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The Zürich Gold Pool was founded in 1968 by the largest banks in Switzerland.The establishment was triggered by the temporary closing of the London bullion market which marked the collapse of the London Gold Pool, a system of maintaining the Bretton Woods System of fixed-rate convertible currencies and defending a gold price of US$35 per troy ounce by interventions in the London market.
Union Bank of Switzerland (UBS) [a] was a Swiss investment bank and financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998 to become UBS .
UBS Group AG [nb 1] is a multinational investment bank and financial services company founded and based in Switzerland.Headquartered simultaneously in Zürich and Basel, [9] it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world.
The kinebar, now produced by UBS AG, is a registered trade mark of UBS. [3] Argor-Heraeus gold Kinebars were introduced in 1994 in the following weights - 1 g, 2 g, 5 g, 10 g, 20 g, and 1 oz. The 50 g and 100 g gold Kinebars were subsequently released in 2012. [4]
UBS expects to shed around 3,000 jobs in Switzerland to help it cut $10 billion in costs as it undertakes a sweeping overhaul following its emergency rescue of Credit Suisse earlier this year.
The Dow Industrials bottomed out a ratio of 1:1 with gold during 1980 (the end of the 1970s bear market) and proceeded to post gains throughout the 1980s and 1990s. [51] The gold price peak of 1980 also coincided with the Soviet Union's invasion of Afghanistan and the threat of the global expansion of communism. The ratio peaked on January 14 ...
A year after the failure of Credit Suisse, the Swiss government says UBS may have to find as much as $27 billion to absorb potential losses. Now, the giant Swiss lender is hitting back, saying its ...
The former Swiss Bank Tower off of Fifth Avenue in New York City opened in 1990. [16] Swiss Bank began the 1990s as the weakest of the "Big Three" Swiss banks but by the end of 1997 would be the driving force behind the merger with Union Bank of Switzerland. SBC had been impacted by losses on its real estate investments and a series of minor ...