that bank officials were destroying documents about orphaned assets, believed to be the credit balances of both Nazi German and Jewish clients attained during World War II. Soon after, Zurich authorities opened a judicial investigation against Meili for suspected violations of the Swiss laws on banking secrecy.[http://www.admin.ch/opc/de/classified-compilation/19340083/index.html#a47 Bundesgesetz über die Banken und Sparkassen (Bankengesetz, BankG), Swiss Law:, Article 47 (in German)] {{Webarchive|url=https://web.archive.org/web/20201205124036/https://www.admin.ch/opc/de/classified-compilation/19340083/index.html#a47 |date=5 December 2020 }}. Accessed 21 March 2015. After a US$2.56 billion lawsuit was filed against UBS and other Swiss banks on behalf of the Jewish victims of the Holocaust, a settlement was reached that totalled US$1.25 billion in August 1998.{{cite web|url=http://www.blick.ch/news/schweiz/nach-elf-jahren-hat-christoph-meili-genug-von-den-usa-ich-komme-heim-in-die-schweiz-fuer-immer-id18002.html|title=Nach elf Jahren hat Christoph Meili genug von den USA: "Ich komme heim in die Schweiz – für immer"|author=Von Romina Lenzlinger aus Los Angeles und Beat Kraushaar|date=19 January 2012|work=blick.ch|access-date=29 March 2015|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612194750/https://www.blick.ch/news/schweiz/nach-elf-jahren-hat-christoph-meili-genug-von-den-usa-ich-komme-heim-in-die-schweiz-fuer-immer-id18002.html|url-status=live}}{{cite news|url=https://www.nytimes.com/1998/11/29/world/jewish-groups-fight-for-spoils-of-swiss-case.html|title=Jewish Groups Fight for Spoils of Swiss Case|last=Meier|first=Barry|date=29 November 1998|work=The New York Times|access-date=29 March 2015|archive-date=18 November 2020|archive-url=https://web.archive.org/web/20201118163129/https://www.nytimes.com/1998/11/29/world/jewish-groups-fight-for-spoils-of-swiss-case.html|url-status=live}}

File:UBS Office Door.png. With a strike-plated door and frosted glass, its purpose is to provide security and banking discretion.]]

The Swiss government has taken steps to curb the usage of hidden services by foreign account holders as they have been frequently used to facilitate the transfer of "black money".{{Cite news|url=https://www.newyorker.com/magazine/2016/05/30/herve-falcianis-great-swiss-bank-heist|title=The Great Swiss Bank Heist|last=Keefe|first=Patrick Radden|date=30 May 2016|magazine=The New Yorker|access-date=15 May 2018|language=en|issn=0028-792X|archive-date=8 November 2020|archive-url=https://web.archive.org/web/20201108135816/http://www.newyorker.com/magazine/2016/05/30/herve-falcianis-great-swiss-bank-heist|url-status=live}} In May 2013, Switzerland announced that it would amend certain banking secrecy laws applicable to UBS Switzerland AG to allow the disclosure of hidden client accounts to various investigative authorities. However, the disclosure of such information is heavily regulated and only "occur exclusively within the scope of administrative assistance procedures based on a valid double taxation agreement."

UBS, along with other Swiss banks, owns and operates undisclosed or otherwise secretive bank vaults, storage facilities or underground bunkers for gold bars, diamonds, cash, or other valuable physical assets.{{Cite news|url=https://www.cbsnews.com/news/banking-a-crack-in-the-swiss-vault/|title=Banking: A Crack in the Swiss Vault|last=Kroft|first=Steve|date=30 December 2009|work=CBC News: 60 Minutes|access-date=16 May 2018|language=en|quote=The subterranean vaults of Geneva and Zurich have served as sanctuaries for the wealth of dictators and despots, mobsters and arms dealers, corrupt officials and tax cheats of all kinds.|archive-date=25 February 2021|archive-url=https://web.archive.org/web/20210225153657/https://www.cbsnews.com/news/banking-a-crack-in-the-swiss-vault/|url-status=live}} The geographical location of these facilities are undisclosed to the public but are known to be present in the mountainous regions of the Swiss Alps.{{Cite news|url=https://www.bloomberg.com/news/articles/2016-09-30/secret-swiss-gold-vaults-are-the-new-swiss-bank-accounts|title=Secret Alpine Gold Vaults Are the New Swiss Bank Accounts|last=Baker|first=Stephanie|date=30 September 2016|work=Bloomberg.com|access-date=18 May 2018|language=en|archive-date=8 November 2020|archive-url=https://web.archive.org/web/20201108123806/http://www.bloomberg.com/news/articles/2016-09-30/secret-swiss-gold-vaults-are-the-new-swiss-bank-accounts|url-status=live}} These facilities are not subject to the same banking regulations as banks in Switzerland and do not have to report holdings to regulatory agencies.{{Cite web|url=https://www.pbs.org/wgbh/pages/frontline/shows/nazis/readings/sinister.html|title=The Sinister Face Of 'Neutrality' {{!}} Frontline {{!}} PBS|date=1996|website=www.pbs.org|access-date=17 May 2018|quote=Before the Second World War, with the rise of Nazism, many Jews in Central and East Europe sought to protect a part of their assets by depositing money in Swiss accounts, and their valuables in Swiss safe deposit boxes. To encourage such transfers, in 1934 the Swiss even strengthened special banking secrecy laws which facilitated preservation of the anonymity of depositors.|archive-date=16 February 2021|archive-url=https://web.archive.org/web/20210216144246/https://www.pbs.org/wgbh/pages/frontline/shows/nazis/readings/sinister.html|url-status=live}} According to the Swiss Armed Forces, UBS purchased four former military bunkers to convert into storage facilities throughout the 1980s and 1990s.{{Cite news|url=https://www.mercurynews.com/2013/08/17/got-gold-switzerland-has-an-underground-bunker-just-for-you/|title=Got gold? Switzerland has an underground bunker just for you|author=Bloomberg News|date=17 August 2013|via=The Mercury News|access-date=14 May 2018|language=en-US|archive-date=18 August 2020|archive-url=https://web.archive.org/web/20200818033851/https://www.mercurynews.com/2013/08/17/got-gold-switzerland-has-an-underground-bunker-just-for-you/|url-status=live}} Three of these bunkers are not accessible by road or foot and require aircraft transportation. The transfer of assets to these bunkers is selective as a multi-stage security clearance is required and is not available to all UBS clients. In special circumstances, UBS contracts smaller banks in Southern Switzerland to maintain company assets.

The largest disclosed Swiss bank vault is five floors ({{convert|19|m|abbr=off|disp=or}}) under the bank's Geneva headquarters.{{Cite news|url=http://www.newsweek.com/ubs-swiss-banks-shadowy-operations-76447|title=UBS: A Swiss Bank's Shadowy Operations|last=Evan|first=Thomas|date=13 August 2009|work=Newsweek|access-date=18 May 2018|language=en|archive-date=7 February 2019|archive-url=https://web.archive.org/web/20190207180229/https://www.newsweek.com/ubs-swiss-banks-shadowy-operations-76447|url-status=live}} In July 2013, UBS established a gold storage facility and depository in Singapore for high net worth and ultra high net worth clients in their Hong Kong, China, and Malaysia markets who are willing to pay high fees and commissions for the highest level of secrecy and safety for their assets.

{{Main|UBS tax evasion controversies}}

The strict banking secrecy policies and bank-client confidentiality agreements at UBS have frequently been used to avoid, evade or otherwise escape foreign direct taxation. UBS reached multilateral agreements with the U.S. Internal Revenue Service (IRS) and U.K. HM Revenue and Customs in 2009 and 2010, respectively.{{cite news|url=https://news.yahoo.com/s/ap/20090219/ap_on_bi_ge/ubs_secrets|title=Feds Sue UBS for All American Customer Names|date=19 February 2009|work=Yahoo News|access-date=20 February 2009|archive-url=https://web.archive.org/web/20090222083323/https://news.yahoo.com/s/ap/20090219/ap_on_bi_ge/ubs_secrets|archive-date=22 February 2009|url-status=dead|agency=Associated Press}} These agreements ensured a line of communication between the tax agencies and all registered Swiss banks.{{cite news|url=https://www.wsj.com/articles/ubs-deal-shows-clintons-complicated-ties-1438223492|title=UBS Deal Shows Clinton's Complicated Ties|last=Grimaldi|first=James V.|date=30 July 2015|work=The Wall Street Journal|access-date=21 March 2016|archive-date=16 February 2021|archive-url=https://web.archive.org/web/20210216114546/https://www.wsj.com/articles/ubs-deal-shows-clintons-complicated-ties-1438223492|url-status=live}} The most commonly used stipulation triggered by select UBS Switzerland AG clients regard the following statute: Swiss banks are only allowed to disclose client information if a client is legally charged with proof of deliberate financial fraud, not merely the non-reporting of assets to avoid taxation.

The banking privacy policies of UBS have led to numerous controversies and disagreements with foreign governments:

File:Cour_de_Cassation,_Paris_140320_1.jpg, ruled against UBS in their 2014 appeal of tax evasion.]]

• In 2007, Bradley Birkenfeld, a Geneva-based employee who worked in the bank's North American wealth management business, claimed that UBS's dealings with American clients violated an agreement between the bank and the U.S. Internal Revenue Service.{{cite news|url=https://www.latimes.com/archives/la-xpm-2009-oct-26-fi-swiss26-story.html|title=He put a dent in tax evasion|last=Pfeifer|first=Stuart|date=26 October 2009|work=Los Angeles Times|access-date=21 March 2015|archive-date=21 October 2020|archive-url=https://web.archive.org/web/20201021080548/https://www.latimes.com/archives/la-xpm-2009-oct-26-fi-swiss26-story.html|url-status=live}} He subsequently complained to UBS compliance officials about the bank's "unfair and deceptive business practices", which included sponsoring events like yacht races and art festivals in the United States to attract wealthy people as potential clients.{{Cite news|url=http://www.cbsnews.com/news/banking-a-crack-in-the-swiss-vault/2/|title=Banking: A Crack in the Swiss Vault|access-date=31 January 2017|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227180431/https://www.cbsnews.com/news/banking-a-crack-in-the-swiss-vault/2/|url-status=live}} UBS was charged by the U.S. Federal Bureau of Investigation and ordered it to cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July 2008.{{cite press release|url=http://www.businesswire.com/news/home/20081112006425/en/Statement-Indictment-UBS-Executive#.VQ18aOFRrhk|title=Statement on Indictment of UBS Executive|publisher=BusinessWire|access-date=21 March 2015|date=12 November 2008|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227150417/https://www.businesswire.com/news/home/20081112006425/en/Statement-Indictment-UBS-Executive#.VQ18aOFRrhk|url-status=live}}
• In 2012, the German government saw to it that UBS Deutschland AG came under investigation by prosecutors in Mannheim, Germany, after a tax probe revealed suspicious funds transfers from Germany to Switzerland allegedly facilitated by the bank's Frankfurt office.{{cite news|url=https://www.wsj.com/articles/SB10001424127887324073504578106841475080884|title=Germany Probes UBS Staff on Tax-Evasion Allegations|last=Crawford|first=David|date=8 November 2012|newspaper=The Wall Street Journal|access-date=1 April 2015|archive-date=4 February 2021|archive-url=https://web.archive.org/web/20210204085047/https://www.wsj.com/articles/SB10001424127887324073504578106841475080884|url-status=live}} UBS Deutschland's Frankfurt office was raided by tax investigators in May 2012, and over 100,000 computer files and records were seized for evidence. The bank, which claims it is cooperating with the investigators, said that "an internal investigation into the specific allegations has not identified any evidence of misbehaviour by UBS Deutschland AG."
• In 2014, the French government launched an investigation into UBS France's alleged abetting of tax evasion by French taxpayers.{{cite news|url=https://www.forbes.com/sites/robertwood/2013/06/04/french-criminal-tax-probe-of-ubs-talk-about-deja-vu/|title=French Criminal Tax Probe of UBS – Talk About Déjà Vu|last=Wood|first=Robert W.|date=4 June 2013|magazine=Forbes|access-date=29 March 2015|archive-date=30 November 2020|archive-url=https://web.archive.org/web/20201130154211/https://www.forbes.com/sites/robertwood/2013/06/04/french-criminal-tax-probe-of-ubs-talk-about-deja-vu/|url-status=live}} The investigation estimated the amount of tax income lost to UBS-controlled offshore accounts at €600 billion.{{cite news|url=http://www.ipsnews.net/2012/04/europe-loses-billions-to-tax-evasion/|title=Europe Loses Billions to Tax Evasion|last=Godoy|first=Julio|date=19 April 2012|newspaper=Inter Press Service News Agency|access-date=29 March 2015|archive-date=3 December 2020|archive-url=https://web.archive.org/web/20201203004914/http://www.ipsnews.net/2012/04/europe-loses-billions-to-tax-evasion/|url-status=live}} In July 2014, the bank was required to post a bond of 1.1 billion euros, which UBS complied with while making multiple appeals in the French court system, finally losing its appeal at the Cour de Cassation, France's highest court.{{cite news|url=https://www.reuters.com/article/us-france-ubs-europeancourt-verdict-idUSKBN14W1N8|title=European court rejects UBS appeal against bail in French tax case|last1=Franklin, Angelika Gruber, Chine Labbé|first1=Joshua|access-date=27 January 2017|publisher=Retuers|work=Reuters|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612140525/https://www.reuters.com/article/us-france-ubs-europeancourt-verdict-idUSKBN14W1N8|url-status=live}} That same year, UBS accused the French government of engaging in a "highly politicized process" in its investigation of the bank.{{cite news|url=https://www.bloomberg.com/news/articles/2015-02-17/three-ex-ubs-officials-said-to-face-arrest-in-french-tax-probe|title=Three Ex-UBS Officials Said to Face Arrest in French Tax Probe|last1=Benedetti-Valentini|first1=Fabio and Jeffrey Voegeli|date=17 February 2015|access-date=29 March 2015|publisher=Bloomberg|archive-date=28 August 2020|archive-url=https://web.archive.org/web/20200828102953/https://www.bloomberg.com/news/articles/2015-02-17/three-ex-ubs-officials-said-to-face-arrest-in-french-tax-probe|url-status=live}}

In December 2021, UBS was criminally convicted by an appeals court in France for "illegal banking activities", money laundering and "aggravated tax fraud" and fined €1.8 billion.{{Cite web|url=https://www.swissinfo.ch/eng/ubs-fails-to-overturn-french-tax-evasion-guilty-verdict/47187104|title=UBS fails to overturn guilty verdict in French tax evasion case|date=13 December 2021 |access-date=28 December 2021|archive-date=20 December 2021|archive-url=https://web.archive.org/web/20211220220459/https://www.swissinfo.ch/eng/ubs-fails-to-overturn-french-tax-evasion-guilty-verdict/47187104|url-status=live}}{{Cite news|url = https://www.wsj.com/articles/ubs-penalties-slashed-by-around-3-billion-in-french-tax-case-11639402771|title = UBS Penalties Slashed by Around $3 Billion in French Tax Case|newspaper = The Wall Street Journal|date = 13 December 2021|access-date = 28 December 2021|archive-date = 27 December 2021|archive-url = https://web.archive.org/web/20211227062635/https://www.wsj.com/articles/ubs-penalties-slashed-by-around-3-billion-in-french-tax-case-11639402771|url-status = live}} UBS has said it is appealing that decision.{{cite news| url = https://www.reuters.com/business/swiss-bank-ubs-appeals-against-french-money-laundering-verdict-2021-12-20/| title = Swiss bank UBS appeals against French money-laundering verdict | website = Reuters| date = 20 December 2021| last1 = Shields| first1 = Michael| access-date = 28 December 2021| archive-date = 28 December 2021| archive-url = https://web.archive.org/web/20211228130123/https://www.reuters.com/business/swiss-bank-ubs-appeals-against-french-money-laundering-verdict-2021-12-20/| url-status = live}}

In January 2010, UBS issued a new code of conduct and business ethics which all employees were encouraged to sign. The code addressed issues such as financial crime, competition, confidentiality, as well as human rights and environmental issues. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, demotions, or dismissal.{{cite news|url=http://www.swissinfo.ch/eng/ubs-introduces-new-code-of-business-conduct/8068528|title=UBS introduces new code of business conduct|date=12 January 2010|work=swissinfo|access-date=16 March 2016|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227150309/https://www.swissinfo.ch/eng/ubs-introduces-new-code-of-business-conduct/8068528|url-status=live}} According to Kaspar Villiger, former chairman of the board, and Oswald J. Grübel, former Group CEO, the code is "an integral part of changing the way UBS conducts business".{{cite news|url=https://www.wsj.com/articles/SB10001424052748704586504574653901865050062|title=UBS Lays Out Employee Ethics Code|date=12 January 2010|work=The Wall Street Journal|access-date=29 March 2015|first=Katharina|last=Bart|archive-date=3 January 2021|archive-url=https://web.archive.org/web/20210103074605/https://www.wsj.com/articles/SB10001424052748704586504574653901865050062|url-status=live}}

In 2011, UBS expanded its global compliance database to include information on environmental and social issues provided by RepRisk,{{cite news|url=https://www.finews.ch/news/banken/7674-ubs-baut-xxx-aus|title=Wie die UBS ihre Reputation schützen will|date=8 February 2012|work=Finews.ch|access-date=4 October 2023|language=German}} a global research firm specialized in environmental, social and corporate governance (e.g., ESG) risk analytics and metrics.{{cite news|url=http://ratesustainability.org/hub/index.php/search/at-a-glance-company/76|title=RepRisk|work=GISR.Global Initiative for Sustainability Ratings|access-date=16 March 2016|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612141127/http://ratesustainability.org/hub/index.php/search/at-a-glance-company/76|url-status=dead}} This was done in an effort to mitigate environmental and social risks that could impact the bank's reputation or financial performance and to simultaneously help globally standardize and systematically implement the firm's due diligence processes.{{cite news|url=https://www.nzz.ch/bp_und_ubs_zeigen_wie_schnell_es_abwaertsgehen_kann-ld.935474|title=BP und UBS zeigen, wie schnell es abwärtsgehen kann|date=13 June 2010|work=Neue Zürcher Zeitung|access-date=16 March 2016|first=Charlotte|last=Jacquemart |language=German}} RepRisk data is used in the on-boarding process to screen potential new clients and sourcing partners,{{cite news|url=https://www.20min.ch/story/ubs-hat-im-ausland-ein-gutes-image-633529243109|title=UBS hat im Ausland ein gutes Image|work=20 Minuten|access-date=4 October 2023|first=Elisabeth|last=Rizzi|language=German}} alongside periodic client reviews and, also, to evaluate the risks related to transactions in investment banking and institutional lending.{{cite news|last1=Adams|first1=John|title=UBS Taps Big Data to Shrink Reputational Risk|url=http://www.americanbanker.com/issues/177_24/USB-big-data-analytics-reputational-risk-1046336-1.html|work=American Banker|date=3 February 2012|access-date=29 March 2015|archive-date=1 April 2020|archive-url=https://web.archive.org/web/20200401222528/https://www.americanbanker.com/news/ubs-taps-big-data-to-shrink-reputational-risk|url-status=live}}

In 2018, UBS held 0.72% of shares in HikVision{{cite web |url=http://pdf.dfcfw.com/pdf/H2_AN201904191320925769_1.pdf |title=杭州海康威视数字技术股份有限公司 2018 年度报告 HiKVision |website=dfcfw.com |access-date=1 June 2022 |archive-date=27 February 2021 |archive-url=https://web.archive.org/web/20210227150507/http://pdf.dfcfw.com/pdf/H2_AN201904191320925769_1.pdf |url-status=live }} (surveillance cameras), a subsidiary of the Chinese military conglomerate CETC.

In October 2019, UBS joined UN's Global Investors for Sustainable Development Alliance (GISD).{{Cite web|url=https://www.internationalinvestment.net/news/4006370/ubs-allianz-aviva-pimco-join-rev-sustainable-development-investments|title=UBS, Allianz, Aviva and Pimco join UN to rev up sustainable development investments|date=29 October 2019|website=www.internationalinvestment.net|language=en|access-date=30 November 2019|archive-date=24 October 2020|archive-url=https://web.archive.org/web/20201024232016/https://www.internationalinvestment.net/news/4006370/ubs-allianz-aviva-pimco-join-rev-sustainable-development-investments|url-status=live}} UBS has committed to raise US$5 billion (~${{Format price|{{Inflation|index=US-GDP|value=5000000000|start_year=2021}}}} in {{Inflation/year|US-GDP}}) of SDG-related impact investments by the end of 2021, which aim to create a measurable positive social or environmental impact.

UBS has been an early adopter regarding the use of blockchain technology in financial services. In April 2015, UBS opened an innovation lab at the Level39 technology accelerator space in London.{{Cite web|url=https://www.level39.co/members/ubs/|title=UBS|website=Level39|language=en|access-date=11 March 2019|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809150010/https://www.level39.co/members/ubs/|url-status=dead}}

In August 2016, UBS announced that it will team up with BNY Mellon, Deutsche Bank, Banco Santander, brokerage company ICAP and the fintech company Clearmatics, to promote UBS's "Utility Settlement Coin" (USC). The USC is a blockchain-based digital currency that financial institutions could use to transact securities with each other, bypassing the traditional settlement processes which is ongoing.{{Cite news|url=https://www.reuters.com/article/us-banks-blockchain-ubs-idUSKCN10Z147|title=UBS leads team of banks working on blockchain settlement system|date=24 August 2016|work=Reuters|access-date=11 March 2019|language=en|archive-date=19 May 2017|archive-url=https://web.archive.org/web/20170519073429/http://www.reuters.com/article/us-banks-blockchain-ubs-idUSKCN10Z147|url-status=live}}

In 2021, UBS buys 31% ICO Markets Exchange Clearing Limited, Digital Asset Exchange, Regulator Company in the European Digital Asset Market which financial institutions and private clients they will use to trade securities among themselves, bypassing the traditional ongoing settlement processes.{{Cite news|url = https://www.bloomberg.com/news/articles/2021-05-10/ubs-exploring-ways-to-offer-crypto-investments-to-rich-clients|title = UBS Explores Offering Crypto Investments to Rich Clients|newspaper = Bloomberg.com|date = 10 May 2021|access-date = 1 July 2021|archive-date = 9 July 2021|archive-url = https://web.archive.org/web/20210709181932/https://www.bloomberg.com/news/articles/2021-05-10/ubs-exploring-ways-to-offer-crypto-investments-to-rich-clients|url-status = live}}

In 2018, UBS digitally cloned Daniel Kalt, one of its chief economists. Artificial intelligence expert FaceMe was hired to create an interactive avatar of Kalt that can meet with clients via television screen. The clients will be able to ask questions and receive answers, made possible by IBM's Watson AI technology.{{Cite web|url=http://fortune.com/2018/07/05/ubs-digital-clone-chief-economist-daniel-kalt/|title=UBS Digitally Cloned Its Chief Economist So He Wouldn't Miss His Meetings|website=Fortune|language=en|access-date=11 March 2019|archive-date=27 February 2021|archive-url=https://web.archive.org/web/20210227170159/https://fortune.com/2018/07/05/ubs-digital-clone-chief-economist-daniel-kalt/|url-status=live}}{{Cite web|url=https://www.ubs.com/magazines/innovation/en/wealth-innovation-lab/companion.html|title=UBS Companion|website=ubs.com|language=en|access-date=11 March 2019}}{{Dead link|date=March 2023 |bot=InternetArchiveBot |fix-attempted=yes }}

In 2006, for the fourth consecutive year, UBS was named one of the 100 Best Companies for Working Mothers living in the U.S. by Working Mother magazine.{{cite press release|url=http://www.businesswire.com/news/home/20060925005953/en/UBS-Named-2006-Working-Mother-100-Company|title=UBS Named a 2006 Working Mother 100 Best Company by Working Mother Magazine|date=25 September 2006|access-date=29 March 2015|archive-date=24 February 2021|archive-url=https://web.archive.org/web/20210224114036/http://www.businesswire.com/news/home/20060925005953/en/UBS-Named-2006-Working-Mother-100-Company|url-status=live}} It is a member of the Stonewall Diversity Champions scheme{{Cite news|url=http://www.stonewall.org.uk/get-involved/workplace/diversity-champions-members|title=Diversity Champions members|date=10 August 2015|work=Stonewall|access-date=29 December 2017|archive-date=20 December 2017|archive-url=https://web.archive.org/web/20171220175057/http://www.stonewall.org.uk/get-involved/workplace/diversity-champions-members|url-status=live}} and has active gay and lesbian, ethnic minority, and women's networking groups. UBS was included on Business Week{{'}}s The Best Places to Launch a Career 2008, and ranked No. 96 out of the 119 total companies listed. On 2 February 2010, UBS topped the charts for the ninth year in a row in Institutional Investor's annual ranking of Europe's most highly regarded equity analysts. In a year of extremes for equity markets, money managers say that no firm did a better job than UBS to keep them informed about which European sectors, countries, and industries offered the greatest potential.{{cite news|url=http://www.institutionalinvestor.com/Research/5437/Overview.html|title=2015 All-Europe Research Team|date=2 February 2010|work=Institutional Investor|access-date=29 March 2015|archive-date=30 January 2016|archive-url=https://web.archive.org/web/20160130072659/http://www.institutionalinvestor.com/Research/5437/Overview.html|url-status=live}} On 4 May 2010, UBS Investment Bank was voted the leading pan-European brokerage firm for equity and equity linked research for a record tenth successive year. A Thomson Reuters Extel survey ranked UBS number one in all three of the key disciplines of research: Research (tenth year); Sales (ninth year running); and Equity Trading and Execution (up from second place in 2009). UBS was also named as the number one leading pan-European brokerage firm for economics and strategy research.{{cite news|url=http://news.hereisthecity.com/news/news/business_news/10820.cntns|archive-url=https://archive.today/20120713163938/http://news.hereisthecity.com/news/news/business_news/10820.cntns|url-status=dead|archive-date=13 July 2012|title=UBS Tops Thomson Reuters Extel Survey For 10th Year|date=16 June 2010|publisher=hereisthecity.com|access-date=29 March 2015}}

On 31 October 2013, UBS Wealth Management was voted the Best Global Private Bank by Professional Wealth Management,{{cite web|url=http://www.pwmnet.com/Awards/Global-Private-Banking-Awards-2013-Winners-and-Highly-Commended|title=Global Private Banking Awards 2013 – Winners and Highly Commended|work=Professional Wealth Management|date=31 October 2013|access-date=29 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402133255/http://www.pwmnet.com/Awards/Global-Private-Banking-Awards-2013-Winners-and-Highly-Commended|url-status=live}} retaining the title in 2014 while also being recognized as the Best Private Bank for Philanthropy Services, and Best Global Brand in Private Banking.{{cite web|url=http://www.pwmnet.com/Awards/Global-Private-Banking-Awards-2014-Winners-and-highly-commended|title=Global Private Banking Awards 2014 – Winners and highly commended|work=Professional Wealth Management|date=29 October 2014|access-date=29 March 2015|archive-date=19 March 2015|archive-url=https://web.archive.org/web/20150319000915/http://www.pwmnet.com/Awards/Global-Private-Banking-Awards-2014-Winners-and-highly-commended|url-status=live}} On 27 October 2016, for the 4th consecutive year, UBS Wealth Management won the Best Global Private Bank title, as well as the Best Private Bank in Asia award for the 5th consecutive year.{{Cite web|url=http://www.pwmnet.com/Awards/Global-Private-Banking-Awards-2016-Winners-and-highly-commended|title=Global Private Banking Awards 2016 – Winners and highly commended|last=PWM|website=www.pwmnet.com|access-date=9 January 2017|archive-date=13 September 2017|archive-url=https://web.archive.org/web/20170913084456/http://www.pwmnet.com/Awards/Global-Private-Banking-Awards-2016-Winners-and-highly-commended|url-status=live}} UBS won the top prize again in 2018.{{Cite web|url=https://asianprivatebanker.com/awards/awards-for-distinction-2018/best-private-bank-asia-pacific/|title=Awards for Distinction 2018 – Best Private Bank – Asia Pacific|website=Asian Private Banker|language=en-US|access-date=4 December 2019|archive-date=4 December 2019|archive-url=https://web.archive.org/web/20191204173119/https://asianprivatebanker.com/awards/awards-for-distinction-2018/best-private-bank-asia-pacific/|url-status=live}}

In 2014, the Group received Euromoney's Awards for Excellence 2014 as the Best global bank,{{cite web|url=https://www.euromoney.com/article/b12kjyd9czkpk0/awards-for-excellence-2014-best-global-bank|title=Awards for Excellence 2014: Best global bank|date=10 July 2014|publisher=euromoney.com|access-date=28 January 2018|archive-date=29 January 2018|archive-url=https://web.archive.org/web/20180129140503/https://www.euromoney.com/article/b12kjyd9czkpk0/awards-for-excellence-2014-best-global-bank|url-status=live}}{{cite web|url=https://www.finews.ch/news/banken/15800-darum-gilt-die-ubs-als-die-beste-bank-der-welt|title=Darum gilt die UBS als die beste Bank der Welt|publisher=finews.ch|access-date=28 January 2018|date=11 July 2014|archive-date=28 January 2018|archive-url=https://web.archive.org/web/20180128190550/https://www.finews.ch/news/banken/15800-darum-gilt-die-ubs-als-die-beste-bank-der-welt|url-status=live}} and as the Best Bank in Switzerland.{{cite web|url= https://www.euromoney.com/article/b12kjyty8t2h9b/ubs-wins-best-global-bank-and-best-bank-in-switzerland-video|title= UBS wins Best Global Bank and Best Bank in Switzerland|date= 10 July 2014|publisher= euromoney.com|access-date= 28 January 2018|archive-date= 29 January 2018|archive-url= https://web.archive.org/web/20180129140500/https://www.euromoney.com/article/b12kjyty8t2h9b/ubs-wins-best-global-bank-and-best-bank-in-switzerland-video|url-status= live}} In 2017, UBS not only retained its leading position taken in 2016 in the main category best private banking services overall at the Euromoney's Private Banking Awards,{{cite web|url=https://www.moneycab.com/2017/02/02/euromoney-ubs-erneut-als-beste-globale-privatbank-ausgezeichnet|title=Euromoney: UBS erneut als beste globale Privatbank ausgezeichnet|date=2 February 2017|publisher=moneycab.com|access-date=28 January 2018|archive-date=2 February 2017|archive-url=https://web.archive.org/web/20170202135708/http://www.moneycab.com/2017/02/02/euromoney-ubs-erneut-als-beste-globale-privatbank-ausgezeichnet/|url-status=live}} but also received recognition as Western Europe's best bank for advisory 2017.{{cite web|url=https://www.euromoney.com/article/b13mm9n8p490rq/western-europe39s-best-bank-for-advisory-2017-ubs|title=Western Europe's best bank for advisory 2017: UBS|date=6 July 2017|publisher=euromoney.com|access-date=28 January 2018|archive-date=13 October 2017|archive-url=https://web.archive.org/web/20171013064741/https://www.euromoney.com/article/b13mm9n8p490rq/western-europe39s-best-bank-for-advisory-2017-ubs|url-status=live}}

In 2018, for the third consecutive year, RobecoSAM, an organization specialized exclusively on Sustainability Investing and conducting extensive research,{{cite web|url= http://www.robecosam.com/images/170907-djsi-review-2017-en-vdef.pdf|title= Results Announced for 2017 Dow Jones Sustainability Indices Review|publisher= robecosam.com|access-date= 28 January 2018|archive-date= 5 February 2018|archive-url= https://web.archive.org/web/20180205084105/http://www.robecosam.com/images/170907-djsi-review-2017-en-vdef.pdf|url-status= live}} named UBS in its Industry group leader report 2018 for each of the industry groups represented in the Dow Jones Sustainability Index the group leader{{cite web|url= https://www.six-swiss-exchange.com/issuers/services/tensid_news_de.html?id=a3cc7aa7|title= UBS ist zum dritten Mal Branchenleader im Dow Jones Sustainability Index|access-date= 28 January 2018|archive-date= 29 January 2018|archive-url= https://web.archive.org/web/20180129004309/https://www.six-swiss-exchange.com/issuers/services/tensid_news_de.html?id=a3cc7aa7|url-status= live}} in Diversified Financials.{{cite web|url=http://www.robecosam.com/images/IndustryLeader_DJSI2018_UBS_Group_AG.pdf|title=Industry Group Leader Report 2018|publisher=robecosam.com|access-date=31 October 2018|archive-date=31 October 2018|archive-url=https://web.archive.org/web/20181031174144/http://www.robecosam.com/images/IndustryLeader_DJSI2018_UBS_Group_AG.pdf|url-status=live}} The report highlighted Group's sustainability efforts directed through its UBS and Society program: a cross-divisional platform involving activities and capabilities in sustainable investing and philanthropy, environmental and human rights policies, UBS's own environmental footprint, as well as the community investment.{{cite web|url= https://www.six-swiss-exchange.com/issuers/services/tensid_news_de.html?id=ff388c78|title= Das Chief Investment Office (CIO) von UBS Wealth Management lanciert ein White Paper "Business with Impact" zu neuen Modellen unternehmerischer Nachhaltigkeit|access-date= 28 January 2018|archive-date= 29 January 2018|archive-url= https://web.archive.org/web/20180129004357/https://www.six-swiss-exchange.com/issuers/services/tensid_news_de.html?id=ff388c78|url-status= live}} The Group also received recognition from Global Finance which rates financial services providers that best meet the specialized needs of corporations on a global level. The selection criteria are focused less on the size, but rather on qualities that companies look for when choosing a provider.{{cite web|url= https://d2tyltutevw8th.cloudfront.net/media/document/revised-worlds-best-banks-2018-call-for-entri-1515701480.pdf|title= 25th Annual World's Best Bank Awards 2018|publisher= gfmag.com|access-date= 28 January 2018|archive-date= 28 January 2018|archive-url= https://web.archive.org/web/20180128190556/https://d2tyltutevw8th.cloudfront.net/media/document/revised-worlds-best-banks-2018-call-for-entri-1515701480.pdf|url-status= live}}{{cite web|url= https://www.gfmag.com/magazine/october-2017/worlds-best-banks-2017-enhancing-customer-experience|title= World's Best Banks 2017.Enhancing The Customer Experience|date= 2 October 2017|publisher= gfmag.com|access-date= 28 January 2018|archive-date= 19 March 2023|archive-url= https://web.archive.org/web/20230319200433/https://www.gfmag.com/magazine/october-2017/worlds-best-banks-2017-enhancing-customer-experience|url-status= live}} UBS was named in the category Global Winners as Best Private Bank in the World 2017,{{cite web|url= https://www.gfmag.com/magazine/december-2016/finding-and-filling-niches?page=2|title= World's Best Private Banks 2017|date= 8 December 2016|publisher= gfmag.com|access-date= 28 January 2018|archive-date= 29 January 2018|archive-url= https://web.archive.org/web/20180129004538/https://www.gfmag.com/magazine/december-2016/finding-and-filling-niches?page=2|url-status= live}} and in the list of global best banks 2017, the Group received the award as Global Winner in the category World's Best Investment Banks 2017.{{cite web|url= https://www.gfmag.com/magazine/april-2017/2017-worlds-best-investment-banks-global-winners?page=4|title= Global Winners: Tacking into The Wind|date= 6 April 2017|publisher= gfmag.com|access-date= 28 January 2018|archive-date= 29 January 2018|archive-url= https://web.archive.org/web/20180129004540/https://www.gfmag.com/magazine/april-2017/2017-worlds-best-investment-banks-global-winners?page=4|url-status= live}}

In 2019, UBS was listed as one of the Top 50 World's Most Attractive Employers Global Business Ranking 2019 by Universum Global Survey.{{Cite web|url=https://universumglobal.com/wmae-2019|title=WMAE 2019|website=Universum|language=en-US|access-date=30 November 2019|archive-date=6 April 2020|archive-url=https://web.archive.org/web/20200406092539/https://universumglobal.com/wmae-2019/|url-status=live}}

{{unreferenced section|date=March 2022}}

UBS is particularly active in sponsoring various golf tournaments, cross-country skiing in Switzerland, ice hockey, and a range of other events around the world. UBS was the sponsor of the Alinghi sailing ship, winner of the Americas Cup in 2003. UBS has been or currently is a sponsor of the following sporting events and organizations:

{{col-begin}}

{{col-break}}

• Alinghi
• Arnold Palmer Invitational
• Athletissima
• Automobile Club de Monaco
• Faldo Series Asia
• Formula One

{{col-break}}

• Greifenseelauf
• Hahnenkamm Races
• Hong Kong Rugby Football Union
• New York Islanders
• Olympic Museum Lausanne
• The Players Championship
• Sierre-Zinal Mountain Race

{{col-break}}

• Spengler Cup Davos
• Swiss Athletics Federation
• UBS Arena, Elmont, NY
• UBS Hong Kong Open
• UBS Japan Golf Tour Championship
• UBS Kids Cup
• Weltklasse Zürich

{{col-end}}

UBS's cultural sponsorships are typically related to classical music and contemporary art, although the company also sponsors a range of film festivals, music festivals, and other cultural events and organizations. UBS supported the Guggenheim UBS MAP Global Art Initiative in which the Solomon R. Guggenheim Foundation identified and worked with artists, curators and educators from South and Southeast Asia, Latin America, and the Middle East and North Africa to expand their reach in the international art world and challenge the Western-centric view of art history.{{Cite news|url=https://www.nytimes.com/2012/04/12/arts/design/guggenheim-and-ubs-project-plan-cross-cultural-program.html|title=Guggenheim and UBS Project Plan Cross-Cultural Program|last=Vogel|first=Carol|date=11 April 2012|work=The New York Times|access-date=3 February 2019|language=en-US|issn=0362-4331|archive-date=4 February 2019|archive-url=https://web.archive.org/web/20190204065846/https://www.nytimes.com/2012/04/12/arts/design/guggenheim-and-ubs-project-plan-cross-cultural-program.html|url-status=live}} UBS has previously been or currently is a sponsor of the following cultural events and organizations:{{col-begin}}

{{col-break}}

• Art Basel
• Art Basel Miami Beach
• Art Gallery NSW
• Ballett Zürich
• Basel Sinfonietta
• Beijing Music Festival
• Boston Symphony Orchestra
• Bregenz Festival
• Casals Festival
• Cy Twombly exhibition
• Deichtorhallen
• Fondation Beyeler

{{col-break}}

• Fondation Pierre Gianadda
• Fresh Paint Contemporary Art Fair, Tel Aviv
• Galleria d'Arte Moderna, Milan
• Guggenheim UBS MAP Global Art Initiative
• International Mozarteum Foundation
• Locarno International Film Festival
• London Symphony Orchestra
• Louisiana Museum of Modern Art
• Lucerne Festival
• Lucerne Symphony Orchestra
• Lugano Festival
• Montreux Jazz Festival

{{col-break}}

• New National Museum of Monaco
• Ravinia Festival
• Rheingau Musik Festival
• Sydney Theatre Company
• Singapore Sun Festival
• Swiss Institute Contemporary Art New York
• Thunerseespiele
• Utah Symphony
• Verbier Music Festival
• WOMEN: New Portraits by Annie Leibovitz
• Zurich Opera

{{col-end}}

UBS currently holds the naming rights to UBS Arena which is the home of the New York Islanders.

{{Portal|Banks}}

• Banking in Switzerland
• Systemically important financial institution
• Swiss Financial Market Supervisory Authority
• UBS 100 Index
• UBS Securities, China branch

{{Reflist}}

• Schutz, Dirk. The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland, 1st ed. Pyramid Media Group, 2000. {{ISBN|978-1-57441-308-3}}.
• Fox, Guy. How the World Really Works: Investment Banking, Guy Fox Publishing, 2009. {{ISBN|978-1-90471-111-7}}.
• Suter, Martin. Montecristo. Roman. Diogenes-Verlag, Zürich 2015. 320 S. {{ISBN|978-3-257-06920-4}}.
• Blum, Georges. Société de Banque Suisse – Union de Banques Suisses. La vérité et le pourquoi de cette fusion. Favre, Lausanne 2015. {{ISBN|978-2-8289-1548-3}} (French)
• Temkin, Ann. Contemporary Voices: Works from the UBS Art Collection, Museum of Modern Art; First Paperback edition, 2005. {{ISBN|978-0-870-70087-3}}

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