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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 ...
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.
The combined UBS logo incorporated UBS's name with SBC's "three keys" symbol. On December 8, 1997, Union Bank of Switzerland and SBC 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, both trailing Credit Suisse . [ 37 ]
PaineWebber & Co. was an American investment bank and stock brokerage firm that was acquired by the Swiss bank UBS in 2000. The company was founded in 1880 in Boston, Massachusetts, by William A. Paine and Wallace G. Webber.
But his strategy resulted in CHF 80 billion of losses to UBS [3] with the collapse of UBS's Dillon, Read & Co. investment bank during the 2007–2008 financial crisis. Ospel was forced to resign in April 2008, following pressure by the Swiss Financial Market Supervisory Authority, and UBS had to seek a government bailout in October 2008. [1]
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Leading the firm for nearly a decade, he was the longest serving head of UBS. [4] [5] In February 2020, UBS announced that Ralph Hamers, CEO of ING Group, would be succeeding Ermotti as Group CEO on 1 November 2020. Following the acquisition of Credit Suisse by UBS, Ermotti was appointed to lead the UBS Group again, replacing Hamers on 5 April ...
[10] [11] Moelis recruited more than 70 senior investment bankers to UBS within three months of his arrival. [12] In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited with the build-out of UBS's investment banking operation in the United States. By the end of 2006, UBS was ranked Top 4 ...