1. 25 Secrets To Wealth Creation Pdf

Number of employees 59,387 (2016) 13.8% (2016) Website UBS AG is a global, incorporated in the, and co-headquartered in and. The company provides, and services for private, corporate, and institutional clients worldwide, and is generally considered to be a bank. In Switzerland, these services are also offered to retail clients.

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The name UBS was originally an abbreviation for the, but it ceased to be a representational abbreviation after the bank's merger with the in 1998. The company traces its origins to 1856, when the earliest of its predecessor banks was founded. UBS has over 2.8 trillion in invested assets, and remains a leading provider of and services in Switzerland.

It is the biggest bank in Switzerland, operating in more than 50 countries with 59,387 employees around the world, as of 2016. In comparison to other European banks, UBS suffered among the largest losses during the, and it was required to raise large amounts of outside capital. The bank received a US$9.7 billion capital in 2007 from the (currently effective from July 2013), which remains one of the bank's largest shareholders. UBS also received capital from the Swiss government, further complemented by a series of equity offerings in 2007, 2008, and 2009. Contents.

Corporate structure UBS is a company ('Aktiengesellschaft') pursuant to Swiss laws. Its shares are listed at the, and the (NYSE). As of February 2015, UBS is present in all major financial centers worldwide, having offices in 54 countries, with about 34% of its approx. 59,000 employees working in the Americas, 36% in Switzerland, 18% in Europe, the Middle East and Africa and 13% in the Asia Pacific region. The bank has its major presence in the United States. Its American headquarters for are located in New York City, for in and its headquarters can be found in.

UBS WMA Headquarters at Lincoln Harbor in Weehawken, NJ The company's global business groups are (i), (ii) and (iii). Additionally, UBS is the leading provider of and services in Switzerland, as established already in 2009. Overall invested assets are CHF 2.821 billion, shareholders' equity is CHF 53.621 billion and is CHF 61.402 billion by the end of 2016.

In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company on the NYSE and SIX Swiss Exchange. Upon application and with the effect as of 14 January 2015, the shares of the USB AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. UBS' structure includes five divisions in total: Wealth Management Wealth Management Americas Personal & Corporate Banking Asset Management Investment Bank Starting already 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. Corporate Center Corporate Center focuses on the Group's control functions, which include technology, finance, risk control and legal.

All logistics and support services are also located with this division and include operations, human resources, communications, physical security and information security. UBS Wealth Management UBS's division offers around the world (with the exception of those served by the division of Wealth Management Americas) a range of advisory and investment products and services. As of the end of 2016, UBS Wealth Management's invested assets totaled CHF 977 billion. The whole companies amounted to US$1,737.5 billion in 2015, representing a 1% decrease in AuM compared to the equivalent data of 2014. 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 services and products as well as and other investment advisory and portfolio management products and services.

Additionally, UBS provides a broad range of securities and savings products that are supported by the firm's and activities as well as and clearing services for transactions originated by individual investors. The business is further divided geographically with separate businesses focused on the U.S. And other international markets. Two-thirds of the total invested assets come from Europe and Switzerland with the final one-third coming mainly from the Asia-Pacific region. 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 2016, around 13,500 people worldwide were employed by UBS Wealth Management. In Switzerland, UBS Swiss Bank provides a complete set of that includes, and for individuals.

They offer and services for small businesses and corporate clients as well. UBS's main competitors in this division are Bank of America, Wells Fargo, Credit Suisse, JP Morgan Chase and Morgan Stanley.

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

Following an expansion in 2002, the trading floor covers 103,000-square-foot (9,600 m 2) with 40-foot (12 m) 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 Since the early 2000s, UBS Investment Bank has been among the top fee-generating investment banks globally. In 2010, UBS ranked No.5 globally in advisory, No.5 globally in, No.5 globally in, No.3 in European follow-on equity offerings, No.1 in Asia M&A advisory, No.2 in Asian equity capital markets bookrunning, No.2 in Asian follow-on equity offerings, No.2 in Canadian M&A advisory, No.3 in Middle Eastern & African mergers & acquisitions advisory, and No.2 in Middle Eastern & African equity capital markets bookrunning. UBS also ranked No.1 on the 2010 M&A league tables in Australia, ahead of and. UBS's main competitors in this division are Goldmann Sachs, JP Morgan Chase, Barclays, Merril Lynch and Morgan Stanley.

Competition. UBS and Credit Suisse branches next to each other in Zurich On a global scale, UBS competes with the, and it is regularly compared against its fellow Swiss banking giant,. According to a study published by Coalition Research Institute, UBS remains among the top 10 of the world's investment banks. In Switzerland, UBS competes with a number of, such as, and other, as well as, and the. In Europe, UBS competes with several larger banks, such as, and.

In the U.S., UBS competes with the largest American banks, such as, and. According to, UBS has edged out to advise, the twin brothers who own, a former catalogue retail business which has been enjoying stellar sales and growth since becoming a 'pure play' online retailer. UBS Graduate Talent Programs UBS is one of the major providers of young professional training in Switzerland, offering various programs, depending on applicants' level of education. After graduation, over 70% are permanently employed.

Aside from the and All-round Trainee Program offered in Switzerland, UBS offers Internship program and the Graduate Training Programs (GTP) globally. The Graduate Talent Program (GTP) is designed as an 18-24 month framework of development for holders of a bachelor's degree and above, and involving three core components, supplemented by further programs of training which are built around specific business groups. The GTP specifically targets individuals with little work experience but who demonstrate great potential. The internship program is designed to prepare its participants who generally would be students near the end of their studies, for a graduate position at UBS. In addition, UBS also offers around the world opportunities for students to get to know UBS early in their academic career.

At the same time, these programs may often lead the potential candidates to participation in the summer internship program and the Graduate Talent Programs. Further information: and UBS, as it exists today, is the result of a complex history representing a merger product of the and the in June 1998 (SBC). The official founding date of the bank is April 1862, the year when its nucleus was founded.

Although the merged company's new name was originally supposed to be the 'United Bank of Switzerland,' the officials opted to call it simply UBS because of a name clash with the separate Swiss company United Bank Switzerland – a part of the 's Swiss subsidiary. Therefore, UBS is no longer an 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. UBS also comprises a number of well-known securities firms that have been acquired by the bank and its predecessors. Among the bank's most notable constituent parts are, and, among others. Swiss Bank Corporation Origins and early years (1854–1945). The offices of Swiss Bank Corporation c.1920 SBC subsequently experienced a period of growth, which was only interrupted by the onset of, 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 and the was severe, particularly as the suffered major 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, designed by, symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS. On the eve of in 1939, SBC, like other Swiss banks, was the recipient of large influxes of foreign funds for safekeeping. Just prior to the outbreak of the war, SBC made the timely decision to open an office in New York City. The office, located in the, was able to begin operations a few weeks after the outbreak of the war and was intended as a safe place to store assets in the case of an invasion.

During the war, the banks' traditional business fell off and the Swiss government became their largest client. Post-war years (1945–1998) In 1945, SBC acquired the Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland, but became 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 and the Banque Populaire de Sierre. The bank opened a full branch office in Tokyo in 1970. Former Swiss Bank Tower at 623, New York City, opened in 1990.

In 1992, SBC acquired, a Chicago-based firm and the largest in the financial options exchanges in the U.S. O'Connor was combined with SBC's, and activities to form a globally integrated capital markets and. In 1994, SBC acquired, an asset management firm focused on providing access for U.S.

Institutions to global markets, for US$750 million. Following the acquisition, founder ran SBC's asset management business and later when SBC merged with UBS was named of UBS Asset Management. The acquisition of, a leading British investment banking firm, in 1995 for the price of US$1.4 billion signified a major push into investment banking. Had established a reputation as a daring that grew to be one of the most respected investment banks in. However, a Warburg expansion into the U.S. Had turned out flawed and costly, and talks in 1994 with about a merger had collapsed. SBC merged the firm with its own existing investment banking unit to create SBC Warburg.

(originally SBC-Warburg Dillon Read) was the brand used for the Investment Banking division of and later UBS from 1997 to 1999. Two years later, in 1997, SBC paid US$600 million to acquire, a U.S. Investment bank., which traced its roots to the 1830s was among the powerhouse firms on in the 1920s and 1930s, and by the 1990s had a particularly strong advisory group.

Dillon Read had been in negotiations to sell itself to, which owned 25% of the firm already, but Dillon Read partners balked at '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, 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, UBS's ill-fated hedge fund operations. Union Bank of Switzerland Origins and early years (1862–1945). 1966 logo, featuring the two acronyms of its English and French names (UBS) and its German counterpart (SBG). The emerged in 1912 when the fused with the. The Bank in Winterthur, founded in 1862 with an initial 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 when cotton prices rose dramatically.

The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million, and specialized as a and bank for individual customers, maintaining a branch office network in eastern Switzerland. The new company was initially traded under the English name Swiss Banking Association, but in 1921 it was changed to Union Bank of Switzerland (UBS) to mirror its French name, Union de Banques Suisses. In German, the bank was known as the Schweizerische Bankgesellschaft (SBG).

The combined bank had total assets of CHF 202 million and a total of CHF 46 million. In 1917, UBS completed the construction of a new headquarters in on, considered to be the of Switzerland. By 1923, offices were established throughout Switzerland. Although the bank suffered in the aftermath of and the, it was able to make several smaller; in 1937 it established Intrag AG, an business responsible for, (i.e. Activities in World War II. UBS's principal office at in Zurich, depicting the current logo, which combines the UBS letters with SBC's 'three keys' symbol.

During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force a major restructuring of the bank's operations. Looking to take advantage of the situation, approached Union Bank of Switzerland about a merger that would have created the second largest bank in the world in 1996. Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger. Ebner, who supported the idea of a merger, led a shareholder revolt that resulted in the replacement of Union Bank of Switzerland's chairman, Robert Studer with, one of the key architects of the merger with. On 8 December 1997, Union Bank of Switzerland and announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively.

Discussions between the two banks had begun several months earlier, less than a year after rebuffing 's merger overtures. The merger resulted in the creation of UBS AG, a huge new bank with total assets of more than US$590 billion. Also referred to as the 'New UBS' to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the. 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. The combined entity was originally to be called United Bank of Switzerland, but foreseeing a problem with United Bank Switzerland, opted for UBS.

The merger, which was billed as a merger of equals, resulted in the Union Bank of Switzerland's shareholders receiving 60% of the combined company and Swiss Bank's shareholders receiving the remaining 40% of the bank's common shares. Union Bank of Switzerland's became chairman of the new bank while Swiss Bank's was named. Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Prior to the merger, 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 was considered to be the more established platform. Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities. After the merger was completed, it was speculated that a series of losses suffered by UBS on its positions in late 1997 was a contributing factor in pushing UBS management to consummate the merger. The failure of Long Term Capital Management (LTCM) (LTCM) was a U.S.

Used for trading strategies such as, and, combined with high. Its collapse in 1998 led to a by major banks and investment houses, and resulted in massive losses for UBS at a time when it had merged with Swiss Bank Corporation.

However, UBS involvement with LTCM pre-dated the merger. UBS had initially been reluctant to invest in LTCM, rebuffing an investment in 1994 and, again shortly thereafter. UBS, suffering criticism for its conservative business model, was looking for ways to catch up to its key Swiss rivals and viewed LTCM as the type of client that could help accelerate the bank's growth. In 1997, UBS entered into a financing arrangement with LTCM, and the quickly became the bank's largest client, generating US$15 million in fees for UBS.

Union Bank of Switzerland sold LTCM a 7-year on 1 million shares in LTCM, then valued at about US$800 million. It hedged this option by purchasing a US$800 million interest in LTCM and invested a further US$300 million in the hedge fund. Originally intended to provide UBS with a steady stream of income, UBS instead suffered major losses when the hedge fund collapsed. Following the merger, Swiss Bank managers were surprised to discover the massive exposure to LTCM at UBS. Ultimately, UBS was unable to sell or hedge its interest in LTCM as its value declined in the summer of 1998.

By November 1998, UBS's losses from its exposure to LTCM were estimated at the level of approximately CHF 790 million. UBS would prove to be the largest single loser in the LTCM collapse, ultimately writing off CHF 950 million.

The organized a of US$3.625 billion by the 's major creditors to avoid a wider collapse in the financial markets. UBS contributed US$300 million to the bailout effort, which would largely be recovered. In the aftermath of the LTCM collapse, resigned as chairman of UBS, along with three other executives. Following its involvement with LTCM, UBS issued a statement: 'Given the developments in the international financial markets, in the future UBS will. focus even more intensively on those areas of business likely to generate sustainable earnings with a justifiable level of risk.'

Rising in the ranks (2000–2007). UBS PaineWebber logo in use from 2001 until 2003 when the use of the brand was dropped On 3 November 2000, UBS merged with, an American and asset management firm led by chairman and CEO. 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. The acquisition pushed UBS to the top wealth and asset management firm in the world. Initially, the business was given the divisional name UBS PaineWebber but in 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA.

UBS took a CHF 1 billion writedown for the loss of associated with the retirement of the brand when it integrated its brands under the unified UBS name in 2003. UBS Warburg was the brand used for the Investment Banking division of UBS from 1999 to 2003., a former bond trader and co-head of at and head of Fixed Income Trading at Union Bank of Switzerland in 1998, was appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2001. In an attempt to break into the elite of investment banks, in which UBS then had little success while rival was establishing itself as a major player on with the acquisition of in 2000, Costas shifted the growth strategy from acquiring entire firms to hiring individual investment bankers or teams of bankers from rival firms.

Costas had followed a similar approach in building out the UBS fixed income business, hiring over 500 sales and trading personnel and increasing from US$300 million in 1998 to over US$3 billion by 2001. The arrival of former investment banker marked a major coup for Costas. Moelis joined UBS from in 2001 shortly after its acquisition by (although 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 and was credited, along with Costas, with the build-out of UBS's investment banking operation in the United States. Within weeks of joining, Moelis brought over a team of 70 bankers from Donaldson, Lufkin & Jenrette. Costas and Moelis hired more than 30 senior U.S. Bankers from 2001 through 2004.

It was estimated that UBS spent as much as US$600 million to US$700 million hiring top bankers in the U.S. During this three-year period. Among the bank's other major recruits during this period were, Ben Lorello, and Jeff McDermott. By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning US$2.1 billion of the US$39 billion paid to investment banks that year, increasing 33%. Over the next four years, UBS consistently ranked in the top 4 in the global fee pool and established a track record of 20 consecutive quarters of rising profits. In 2006, UBS set up a joint venture in China namely.

However, by the end of 2006, UBS began to experience changing fortunes. In late 2005, Costas headed a new unit within UBS known as.

His former position was taken over by, a long-time legacy UBS investment banker. In 2006, UBS bankers and Michael Martin announced their departures. In March 2007, Moelis announced that he was leaving the company, and shortly thereafter founded a new business,.

As he had when joining UBS, Moelis took a large team of senior UBS investment bankers. Moelis's departure was caused primarily by repeated conflict over the availability of capital from the bank's to pursue large, particularly. The bank's apparent conservatism would be turned on its head when large losses were reported in various mortgage securities rather than corporate loans that generated investment banking fees. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early 2007 and, as the financial crisis set in, other high-profile bankers such as in early 2008 and Ben Lorello in 2009. The beginning of UBS' troubles: Subprime mortgage crisis (2007). See also: At the beginning of 2007, UBS became the first firm to announce a heavy loss in the sector as the began to develop.

In May 2007, UBS announced the closure of its Dillon Read Capital Management (DRCM) division. Before that time, there was little understanding of the troubles at DRCM or the massive expansion of risk engineered by the investment banking division under the leadership of the newly placed CEO. DRCM, which was a large internal, had been started with much publicity in 2005 and invested money both on behalf of UBS and some of its clients. DRCM had been formed in large part to keep some of the bank's traders from defecting to, as well as to create a position for, who had been instrumental in creating UBS's successful investment banking business in the U.S.

From 2001–2005. Costas had been replaced by, a long-time legacy UBS investment banker with little fixed income or mortgage experience. DRCM hired a large team of professionals, many of whom were attracted from the investment bank with large packages. 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 risk in the second quarter of 2007 while most market participants were reducing risk, resulting in not only expanding DRCM losses but creating the 84% of the other losses experienced by the bank.

By October 2007, UBS was indicating that the assets could not be sold given the illiquidity in the market. In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank, unexpectedly stepped down as CEO of the firm during the second quarter of 2007. Wuffli would be joined by many of his fellow managers in the next year, most notably the bank's chairman. However, the bank's problems continued through the end of 2007, when the bank reported its first quarterly loss in over five years. As its losses 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 (GIC) and US$1.8 billion from an unnamed Middle Eastern investor. Those 2007 capital injections would initially be highly unpopular among UBS shareholders who clamored to have an opportunity to participate on the same terms. However, over time, these early investments in UBS proved to be unsuccessful for the investors involved, as the bank's remained below 2007 levels more than two years later.

Impact of the financial crisis (2008–2009). See also: and After a significant expansion of risk during 2006 and 2007 under the leadership of, the UBS Investment Bank CEO, the bank's losses continued to mount in 2008 when UBS announced in April 2008 that it was writing down a further US$19 billion of investments in and other mortgage assets (Jenkins had been asked to leave in October 2007). By this point, UBS's total losses in the mortgage market were in excess of US$37 billion, the largest such losses of any of its peers. In response to its losses, UBS announced a CHF 15 billion to raise the additional funds need to shore up its depleted reserves of capital. UBS cut its in order to protect its traditionally high ratio, seen by investors as a key to its credibility as the world's largest wealth management company., who had been the architect of the merger that created UBS in 1998, also announced that he would step down as a chairman of the bank to be replaced by, the bank's general counsel with virtually no banking experience.

25 Secrets To Wealth Creation Pdf

This ultimately proved very costly to UBS. In October 2008, UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with. The SNB (Swiss National Bank) and UBS made an agreement to transfer approximately US$60 billion of currently illiquid securities and various assets from UBS to a separate fund entity. In November 2008, UBS put US$6 billion of equity into the new 'bad bank' entity, keeping only an option to benefit if the value of its assets were to recover. Heralded as a 'neat' package by The New York Times, the UBS structure guaranteed clarity for UBS investors by making an outright sale. UBS announced in February 2009 that it had lost nearly CHF 20 billion (US$17.2 billion) in 2008, the biggest single-year loss of any company in Swiss history.

Since the beginning of the financial crisis in 2007, UBS has written down more than US$50 billion from subprime mortgage investments and cut more than 11,000 jobs. Stabilizing the ship (2009–present). Main article: In 2005, 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. He said that he was disturbed by an internal legal document that he believed was prepared to give UBS legal cover should bank-sanctioned illegal activities be uncovered. The bank could then shift the blame to its employees.

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. Such events gave its Switzerland-based bankers a chance to network with the rich in order to cement business deals, which was illegal under U.S. Banking laws. When he received no response after three months, he wrote to UBS General Counsel Peter Kurer about the illegal practices. Subsequently, Birkenfeld resigned from UBS in October 2005. In 2007, Birkenfeld, a U.S. Citizen, decided to tell the (DOJ) what he knew about UBS's practices.

At the same time, he planned to take advantage of the that could pay him up to 30% of any tax revenue recouped by the IRS as a result of Birkenfeld's information. In April 2007, Birkenfeld's attorney arranged for Birkenfeld to be cooperating with the DOJ, though the relationship between the department and the whistleblower were troubled. Birkenfeld also met with the, the IRS, and the. In June 2008, based on Birkenfeld's revelations, the U.S.

Made a formal request to enter Switzerland to probe a multimillion-dollar case involving UBS. That same month, the panel that Birkenfeld had communicated with accused Swiss banks, including UBS, of helping wealthy Americans evade taxes through, and estimated the total cost of this practice to be in excess of US$100 billion annually. According to the findings, U.S. Clients held about 19,000 accounts at UBS, with an estimated US$18 billion to US$20 billion in assets, in Switzerland. UBS Headquarters in Basel, Switzerland.

In response to the report and the FBI investigation, UBS announced that it would cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July 2008. In November 2008, a U.S. Federal grand jury indicted, Chairman and CEO of UBS Global Wealth Management and Business Banking and member of UBS's Group Executive Board, in connection with the ongoing investigation of UBS's US cross-border business.

UBS would eventually cut ties to Weil in May 2009 and he would face charges after UBS had settled its criminal case with the government. Issued an international arrest warrant for Weil, and he was extradited to the United States after being arrested in Italy in 2013. In January 2014, Weil pleaded not-guilty in federal court to helping U.S. Taxpayers evade taxes on $20 billion in offshore assets. On 18 February 2009, UBS agreed to pay a fine of US$780 million to the U.S. Government and entered into a (DPA) on charges of conspiring to defraud the United States by impeding the. The DPA obliged UBS to pay US$780 million to settle criminal charges, and criminal charges were dismissed.

The figures include interest, penalties, restitution for unpaid taxes and disgorgement of profits. As part of the deal, UBS also settled charges of having acted as an unregistered broker/dealer and investment adviser for Americans. The day after settling its criminal case on 19 February 2009, the U.S. Government filed a civil suit against UBS to reveal the names of all 52,000 American customers, alleging that the bank and these customers conspired to defraud the IRS and federal government of the legitimately owed tax revenue.

The (FINMA) had provided to the United States government the identities of, and account information for, certain United States customers of UBS's cross-border business as part of its criminal investigation in 2009. On 12 August 2009, UBS announced a settlement deal that ended its litigation with the IRS. However, this settlement set up a showdown between the U.S. And Swiss governments over the secrecy of. It was not until June 2010 that Swiss lawmakers approved a deal to reveal client data and account details of U.S. Clients who were suspected of tax evasion.

In February 2015, UBS announced to be investigated by the federal government over new charges stating that UBS facilitated tax evasion by its U.S. The focus of the investigation lies on the possible sale of, a type of unregistered security that provides anonymity to the owner. UBS announced that it was cooperating with the investigators. UBS employees allegedly discussed the legal ramifications of the use of bearer bonds with their clients, a type of security that has been virtually illegal in the U.S.

The government investigation is trying to determine whether there was a criminal conspiracy to evade taxes and conceal what had allegedly already been done. The investigation, which was launched in January 2015, also aims to determine whether bearer bonds were provided as investment vehicles to UBS clients before the expiration of its 2009 deferred prosecution agreement with the U.S. Department of Justice. The agreement lapsed in October 2010. Should UBS have violated the agreement, the federal government can make new allegations against UBS on charges stemming from the violation.

In such a case, prosecutors would likely ask for significant fines and for UBS to be put under regulatory oversight. Rogue trader scandal (2008–2012).

Main article: In December 2012, UBS agreed to pay US$1.5 billion to settle a case filed by the U.S. Alleging that UBS engaged in a criminal conspiracy to rig the (Libor) benchmarks used on loans via company's -based subsidiary. UBS has also been charged by British and Swiss financial regulators for its Libor manipulation scheme. In settling the case, the bank acknowledged wrongdoing.

UBS Chief Executive Sergio Ermotti said, 'We are taking responsibility for what happened,' and said that all the employees linked to the scam had already left the bank. Fine would contribute to the bank's loss of US$2.7 billion in the fourth quarter. UBS also paid a fine of £160 million (US$0.3 billion) to the, the largest fine issued by the U.K. Regulator for Libor rigging.

The UBS scheme involved multiple banks, brokers and traders to manipulate interest rates to generate a profit on trades. The scheme lasted for six years before it was broken up.

UBS entered into a deferred prosecution agreement with the U.S., following which it was not a subject of criminal charges, except for company's subsidiary, UBS Securities Japan, which was not exempt. The subsidiary pleaded guilty to wire fraud. The scheme's ringleader was former UBS trader Thomas Hayes, who was indicted by U.S.

Prosecutors along with a Swiss national, Roger Darin. Currency benchmark rigging (2003– ). Main article: Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to investigate the $5 trillion-a-day after reported in June 2013 that several of the world's largest currency trading banks had been client orders and rigging the foreign exchange benchmark WM/Reuters rates by with counterparts. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders. At the center of the investigation were the transcripts of electronic in which senior currency traders discussed with their competitors at other banks the types and volume of the trades they planned to place. The electronic chatrooms had names such as 'The Cartel,' 'The Bandits' Club,' 'One Team, One Dream' and 'The Mafia'. UBS set aside approximately US$2 billion in expected liability for alleged charges in currency rigging and French tax evasion cases.

For the currency rigging charges, UBS paid US$800 million to American, British, and Swiss regulators. Mortgage-backed securities (2004–2015) In July 2013, UBS settled a lawsuit filed against it and 17 other banks by Federal Housing Finance Agency (FHFA), the U.S.

Federal agency that oversees and, with a payout of US$885 million, but without UBS having to admit any wrongdoing. At the time of the settlement, the agency already settle with two other institutions, but UBS settlement was the first where the amount paid was released to public. On behalf of Fannie and Freddie, the FHFA had sued UBS and 17 other banks in July 2011 over sold to the two that buy mortgages in the secondary market and repackage them as securities to boost liquidity in the mortgage business. The lawsuit claimed that UBS misrepresented the quality of mortgages sold to the two housing agencies for US$4.5 billion. In February 2015, UBS along with and agreed to a $235 million settlement stemming from residential mortgage-backed securities (RMBS) issued by the defunct (ResCap) and underwritten by the three financial institutions. The ResCap RMBS were issued before the sub-prime mortgage crisis, and the lawsuit dates from 2008.

The lawsuit alleged that the prospectuses and registration statements issued by UBS, Citigroup and Goldman Sachs did not adequately disclose the risks of the RMBS and were, in fact, misleading to investors, who sustained heavy losses. The lawsuit alleged that the behavior of the three defendants violated securities laws. French tax evasion (2002– ). Main article: UBS Deutschland AG came under investigation by prosecutors in, Germany, after a tax probe revealed suspicious funds transfers from Germany to Switzerland allegedly facilitated by UBS Deutschland's Frankfurt office. Prosecutors have investigated UBS's abetting of tax evasion by German taxpayers from 2004 to 2012.

The investigation was expected to lessen the chances of a German-Swiss tax treaty. 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 misbehavior by UBS Deutschland AG.' In July 2014, the bank paid approximately US$400 million to settle similar charges in, Germany. Belgian tax evasion (2004– ). Main article: UBS is one of several major banks found guilty in a scheme to manipulate foreign currencies around the world.

On 20 May 2015, US authorities ruled that UBS was to pay $545 million in order to end an investigation into the manipulation of currency rates. UBS was the first among other fraudulent banks to report the misconduct and was thus able to escape prosecution by the US Department of Justice. $203 million in fines is due to UBS's forex activities breaching a previous deal made with the US over the rigging of the London interbank offered rate (Libor). This agreement was dependent on the bank adhering to US laws and staying out of trouble with the US authorities for two years. The deal was struck in 2012, and forex investigations started less than a year later, resulting in the non-prosecution status being scrapped.

On top of the $203 million fine, UBS has had to plead guilty to one count of wire fraud in the previous as part of the deal with the US Department of Justice to end investigations into its conduct in the current forex scandal. As of May 2015, UBS is in a three-year probation period with the justice department.

Puerto Rico bond funds UBS sold a lot of the Puerto Rico funds, which were mostly concentrated in the debt of the Caribbean island's government. The funds have declined as much as 75 percent from their initial prices from 2008. Losses began in mid-2013 and were linked to a general weakness in municipal bond markets and Puerto Rican debt. UBS is facing trials against hundreds of arbitration claims by investors filed with FINRA (Financial Industry Regulatory Authority) asking for a total of more than $900 million in damages. The bond funds had already landed UBS Puerto Rico in trouble before in 2012. Panama Papers (2016) Several banks (UBS, Barclays, HSBC, Deutsche Bank) and many high-profile names have been involved in a recently disclosed scandal concerning secret offshore financial dealings in the so-called scandal.

Corporate social responsibility In January 2010, UBS issued a new and which all employees were encouraged to sign. The code addressed issues such as, as well as and. The eight-page code also lays out potential sanctions against employees who violate it, including warnings,. According to, former Chairman of the Board, and, former Group CEO, the code is 'an integral part of changing the way UBS conducts business'.

In 2011, UBS expanded its global compliance database to include information on environmental and social issues provided by, a global research firm specialized in environmental, social and corporate governance risk analytics and metrics. 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. Data is used in the on-boarding process to screen potential new clients and sourcing partners, alongside periodic client reviews and, also, to evaluate the risks related to transactions in investment banking and institutional lending.

Recognition. Basel, kinetic sculpture in front of the UBS bank In 2006 for the fourth consecutive year UBS was named one of the 100 Best Companies for Working Mothers living in the U.S.

It is a member of the Diversity Champions scheme 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. On 4 May 2010, UBS Investment Bank was voted the leading pan-European for equity and equity linked research for a record tenth successive year.

A 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. On 31 October 2013, UBS Wealth Management was voted the Best Global Private Bank by, retaining the title in 2014 while also being recognized as the Best Private Bank for Philanthropy Services, and Best Global Brand in Private Banking. 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. On 9 September 2016, for the second consecutive year, UBS was named industry group leader in the Diversified Financials Industry Group of the (DJSI), published by S&P Dow Jones Indices and RobecoSAM. Sponsorship Sports UBS is particularly active in sponsoring various golf tournaments, in Switzerland, and a range of other events around the world. UBS was the sponsor of the sailing ship, winner of the in 2003.

UBS has been or currently is a of the following sporting events and organizations. Lake Thun Festival. (Kino am See). Ravinia Festival. Zurich Ballet. Recent developments and outlook Effective on 15 January 2015, the (SNB) discontinued the minimum targeted exchange rate for the versus the of 1.20 CHF/EUR, set forth in September 2011, and it also moved the target range for three-month to between negative 1.25% and negative 0.25% (previously negative 0.75% to positive 0.25%).

This resulted in a massive strengthening of the against the, and several other currencies, as well as a reduction in. A significant portion of UBS's foreign operations and (RWA) are denominated in foreign currencies. The UBS's Basel III capital ratio concerned benefited from the appreciation of the. At the same time, since the portion of UBS's operating income denominated in foreign currencies is greater than the portion of operating expenses so denominated, the UBS was also adversely affected, with further implications emanating from changes in interest rates as applied to equity and capital. See also., a 2016 Supreme Court case involving claims against UBS and Merrill Lynch, and others. Further reading. Schutz, Dirk.

The Fall of the UBS, 1st ed. Pyramid Media Group, 2000. How the World Really Works: Investment Banking, Guy Fox Publishing, 2009. References.

- JEWRY’S CREATION OF ‘WHITE GUILT’ - INTERVIEW WITH KEVIN MACDONALD PhD By Brother Nathanael Kapner, Copyright 2009 Articles May Be Reproduced Only With Authorship of Br Nathanael Kapner & Link To (SM) Please Help Support This Site! Or Send Your Contribution To: Brother Nathanael Kapner, PO Box 547, Priest River ID 83856 E-mail: bronathanael@yahoo.com DR KEVIN MACDONALD, AUTHOR, PSYCHOLOGIST AND HISTORIAN, is a Professor of Psychology at the California State University in Long Beach California. Kevin MacDonald is a co-founder and participating journalist of the and, both dedicated to the preservation of the Euro-American white race, of which, international Jewry is attempting to destroy.

As the, Kevin MacDonald outlines Jewry’s quest to destroy White Christian culture through intellectual movements, politics, and the mass media. His masterwork, can be ordered. (Read The Review,.) Kevin MacDonald also is the publisher of two of his own Websites: and the. Brother Nathanael Kapner: The Anti Defamation League (ADL) recently as “an anti-Semitic professor” who couches his views as “legitimate intellectual inquiry.” They that you argue that “Jews are a hostile elite in American society who undermine the country’s European heritage and traditions in an effort to destroy Europeans.” How do you respond to this?

Kevin MacDonald, PhD: My lode is as follows: I see conflicts of interest between ethnic groups as part of the natural world. The only difference between conflicts between Jews and non-Jews compared to garden variety ethnic conflict stems from the fact that for over a century, Jews have formed an elite in various European and European-derived societies with a peculiar profile: deeply ethnocentric; adept at ethnic networking; wealthy and intelligent; aggressive in pursuit of their interests; prone to media ownership and the production of culture; and hostile to the traditional peoples and cultures of the societies in which they form an elite.

Br Nathanael: The ADL contends that your research provides “intellectual legitimacy to anti-Semitism.” What is your response? Kevin MacDonald: Because Jews have wielded immense power as an elite that is vastly disproportionate to their numbers, anti-Jewish attitudes and behavior are to be expected when Jewish power conflicts with the interests of others. To be more specific, the various themes of modern anti-Semitism all boil down to the Jewish role as a hostile elite whose attitudes and behavior are both self-serving and detrimental to the interests of the indigenous peoples with whom they reside. This is evidenced by Jewry’s economic domination in many parts of Europe prior to World War II; cultural subversion via the Jewish role in the media and intellectual life (e.g. Removing Christian symbols from public places); facilitating the displacement of native populations via mass migration into Western societies; dual loyalty because of Jewish sympathies with foreign Jews, especially Israel since 1948; and the history of Jews as a hostile elite in the USSR during the period when it became the most murderous regime in European history. Since I believe that these propositions are intellectually defensible, and since these propositions, if believed by non-Jews, would cause them to attempt to lessen Jewish power and thereby further their own interests, it is indeed the case that my work could be said to provide intellectual legitimacy to anti-Jewish attitudes and behavior. But this isn’t really any different from claiming that Zionist theories provide intellectual legitimacy to the dispossession of the Palestinians - or that Freudian psychoanalysis provides intellectual legitimacy to anti-Western attitudes.

At the end of the day, what counts is whether indeed my writings are intellectually defensible. WHITE IDENTITY DENIED Br Nathanael: The Jewish front group, the Southern Poverty Law Center (SPLC), which is heavily, (including from George Soros’ Open Society), with the ADL in attacking you. Calling you America’s did they not try to get you fired from California State University in the spring of 2008?

Kevin MacDonald: The SPLC did, but there was no way the university could do that because I have tenure. They just made my life miserable and the other faculty against me through countless meetings and statements. The LA Jewish Journal jumped on the ’stir’ in their cover story, which highlighted the SPLC’s accusations against me. It has calmed down a bit, though there are still some faculty members who do everything they can to make life unpleasant for me.

Br Nathanael: It appears from your most, such as your essay exposing Jewry’s activities against white Americans, that you have moved from being a dispassionate observer to an overt critic of Jewish collective behavior. Why the change? Kevin MacDonald: As I noted, segments of the Jewish community have interests and behavior that conflict with my interests, of which, I am active in promoting. For example, I firmly believe that Jewish neo-conservatives whose primary allegiance is to Israel have had a decisive influence on recent American foreign policy. Currently, even though Obama has pressed Israel to put a freeze on settlement expansion, the Jewish lobby has won out as agents for the Israeli government’s expansion in the occupied areas. Thus, I am actively engaged in an attempt to alter the intellectual and political climate in this country so that these sorts of things do not continue. Being able to discuss the Jewish motivation as the main mover of our current foreign policy is, in my opinion, an important aspect of being able to change this policy to conform to what I think are in the interests of the great majority of Americans, including myself.

What I am doing is no different from the legions of Jewish academics who, as an aspect of their professional and personal identity, have vigorously pursued their ethnic interests by writing for mainstream publications, by promoting Zionist causes, and by attempting to change the intellectual and political climate of the U.S. In a way that furthers their perceived ethnic interests. Their presence at elite universities and their access to prestigious publication venues, is an important basis of their influence. I am simply expressing, and with as much vigour, my own interests and those of numerous others. AMERICAN JEWRY CREATES ‘WHITE GUILT’ Br Nathanael: In one of your essays from your book, Psychology And White Ethnocentrism, you alternate between the phrases, “implicit whiteness” and “white guilt.” Is there a connection between the two?

Kevin MacDonald: We must go back to what I mentioned earlier of how Jews in academia and in the media are prone to construction of culture. Herein lies the fundamental issues surrounding white ethnocentrism, and specifically, “implicit whiteness” and “white guilt.” In a broader context, it has been the Jewish intellectual movements of the 20th Century that have effected a significant decline in the cultural influence of white Americans.

These Jewish movements have infused into American life a culture of critique which assaults Western culture as being something deficient, something suspect, something replete with moral turpitude. A prime component of the Jewish movements’ attack on white identity has been the pathologization of Gentile allegiances. In the Jewish-created culture of critique which now exists in America, these Gentile allegiances are looked upon as “racist,” and for all practical purposes, that is, Jewish purposes, “taboo.” The leaders of these movements, such as Franz Boas in the field of anthropology and Sigmund Freud in the field of psychoanalysis, who identified themselves as Jews, have subjected white Christian culture to radical criticism while at the same time have Judaized that culture to the detriment, indeed, even to the fear, of white identification.

Br Nathanael: How then does “implicit whiteness” and “white guilt” come into play? Kevin MacDonald: Despite the current cultural programming, white people are coalescing into what I term “implicit white communities” in multicultural America — communities that reflect their ethnocentrism but that “cannot tell their name.” Why can’t they “tell their name?” They cannot explicitly state that their choice of neighborhoods derives from racial preference because that conflicts with the official racial ideology of the wider culture. Hence, the psychological response of “guilt,” specifically, “white guilt,” comes into play.

“Political correctness,” which now determines behavioral innocence or guilt, has been infixed into America’s collective consciousness by the powerful Jewish forces in the academic and media worlds. The discussion of issues related to white identity and interests has been shaped, controlled, and submerged by these two Jewish-dominated centers of power.

Br Nathanael: Do you have a solution to this dilemma facing white Americans? Kevin MacDonald: White Americans have a daunting challenge before them. White flight, as part of the fragmented future that lies in store for our nation with high levels of non-European immigration, is insufficient for dealing with Jewry’s assault on our racial identity and allegiances.

In attempting to find a way out of this morass, changing the explicit culture is critical. Only courage and working together as “whites” for our specific interests and goals, which will naturally conflict with Jewish interests and goals, can make this a reality. For More See: And: And: And: CLICK: Please Help Support This Site! Or Send Your Contribution To: Brother Nathanael Kapner; PO Box 547; Priest River ID 83856 E-mail: bronathanael@yahoo.com.