[204] In 2018, Switzerland, alongside major Swiss banks including UBS, was ranked first on the Financial Secrecy Index. In August of 2009 the U.S. Internal Revenue Service lodged a request to its Swiss counterpart for data from UBS, stemming from a settlement to a suit between the IRS and UBS. 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). [20] UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009. [129] As he had when joining UBS, Moelis took a large team of senior UBS investment bankers. [203] The bill was passed by the Swiss Federal Assembly in order to combat the seizure of client assets and information for reasons debated by historians. [74] 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. For other uses, see, Not to be confused with the courier company UPS, or, Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998, Paine Webber and international expansion: 2000–2006, Subprime mortgage crisis and recovery: 2007–2009, Shift to private banking and market reemergence: 2010–present, systemically important financial institution, Government of Singapore Investment Corporation, Systemically important financial institution, Swiss Financial Market Supervisory Authority. Upon application and with effect as of 14 January 2015, the shares of UBS AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. [134] 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." UBS manages the largest amount of private wealth in the world, counting approximately half of the world's billionaires among its clients. [126] In 2006, UBS bankers Blair Effron and Michael Martin announced their departures. [258] 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. [28] 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. Through the first nine months of 2013, its volumes are up 49 percent, with 6.96 million contracts traded, topping total volumes posted in all of 2012. Quietly, however, single stock futures have been growing nicely at OneChicago, the sole marketplace for the instrument. 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. UBS (původně Union des Banques Suisses) je jedna z největších švýcarských bank se sídlem v Curychu.Věnuje se hlavně správě majetku (největší na světě), investičnímu bankovnictví a poskytování finančních služeb. [201][214] 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. UBS Investment Bank provides expert advice, innovative solutions, outstanding execution and comprehensive access to the world's capital markets. ), 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. [107] The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$590 billion, the largest of its kind. [77] 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. [176] On 6 January 2014, it was reported that UBS had become the largest private banker in the world, with $1.7 trillion in assets. He was a member of the UBS Investment Bank Board, U.S. Equities Operating Committee and co-chaired the U.S. Equities Trading Committee. [201] Although banking secrecy started in the 1700s, Switzerland drafted a series of banking regulations and statutes the late 1800s and 1930s to protect and secure banks within its borders.