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The accounts do not generate as much revenue as traditional private banking, but given the number of customers, can provide sizeable revenue to the bank. In 2016, Credit Suisse and UBS replaced the phrase "private banking" with "wealth management"; private banking has faced reputational risk as an area for tax avoidance or even tax evasion. [9]
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 following is a list of the world's largest publicly traded financial services companies, ordered by annual sales for the latest Fiscal Year that ended March 31, 2018 or prior (all public companies with sales of $20 billion or more are included, while privately held companies are not included).
The term private bank refers to a bank that offers private banking services and in its legal form is a partnership. [95] The first private banks were created in St. Gallen in the mid-18th century and in Geneva in the late 18th century as partnerships, and some are still in the hands of the original families such as Hottinger and Mirabaud. [95]
UBS Switzerland: $2,403 Million billion 2 Bank of America Merrill Lynch United States: $1,080 Million billion 3 Morgan Stanley United States: $1,045 Million billion 4 Credit Suisse Switzerland: $792 billion 5 J.P.Morgan Private Bank United States: $526 Million billion 6 Citi Private Bank United States: $460 Million billion 7 BNP Paribas France
In addition to these bank acquisitions, UBS also acquired an 80% stake in Argor SA, a Swiss precious metal refinery founded in 1951, through whom they started to issue UBS branded gold bars. In 1973, the bank increased the stake to full 100% ownership only to withdraw by 1999 with ownership of the refinery changing to Hereaus & Management.
Union Bancaire Privée (UBP SA) is a private bank and wealth management firm headquartered in Geneva. UBP is one of the largest private banks in Switzerland, and serves private and institutional clients. The bank was founded in 1969 by Edgar de Picciotto.
After the acquisition, O'Connor & Associates continued to operate as a subsidiary of Swiss Bank Corporation. In 1998, Swiss Bank Corporation merged with Union Bank of Switzerland to form UBS. [3] As part of the merger, O'Connor & Associates was integrated into UBS's investment banking division. The firm continued to operate as UBS O'Connor. [4]
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