Bahnofstr 45, PO Box CH-8098
NY Office: 299 Park Ave.
New York, NY 10171
CEO: Marcel Rohner
UBS is one of the world's leading financial
firms. UBS is a leading global wealth manager, a top tier investment
banking and securities firm, one of the largest global asset
managers and the market leader in Swiss retail and commercial
The firm has offices in more than 50 countries.
UBS employs over 80,000 people, with 39% in the Americas, 35%
in Switzerland, 16% in the rest of Europe and 10% in Asia Pacific.
The three main business groups of UBS are:
Global Asset Management, Global Wealth Management & Business
Banking, and the Investment Bank.
In 2007, UBS reports a Group net loss attributable
to shareholders of CHF 4,384 million in full-year 2007, with
a loss of CHF 4,785 million from continuing operations and a
profit of CHF 401 million from discontinued operations. The company
suffered large losses due to exposure to sub-prime mortgage problems
in the U.S.
UBS announced in October it would cut 2,000
jobs in its investment banking division. Most of the workers
affected will be in the U.S. and U.K. The move brings staffing
levels at the Investment Bank to approximately 17,000 by year-end,
a reduction of around 6,000 since the peak in third quarter 2007.
UBS AG was formed in 1998 by the merger
between Union Bank of Switzerland (Zurich) and Swiss Bank Corporation
Swiss Bank Corporation (SBC; Schweizerischer
Bankverein, Société de Banque Suisse, Società
di Banca Svizzera) was founded in 1872 under the name Basler
Bankverein, and had its registered office in Basel. In 1897 the
bank changed its name to Schweizerischer Bankverein. SBC opened
its first branch abroad in London as early as 1898, an indication
of its early emphasis on foreign operations. The New York agency
was opened in 1939. Although the bank opened branches in other
regions of Switzerland at the start of the 20th century, its
major nationwide expansion followed only in the 1960?s.
In 1945 SBC took over the troubled Basler
Handelsbank, one of Switzerland's big banks, founded in 1862.
Within Switzerland, SBC traded as a so-called universal bank
with distinctively Swiss characteristics, with domestic corporate
and retail clients and asset management; whereas abroad, it concentrated
mainly on commercial banking for corporate clients. In the last
decade of the twentieth century, SBC strengthened its international
orientation again by taking over foreign finance firms (1995:
O'Connor & Associates, Chicago; Brinson Partners, Inc., Chicago;
S.G. Warburg plc, London).
In 1997, its last full trading year, SBC's
total assets amounted to CHF 438.9 billion. The Swiss network
had 288 branches and there were 77 offices outside Switzerland.
The bank employed a total of 27,565 staff.
Union Bank of Switzerland (UBS; Schweizerische
Bankgesellschaft, Union de Banques Suisses, Unione di Banche
Svizzere) was created in 1912 by the merger of two regional banks:
Toggenburger Bank, founded in 1863, and Bank in Winterthur (1862).
After World War One, UBS gained a foothold in several Swiss cantons
by taking over numerous banks and setting up its own branches,
also turning to foreign business. The years of crisis that followed
had far-reaching effects on UBS. In 1945 the bank moved its registered
office to Zurich and acquired Eidgenössische Bank (1862),
one of Switzerland's big banks, which was in difficulties at
the time. Only after the war did the first steps abroad occur,
with branches in London (1967) and New York (1975). Like Swiss
Bank Corporation, UBS was a typical representative of Swiss universal
banking: at home, corporate and retail clients and asset management;
mainly commercial banking for corporate clients abroad. In 1962,
UBS's assets totalled CHF 7.0 billion, and the bank led the field
among Swiss banks for the first time. Further important milestones
were the acquisition of Interhandel (1966) and of Phillips &
Drew (1896) in 1985, the latter a British brokerage rich in tradition.
In its last full year of trading in 1997,
UBS's assets stood at CHF 557.6 billion. The Swiss business unit
network ran to 357 branches with a further 82 branches abroad.
The UBS Group employed 27,611 staff.
On 3 November 2000, UBS AG merged with
PaineWebber Inc., a full-service securities firm located in New
York and founded in 1879.
For U.S. employees:
UBS Savings Incentive Plan (401K) - Employees may contribute from 1% to 50% of total
compensation (up to the annual IRS limit) on a before-tax basis.
UBS then matches 75% of the first 4% of your contributions (up
to the annual IRS limit). Savings can be invested in a range
of funds within the plan. Loans are available. Employees are
100% vested when they enter the plan.
- Health insurance is carried through Cigna (PPO), a "Choice
Plan." This is a managed care Preferred Provider Organization
(PPO) that gives employees the choice of receiving care from
in-network or out-of-network providers. Employees may also choose
several HMOs depending on location.
- UBS offers a dental plan, a PPO dental arrangement, which allows
you to receive dental services from any dentist you choose. If
you choose an in-network dentist, you may pay a lower cost for
the services you receive.
Health care and dependent care reimbursement
accounts - UBS offers employees
the opportunity to reduce their taxes on uncovered health care
and dependent care expenses if they contribute to one or both
of health care and dependent care reimbursement accounts. Both
accounts allow employees to set aside tax-free dollars.
Disability coverage - Employees are provided with income continuation
when illness or injury prohibits them from working for short-
or long-term periods.
- UBS provides employees with life insurance at no cost equal
to their base salary. Employees may purchase additional life
Dependent life insurance - Employees may purchase dependent life insurance
coverage for their spouse and each covered child.
Group legal plan
- The plan offers two coverage options, Basic or Comprehensive,
and provides simple and affordable access to a network of attorneys
who can assist employees with a variety of legal matters.
Bank of days
- Our bank of days program covers time off with pay for vacation,
personal reasons and sickness. It is designed to provide employees
with a generous amount of paid time off.
- UBS Global Asset Management observes holidays when both the
U.S. stock and bond markets are closed.