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UBS

Multinational investment bank

This article is about the investment bank and financial services company. For other uses, see UBS (disambiguation).

Not to be confused with the courier company UPS, or United Parcel Service.

UBS Group AG[nb 1] is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy.[nb 2] Because of the bank's large positions in the Americas, EMEA, and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.

UBS was founded in 1862 as the Bank in Winterthur alongside the advent of the Swiss banking industry. During the 1890s, the Swiss Bank Corporation (SBC) was founded, forming a private banking syndicate that expanded, aided by Switzerland's international neutrality. In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Following decades of market competition between Union Bank of Switzerland and the Swiss Bank Corporation (SBC), the two merged in 1998 to create a single company known solely as "UBS".[nb 3] UBS does not stand for Union Bank of Switzerland. In fact, that was one of the more than 370 financial firms that have, since 1862, become part of today's UBS. After UBS managed heavy losses during the 2008 financial crisis with an asset relief recovery program, it was hit by the 2011 rogue trader scandal resulting in a US$2 billion trading loss. In 2012, the bank reoriented itself around wealth management advisory services and limited its sell side operations.

Apart from private banking, UBS provides wealth management, asset management, and investment banking services for private, corporate, and institutional clients with international service. UBS manages the largest amount of private wealth in the world, counting approximately half of the world's billionaires among its clients. Despite its trimming of sell side operations, UBS maintains a global investment bank and is considered a primary market maker. The bank also maintains numerous underground bank vaults, bunkers, and storage facilities for gold bars around the Swiss Alps and internationally. Partly due to its banking secrecy, it has been at the centre of numerous tax avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian authorities. UBS operations in Switzerland and the United States were respectively ranked first and second on the 2018 Financial Secrecy Index.

As of 2021, UBS is the 3rd largest bank in Europe with a market capitalization of $61 billion.[15] It is considered a systematically important bank by the Financial Stability Board. It has over CHF3.2 trillion in assets under management (AUM), approximately CHF 2.8 trillion of which are invested assets.[16] In June 2017, its return on invested capital was 11.1%, followed by Goldman Sachs' 9.35%, and JPMorgan Chase's 9.456%.[17] In late 2016, UBS established a blockchain technology research lab in London to advance its cyber security and encryption of client activities. Based on regional deal flow and political influence, UBS is considered one of the "biggest, most powerful financial institutions in the world".[18][19] The company's capital strength, security protocols, and reputation for discretion has yielded a substantial market share in banking and high level of brand loyalty. Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing.

Corporate structure[edit]

Capital ownership of UBS by country of origin as of 2014.[20]

  Switzerland (19.5%)

  United States (10.6%)

  United Kingdom (16.8%)

  Asia-Pacific-Singapore (9.7%)

  Others (42.7%)

  Germany (0.7%)

UBS is a joint-stock company (Aktiengesellschaft) pursuant to Swiss laws. Its shares are listed at the SIX Swiss Exchange and the New York Stock Exchange (NYSE). As of December 2020, UBS is present in all major financial centres worldwide, having offices in 50 countries, with about 30% of its approx. 73,000 employees working in the Americas, 30% in Switzerland, 19% in Europe (excluding Switzerland), the Middle East and Africa and 21% in the Asia Pacific region.[21] The bank has its major presence in the United States. Its American headquarters for investment banking are located in New York City, for private wealth management advisory in Weehawken, New Jersey. They have sales & trading and private wealth management offices in Stamford, Connecticut.

The company's global business groups are global wealth management, investment bank, asset management and personal & corporate banking.[21] UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009.[22] Overall invested assets are $3.101 billion, shareholders' equity is $52.928 billion and market capitalization is $45.907 billion by the end of 2018.[21] In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company at the NYSE and SIX Swiss Exchange. 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.[23] As of September 2019, the largest institutional shareholders are:[24]

As of 30 June 2018, the geographical distribution of the shareholders presents itself as follows:[25]

Shareholders % Shares %
Americas 5,675 2.5 434,200,367 11.3
Asia Pacific 5,530 2.4 101,914,133 2.6
Europe, Middle East and Africa 13,065 5.7 823,401,277 21.4
Switzerland 206,060 89.5 823,785,072 21.4
Total registered shares 2,183,300,849 56.6
Total unregistered shares 1,671,288,703 43.34
Total 230,330 100.0 3,854,589,522 100.0

UBS's corporate structure includes four divisions in total as of June 2018:[26][27]

  • Global Wealth Management
  • Personal & Corporate Bank
  • Asset Management
  • Investment Bank

Starting on 9 June 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under the UBS moniker following company's start of operations as a unified global entity.[28]

Global Wealth Management[edit]

UBS's global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment products and services.[29] As of the end of 2016, UBS Wealth Management's invested assets totalled CHF 977billion.[30] The whole companies assets under management (AUM) amounted to US$1,737.5 billion in 2015, representing a 1% decrease in AUM compared to the equivalent data of 2014.[31] As of 2018, UBS manages the largest amount of private wealth in the world, counting approximately half of the world's billionaires among its clients.[nb 4] More than 60% of total invested assets in UBS Wealth Management belong to individuals with a net worth of CHF 10 million or more. Of the remaining 40% of total invested assets, 30% of the total belong to individuals with net worth between CHF 1 million and CHF 10 million and the last 10% of total assets belong to individuals with a net worth of less than CHF 1 million.[29] UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services.[34][35] Additionally, UBS provides a broad range of securities and savings products that are supported by the firm's underwriting and research activities as well as clients' orders management and execution and also clearing services for transactions originated by individual investors. The business is further divided geographically with separate businesses focused on the U.S. and other international markets.[22][36] Two thirds of the total invested assets come from Europe and Switzerland, with the final third coming mainly from the Asia-Pacific region.

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).[29] As of the end of 2018, around 23,600 people worldwide were employed by Global Wealth Management.[21][30] In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes chequing, savings, credit cards, and mortgage products for individuals.[37] They offer cash management and commercial banking services for small businesses and corporate clients as well.[37]

UBS global wealth management advisory operations in the Americas consists of U.S. and Canadian wealth management businesses, as well as international business booked in the U.S.[38] UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business. The business was initially renamed UBS Paine Webber in March 2001 after it was acquired by UBS. The division offers a fully integrated set of wealth management advisory solutions for ultra-high net worth and high net worth clients.[39] UBS was named "Best Bank for Wealth Management in North America" at the Euromoney Awards heritage south community credit union lewisburg tennessee Excellence 2017.[40]

UBS's main competitors in this division are Bank of America, Credit Suisse, Morgan Stanley, JP Morgan Chase, Wells Fargo and Charles Schwab.[41]

Personal & Corporate Banking[edit]

UBS's Personal & Corporate Banking division delivers financial products and services to retail,[42] corporate and institutional clients[43] in Switzerland.[29] It also provides stable and substantial profits for the Group and revenue opportunities for businesses within the bank.[29] 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.[29] In 2015, 2017 and 2018, the international financial magazine Euromoney named UBS "Best Domestic Cash Manager Switzerland".[44] As of 31 December 2018, its lending portfolio reached US$131 billion.[45][21]

The products that this UBS division offers range from cash accounts, payments, savings and retirement solutions to investment fund products, residential mortgages and advisory services.[29] This business division constitutes a central building block of UBS's universal bank delivery model in Switzerland and it supports other divisions, such as Investment Bank, by referring clients to them and by assisting them to build their wealth to a level at which they can be transferred to UBS Wealth Management.[29] The retail and corporate distribution network comprises not only 279 branches in Switzerland, but 1,250 teller machines and self-service terminals, as well as digital banking services, serving 2.5 million personal banking clients.[29][21]

UBS's main competitor in this division is Credit Suisse.

UBS Asset Management[edit]

UBS Asset Management offers equity, fixed income, currency, hedge fund, global real estate, infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies.[46] The 1998 UBS-SBC merger and subsequent restructuring resulted deutsche bank chicago careers the combination of three major asset management operations: UBS Asset Management, Phillips & Drew (owned by Union Bank of Switzerland), and Brinson Deutsche bank chicago careers (owned by SBC). The investment teams were merged in 2000 and in 2002 the brands were consolidated to become UBS Global Asset Management.[47]

At the end of December 2018, UBS Asset Management was responsible for US$781 billion of invested assets and the assets under administration were US$413 billion. [45][21] With around 2,300 employees in 23 countries, UBS Asset Management is the largest mutual fund manager in Switzerland, a leading fund house in Europe, and one of the largest hedge funds and real estate investment managers in the world.[48][49] It has main offices in Chicago, Hong Kong,[50]London,[51]New York, Singapore,[52]Sydney,[53]Tokyo, and Zürich.[54][21] With the aim to generate systematic products and solutions for client, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business within a new area named Investments. UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses.[29]

In February 2017, UBS Group AG and the Northern Trust Corporation, an American international financial services company, announced an agreement for the acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland. 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. At the end of the transaction, completed in October 2017,[55] the American company will administrate a total of CHF 420 billion in assets. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients. Ulrich Körner, president of the UBS Asset Management, affirms that the continuous transformation of their platform is due to a major efficiency, effectiveness and geographical dislocation of the services offered by the bank.[56]

UBS's main competitors in this division are BlackRock, Vanguard Group, State Street Global Advisers (SSGA), Fidelity Investments and Allianz Asset Management (AAM).[57]

UBS Investment Bank[edit]

UBS Investment Bank provides services covering securities, other financial products, and research in equities, rates, credit, foreign exchange, precious metals and derivatives.[59] As of the end of December 2018, the personnel employed at UBS Investment Bank totalled 5,205, present in 33 countries (with principal offices in Chicago, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Tokyo and Zurich).[45][21] This business division also advises and provides access to capital markets for corporate and institutional clients, governments, financial intermediaries, alternative asset managers, and private investors.[37] UBS Investment Bank was formerly known as UBS Warburg and as Warburg Dillon Read, before the merger of the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). Within the UBS Investment Bank division, the Investment Banking Department (IBD) provides a range of advisory and underwriting services including mergers and acquisitions, restructuring, equity offerings, investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement of equity, debt, and derivatives.

The Sales & Trading division comprises equities (brokering, dealing, market making and engaging in proprietary trading in equities, equity-related products, equity derivatives, and structured products) and FX, Rates and Credit (FRC) (brokering, dealing, market making and engaging in proprietary trading in interest rate products, credit products, mortgage-backed securities, leveraged loans, investment grade and high-yield debt, currencies, structured products, and derivative products). Following an expansion in 2002, the trading floor covers 9,600-square-metre (103,000 sq ft) with 12-metre (40 ft) arched ceilings. Over US$1 trillion in assets are traded here every trading day. In June 2011, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking for office spaces in Midtown and in the rebuilt World Trade Center.[60][61]

UBS's main competitors in this division are fellow members of the Bulge Bracket,[62] particularly Goldman Sachs, JPMorgan Chase, and Merrill Lynch.[63][64] The Deutsche bank chicago careers division also offers its own credit card not sponsored by another bank unlike many of its competitors.[65]

Competition[edit]

On a global scale, UBS competes with the largest global investment banks,[66][67] particularly within the Bulge Bracket,[66][64] and is regularly compared against its fellow Swiss banking giant, Credit Suisse.[68][69] According to a 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks.[70]

  • In Switzerland: UBS competes with a number of cantonal banks, such as Zürcher Kantonalbank, Banque Cantonale Vaudoise and other cantonal banks, as frost bank locations corpus christi as Raiffeisen, PostFinance, and the Migros Bank.
  • In Europe: UBS competes with several larger banks, such as Deutsche Bank, HSBC, Crédit agricole, BNP Paribas, Natixis, Royal Bank of Scotland, Santander and UniCredit.
  • In the United States: UBS competes with the largest American banks, such as Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley.

History[edit]

The official founding date of the bank is April 1862, the year when its nucleus Bank in Winterthur was founded.[71] Although the merged company's new name was originally supposed to be the "United Bank of Switzerland," the officials opted to call it simply UBS because of a name clash with the separate Swiss company United Bank Switzerland – a part of the United Bank Limited's Swiss subsidiary. Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion.[37]

Swiss Bank Corporation[edit]

Main article: Swiss Bank Corporation

Swiss Bank Corporationlogo (ca. 1973), featuring the three keys meant to symbolize confidence, security, and discretion

UBS, through Swiss Bank Corporation, traces its history to 1854 when six private banking firms in Basel, Switzerland pooled their resources to form the Bankverein, a consortium that acted as an underwriting syndicate for its member banks.[72] In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein, a joint-stock company replacing the original Bankverein consortium.[72] After the new bank started with an initial commitment of CHF 30 million and CHF 6 million of share capital, it soon experienced growing pains when heavy losses in Germany caused it to suspend its dividend until 1879.[72] Following the years 1885 and 1886, when the bank merged with the Zürcher Bankverein and acquired the Basler Depositenbank and the Schweizerische Unionbank, it changed its name to Schweizerischer Bankverein.[72] The English name of the bank was originally Swiss Bankverein, but was changed to Swiss Bank Corporation (SBC) in 1917.[73]

SBC subsequently experienced a period of growth, which was only interrupted by the onset of World War I, in which the bank lost investments in a number of large industrial companies. By deutsche bank chicago careers end of 1918, the bank had recovered deutsche bank chicago careers surpassed CHF 1 billion in total assets and grew to 2,000 employees by 1920. The impact of the stock market crash of 1929 and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in 1936. The bank saw its assets fall from a 1929 peak of CHF 1.6 billion to its 1918 levels of CHF 1 billion by 1936.[73][72]

In 1937, SBC adopted its three-keys logo, designed by Warja Honegger-Lavater, symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS.[72] On the eve of World War II in 1939, SBC, like other Swiss banks, was the recipient of large influxes of foreign funds for safekeeping. Just prior to the outbreak of the war, SBC made the timely decision to open an office in New York City.[75] 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 deutsche bank chicago careers case of an invasion.[76] During the war, the banks' traditional business fell off and the Swiss government became their largest client.[73]

In 1945, SBC acquired the Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland, but became insolvent by the end of the war. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. SBC, which had entered the 1950s with 31 branch offices in Switzerland and three abroad, more than doubled its assets from the end of the war to CHF 4 billion by the end of the 1950s and doubled assets again in the mid-1960s, exceeding CHF 10 billion by 1965.[72] In 1961, SBC acquired Banque Populaire Valaisanne, based in Sion, Switzerland and the Banque Populaire de Sierre.[47] The bank opened a full branch office in Tokyo in 1970.[72]

In 1992, SBC acquired O'Connor & Associates, a Chicago-based options trading firm and the largest market maker in the financial options exchanges in the U.S.[77] O'Connor was combined with SBC's money market, capital market, and currency market activities to form a globally integrated capital markets and treasury operation.[77] In 1994, SBC acquired Brinson Partners, an asset management firm focused on providing access for U.S. institutions to global markets, for US$750 million.[78] 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.[79] The acquisition of S.G. Warburg & Co., a leading British investment banking firm, in 1995 for the price of US$1.4 billion signified a major push into investment banking. S.G. Warburg & Co. had established a reputation as a daring merchant bank that grew to be one of the most respected investment banks in London.[80] However, a Warburg expansion into the U.S. had turned out flawed and costly, and talks in 1994 with Morgan Stanley about a merger had collapsed.[81] SBC merged the firm with its own existing investment banking unit to create SBC Warburg.[78][82]

Two years later, in 1997, SBC paid US$600 million to acquire Dillon, Read & Co., a U.S. bulge bracket investment bank.[83][84] Dillon, Read & Co., which traced its roots to the 1830s, was among the powerhouse firms on Wall Street in the 1920s and 1930s, and by the 1990s had a particularly strong mergers and acquisitions advisory group. Dillon Read had been in negotiations to sell itself to ING, which owned 25% of the firm already, but Dillon Read partners balked at ING's integration plans.[83] After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read. Following SBC's later merger with Union Bank of Switzerland, the SBC part was dropped from the name; in 2000 when the new UBS got restructured the Dillon Read name was dropped, although it was brought back in 2005 as Dillon Read Capital Management, UBS's ill-fated hedge fund operations.[72]

Union Bank of Switzerland[edit]

Main article: Union Bank of Switzerland

1966 Union Bank of Switzerlandlogo, featuring the two acronyms of its English and French names (UBS) and its German counterpart (SBG)

The Union Bank of Switzerland emerged in 1912 when the Bank in Winterthur fused with the Toggenburger Bank. The Bank in Winterthur, founded in 1862 with an initial share capital of CHF 5 million, focused on providing financing for industry and other companies,[73][72] and had profited considerably from its close railroad connections and large warehousing facilities during the American Civil War when cotton prices rose dramatically.[85] The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million,[72] and specialized as a savings and mortgage bank for individual customers, maintaining a branch office network in eastern Switzerland.[86][72] The new company was initially traded under the English name Swiss Banking Association, but in 1921 it was changed to Union Bank of Switzerland (UBS) to mirror its French name, Union de Banques Suisses. In German, the bank was known as the Schweizerische Bankgesellschaft (SBG).[87]

The combined bank had total assets of CHF 202 million and a total shareholders' equity of CHF 46 million.[72] In 1917, UBS completed the construction of a new headquarters in Zurich on Bahnhofstrasse, considered to be the Wall Street of Switzerland.[73] By 1923, offices were established throughout Switzerland.[86] Although the bank suffered in the aftermath of World War I and the Great Depression, it was deutsche bank chicago careers to make several smaller acquisitions; in 1937 it established Intrag AG, an asset management business responsible for investment trusts, (i.e. mutual funds).[72][86]

UBS held large amounts of stolen goldin their bank vaults during World War II. Pictured: A UBS-issued gold bar, melted down from "unclaimed assets" deposited in the bank.

The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after the war, when it was demonstrated that UBS likely took active roles in trading stolen gold, securities, and other assets during World War II.[88][89] The issue of "unclaimed property" of Holocaust victims became a major issue for UBS in the mid-1990s, and a series of revelations in 1997 brought the issue to the forefront of national attention in 1996 and 1997.[90] UBS confirmed that a large number of accounts had gone unclaimed as a result of the bank's policy of requiring death certificates from family members to claim the contents of the account.[91][92] UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S.[93][94] UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.[95]

In 1917, the Union Bank of Switzerland opened a new headquarters on Bahnhofstrasse(pictured above) in Zürich.

Shortly after the end of World War II, Union Bank of Switzerland completed the acquisition of the Eidgenössische Bank, a large Zürich-based bank that became insolvent. As a result of the merger, Union Bank of Switzerland exceeded CHF 1 billion in assets and moved its operations to Zürich. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in 1950 to 81 offices by the early 1960s.[72] In 1960, Union Bank of Switzerland acquired an 80% stake in Argor SA, a Swiss precious metals refinery founded in 1951 in the canton of Ticino.[47] UBS continues to issue gold bars via Argor-Heraeus which is famous for the unique kinebar holographic technology it uses to provide enhanced protection against bank gold bar counterfeiting.[96] By 1962, Union Bank of Switzerland reached CHF 6.96 billion of assets, narrowly edging ahead of Swiss Bank Corporation to become the largest bank in Switzerland.[97] The rapid growth was punctuated by the 1967 acquisition of Interhandel, which made UBS one of the strongest banks in Europe.[86]

By the 1980s, Union Bank of Switzerland established a position as a leading European underwriter of Eurobonds.[73] Following two major acquisitions in 1986 (Phillips & Drew and Deutsche Länderbank), UBS made its first purchase in the United States in 1991 with Chase Investors Management Corporation, the asset management business of Chase Manhattan Bank.[47] At the time of the acquisition, the business managed in excess of US$30 billion in assets.[98] The bank's investments had been in the conservative asset management and life insurance businesses; further, 60% of the bank's profits came from its even more conservative Swiss banking operations.[99][100] In 1993, Credit Suisse outbid Union Bank of Switzerland for Switzerland's Swiss Volksbank, the fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s.[97] The acquisition propelled Credit Suisse ahead of Union Bank of Switzerland as the largest bank in Switzerland for the first time. Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1994 including the Cantonal Bank of Appenzell-Ausserrhoden in 1996,[72] and in 1997 Schröder, Münchmeyer, Hengst & Co. from Lloyds Bank was acquired to improve access to the German investment banking and private wealth management markets.[101]

Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998[edit]

After the two banks merged, they became known solely as "UBS" while retaining the Swiss Bank Corporation's "three keys" icon.

During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity.[102] Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force a major restructuring of the bank's operations.[103] Looking to take advantage of the situation, Credit Suisse approached Union Bank of Switzerland about a merger that would have created the second largest bank in the world in 1996.[104] Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger.[105] Ebner, who supported the idea of a merger, led a shareholder revolt that resulted in the replacement of Union Bank of Switzerland's chairman, Robert Studer with Mathis Cabiallavetta, one of the key architects of the merger with Swiss Bank Corporation.[73][106]

On 8 December 1997, Union Bank of Switzerland and Swiss Bank Corporation 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.[107] Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.[108] 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.[109] During the merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following the acquisition of American brokerage firm, Paine Webber.[110]

Colloquially referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the Bank of Tokyo-Mitsubishi.[109] Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$910 billion in assets under management.[109] Union Bank of Switzerland's Mathis Cabiallavetta became chairman of the new bank while Swiss Bank's Marcel Ospel was named chief executive officer.[109] Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals.[73] Prior to the merger, Swiss Bank Corporation was considered to be further along than Union Bank of Switzerland in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read was considered to be the more established platform.[111][112] Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities.[109] After the merger was completed, it was speculated that a series of losses suffered by UBS on its equity derivative positions in late 1997 was a contributing factor in pushing UBS management to consummate the merger.[113][114]

Paine Webber and international expansion: 2000–2006[edit]

UBS PaineWebber logo in use from 2001 until 2003 when the use of the Paine Webberbrand was dropped

On 3 November 2000, UBS merged with Paine Webber, an American stock brokerage and asset management firm led by chairman and CEO Donald Marron.[115][116] At the time of its merger with UBS, Paine Webber had emerged as the fourth largest private client firm in the United States with 385 offices employing 8,554 brokers. The acquisition pushed UBS to the top wealth and asset management firm in the world. Initially, the business was given the divisional name UBS PaineWebber but in 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA.[117] UBS took a CHF 1 billion write-down for the loss of goodwill associated with the retirement of the Paine Webber brand when it integrated its brands under the unified UBS name in 2003.[47]

UBS Warburg was the brand used for the Investment Banking division of UBS from 1999 to 2003.

John P. Costas, a former bond trader and co-head of Fixed income at Credit Suisse First Boston and head of Fixed Income Trading at Union Bank of Switzerland in 1998, was appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2001.[118][119] In an attempt to break into the elite bulge bracket of investment banks, in which UBS then had little success while rival Credit Suisse was establishing itself as a major player on Wall Street with the acquisition of Donaldson, Lufkin & Jenrette in 2000, Costas shifted the growth strategy from acquiring entire firms to hiring individual deutsche bank chicago careers bankers or teams of bankers from rival firms.[120][121] Costas had followed a similar approach in building out the UBS fixed income business, hiring over 500 sales and trading personnel and increasing revenues from US$300 million in 1998 to over US$3 billion by 2001.

UBS Financial Services (left) in Frankfurt, 2012

The arrival of former Drexel Burnham Lambert investment banker Ken Moelis marked a major coup for Costas. Moelis joined UBS from Donaldson Lufkin & Jenrette in 2001 shortly after its acquisition by Credit Suisse First Boston (although Huw Jenkins claimed he had hired Moelis to the UK Parliamentary Banking commission while under oath, which is patently false). In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited, along with Costas, with the build-out of UBS's investment banking operation in the United States.[122] Within weeks of joining, Moelis brought over a team of 70 bankers from Donaldson, Lufkin & Jenrette.[122] Costas and Moelis hired more than 30 senior U.S. bankers from 2001 through 2004.[118] It was estimated that UBS spent as much as US$600 million to US$700 million hiring top bankers in the U.S. deutsche bank chicago careers this three-year period.[123] Among the bank's other major recruits during this period were Olivier Sarkozy, Ben Lorello, Blair Effron, and Jeff McDermott.[124][125] By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning US$2.1 billion of the US$39 billion paid to investment banks that year, increasing 33%.[118] Over the next four years, UBS consistently ranked in the top 4 in the global fee pool and established a track record of 20 consecutive quarters of rising profits.[126] In 2006, UBS set up a joint venture in China (see UBS Securities, China branch). However, by the end of 2006, UBS began to experience changing fortunes. In late 2005, Costas headed a new hedge fund unit within UBS known as Dillon Read Capital Management. His former position was taken over by Huw Jenkins, a long-time legacy UBS investment banker.[127] In 2006, UBS bankers Blair Effron and Michael Martin announced their departures.[128][129] In March 2007, Moelis announced that he was leaving the company, and shortly thereafter founded a new business, Moelis & Company.[130] As he had when joining UBS, Moelis took a large team of senior UBS investment bankers.[131][132] Moelis's departure was caused primarily by repeated conflict over the availability of capital from the bank's balance sheet to pursue large transactions, particularly leveraged buyouts.[133] The bank's apparent conservatism would be turned on its head when large losses were reported in various mortgage securities rather than corporate loans that generated investment banking fees. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early 2007 and, as the financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early 2008 and Ben Lorello in 2009.[124][129]

UBS was fined $100 million by the FED in 2004 for trading in dollars with Iran and other sanctioned countries.[134]

Subprime mortgage crisis and recovery: 2007–2009[edit]

At the beginning of 2007, UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop.[135] In May 2007, UBS announced the closure of its Dillon Read Capital Management (DRCM) division.[136] 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." The UBS investment bank continued to expand subprime risk in the second quarter of 2007 while most market participants were reducing risk,[137] resulting in not only expanding DRCM losses but creating the 84% of the other losses experienced by the bank.[138]

In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank, Peter Wuffli unexpectedly stepped down as CEO of the firm during the second quarter of 2007.[139][140] Wuffli would be joined by many of his fellow managers in the next year, most notably the bank's chairman Marcel Ospel. However, the bank's problems continued through the end of 2007,[141] when the bank reported its first quarterly loss in over five years.[142] As its losses jeopardized the bank's capital position, UBS quickly raised US$11.5 billion of capital in December 2007, US$9.7 billion of which came from the Government of Singapore Investment Corporation (GIC)[143] and US$1.8 billion from an unnamed Middle Eastern investor.[144]

Protestors outside of UBS's Zürichheadquarters, 2009

After a significant expansion of fixed income risk during 2006 and 2007 under the leadership of Huw Jenkins, the UBS Investment Bank CEO,[145] the bank's losses continued to mount in 2008 when UBS announced in April 2008 that it was writing down a further US$19 billion of investments in subprime and other mortgage assets.[146]

By this point, UBS's total losses in the mortgage market were in excess of US$37 billion, the largest such losses of any of its peers.[147] In response to its losses, UBS announced a CHF 15 billion rights offering to raise the additional funds need to shore up its depleted reserves of capital. UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company.[148][149] In October 2008, UBS announced that it had placed CHF 6 billion of new capital, through mandatory convertible notes, with Swiss Confederation.[150] The Swiss National Bank and UBS made an agreement to transfer approximately US$60 billion of currently illiquid securities and various assets from UBS to a separate fund entity.[151][152] In November 2008, UBS put US$6 billion of equity into the new "bad bank" entity, keeping only an option to benefit if the value of its assets were to recover. Heralded as a "neat" package by The New York Times, the UBS structure guaranteed clarity for UBS investors by making an outright sale.[153] UBS announced in February 2009 that it had lost nearly CHF 20 billion (US$17.2 billion) in 2008, the biggest single-year loss of any company in Swiss history.[154] Since the beginning of the financial crisis in 2007, UBS has written down more than US$50 billion from subprime mortgage investments and cut more than 11,000 jobs.[155][156] By the spring of 2009, UBS announced another management restructuring and initiated a plan to return to profitability. Jerker Johansson, the head of the investment bank division, resigned in April 2009 and was replaced by Alex Wilmot-Sitwell and Carsten Kengeter.[157] At the same time, UBS announced the planned cut of 8,700 jobs[158] and had implemented a new compensation plan. Under the plan, no more than one-third of any cash bonus would be paid out in the year it is earned with the rest to be held in reserve and stock-based incentives that would vest after three years. In April 2009, UBS announced that it agreed to sell its Brazilian financial services business, UBS Pactual, for approximately US$2.5 billion to BTG Investments.[159]

The Swiss government sold its CHF 6 billion stake in UBS in late 2008 at a large profit; Switzerland had purchased convertible notes in 2008 to help UBS clear its balance sheets of toxic assets.[160] Taking advantage of improved conditions in the stock market in mid-2009, UBS placed US$3.5 billion of shares with a small number of large institutional investors.[161]Oswald Grübel announced, "We are building a new UBS, one that performs to the highest standards and behaves with integrity and honesty; one that distinguishes itself not only through the clarity and reliability of the advice and services it provides but in how it manages and executes."[162] Grübel reiterated plans to maintain an integrated business model of providing wealth management advisory, investment banking, and asset management services.[163]

Shift to private banking and market reemergence: 2010–present[edit]

In August 2010, UBS launched a new advertising campaign featuring the slogan: "We will not rest" and signed a global sponsorship agreement with Formula 1.[164][165] On 26 October 2010, UBS announced that its private bank recorded net new funds of CHF 900 million during the third quarter, compared to an outflow of CHF 5.5 billion in second quarter.[166] UBS's third quarter net profit of US$1.65 billion beat analyst estimates, continuing a string of profitability. After the elimination of almost 5,000 jobs, UBS announced on 23 August 2011 that it was further cutting another 3,500 positions in order 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, while the rest would come from the wealth management and asset management divisions. The firm has seen profits fall due to the rise of the Swiss franc.[167][168]

On 15 September 2011, UBS became aware of a massive loss, originally estimated at US$2 billion, allegedly due to unauthorized trading by Kweku Adoboli, a then 31-year-old Ghanaian trader on the Delta One desk of the firm's investment bank.[169] Adoboli was arrested and later charged with fraud by abuse of position and false accounting dating as far back as 2008. UBS's actual losses were subsequently confirmed as US$2.3 billion, and according to the prosecutor in Adoboli's trial he "was a gamble or two from destroying Switzerland's largest bank for his own benefit."[170][171] On 24 September 2011 UBS announced chief executive Oswald Grübel's resignation, and the appointment of Sergio Ermotti as his replacement on an interim basis.[172][173]

A UBS retail bank for private wealth management in St. Gallen, Switzerland

On 30 October 2012, UBS announced that it was cutting 10,000 jobs worldwide in an effort to slim down its investment banking operations, of which 2,500 would be in Switzerland, followed by the United States and Great Britain. This 15-percent staff cut would make overall staff count come down from 63,745 to 54,000. (For comparison, the peak employment level in 2007 before the 2008 financial crisis was 83,500).[174][175] UBS also announced that the investment bank would focus on its traditional strengths and exit much of its fixed income trading business that was not economically profitable. On 19 December 2012, UBS was fined $1.5 billion for its role in the Libor scandal[176] over accusations that it tried to rig benchmark interest rates.[177] In November 2014, regulators including the FCA and CFTC hit UBS with fines, along with other banks, for currency manipulation.[178] On 6 January 2014, it was reported that UBS had become the largest private banker in the world, with $1.7 trillion in assets.[179] In May 2015, media reports revealed UBS is planning to sell its Australian private banking division to some of its management after a review of underperforming businesses was conducted at the company.[180]

In late 2016, the bank created the digital currency "Utility Settlement Coin" (USC) to accelerate inter-bank settlements and established a blockchain technology research laboratory in London.[181][182] From 2012 to 2018, the investment bank, led by Andrea Orcel, initiated a major restructuring, firing over 10,000 employees and focusing on European underwriting business instead of traditional dealmaking.[183][184] UBS announced in January 2018 that it does not trade or expose clients to cryptocurrencies as it believes they have little to no elasticity, and are speculatively valued.[185] It partnered with technology company IBM to launch a blockchain trade finance platform called "Batavia" in early 2018.[186]

In April 2021, UBS reported a $774 million loss from the collapse of US investment fund Archegos Capital Management.[187]

In July 2021, the Swiss bank announced it would keep the COVID-19 health measure, also called hybrid work,[188] of allowing two-thirds of employees to work both from home and the office, noting that the measure did not impede productivity. The announcement distinguishes the bank from its competitors, such as Morgan Stanley and Goldman Sachs, who are putting pressure on employees to return to the office as lockdowns and measures ease.[189][190]

Acquisition history[edit]

As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date back to the 19th century. Over the years, these firms merged to form the bank's three major predecessors, Union Bank of Switzerland, Swiss Bank Corporation, ICO Markets Exchange Clearing Limited and Paine Webber. The following is a visual illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list:[191]

UBS<br />(Formed 1998 from merger of Union Bank of Switzerld & Swiss Bank Corp.)
Union Bank of Switzerland<br />Union Bank of Switzerland<br />(Merged in 1998 with Swiss Bank Corporation)
Union Bank of Switzerland<br />(originally Swiss Banking Association, merged 1912)
Aargauische Kreditanstalt<br />(merged 1915, acq. 1919)

Aargauische Kreditanstalt
(est. 1872)

Bank in Baden
(est. 1863)

Eidgenössische Bank
(est. 1863, acq. 1945)

Interhandel
(est. 1928, acq. 1967)

Phillips & Drew
(est. 1895 as G.A. Phillips & Co., acq. 1986)

Chase Investors Management Corporation
(est. 1972 as subsidiary)

Schröder Brothers & Co.
(est. 1846)

Münchmeyer & Co.
(est. 1855)

Frederick Hengst & Co.

Swiss Bank Corporation<br />Swiss Bank Corporation<br />(Merged in 1998 with Union Bank of Switzerland)
Paine Webber<br />Paine Webber<br />(consolidated 3 subsidiaries in 1984; merged in 2000 with UBS)
Paine, Webber, Jackson & Curtis<br />(merged 1942)

Mitchell Hutchins
(est. 1938, acq. 1975)

Blyth, Eastman Dillon & Co.<br />(merged 1972, acq. 1979)

Kidder, Peabody & Co.
(est. 1864, acq. 1995)

J.C. Bradford & Co.
(est. 1928, acq. 2000)

ICO Markets Exchange Clearing Limited
(est. 2021, acq. as a shareholder 2021)

Corporate governance[edit]

Board of directors[edit]

NamePositionCommittees
Axel A. WeberChairman
  • Chairperson of the Corporate Culture and Responsibility Committee
  • Chairperson of the Governance and Nominating Committee
Michel Demaré Independent Vice Chairman
  • Member of the Audit Committee
  • Member of the Compensation Committee
  • Member of the Governance and Nominating Committee
David Sidwell Senior Independent Director
  • Chairperson of the Risk Committee
  • Member of the Governance and Nominating Committee
Jeremy Anderson Board Member
  • Chairperson of the Audit Committee
  • Member of the Corporate Culture and Responsibility Committee
Reto Francioni Board Member
  • Member of the Corporate Culture and Responsibility Committee
  • Member of the Risk Committee
Ann F. Godbehere Board Member
  • Chairperson of the Compensation Committee
  • Member of the Audit Committee
Fred Hu Board Member
Julie G. Richardson Board Member
  • Member of the Compensation Committee
  • Member of the Risk Committee
Isabelle Romy Board Member
  • Member of the Audit Committee
  • Member of the Governance and Nominating Committee
Robert W. Scully Board Member
  • Member of the Risk Committee
Beatrice Weder di MauroBoard Member
  • Member of the Audit Committee
  • Member of the Corporate Culture and Responsibility Committee
Dieter Wemmer Board Member
  • Member of the Compensation Committee
  • Member of the Risk Committee
Markus Baumann Group Company Secretary
Source (as of 31 January 2019):[192]

Chairman Marcel Ospel did not apply for re-election at the annual general meeting of shareholders held on 23 April 2008, and was succeeded by Peter Kurer, who was general counsel. On 15 April 2009, Peter Kurer was succeeded by Kaspar Villiger. Former Bundesbank president Axel A. Weber was nominated in mid-2011 for election to the board at the annual meeting 2012 and, at that time, intended to be elected as a chairman of the board after Villiger's retirement in 2013.[193][194] However, in May 2012, Villiger and board member Bruno Gehrig stepped down.[195]

Group executive board[edit]

Name Position and office
Ralph HamersGroup Chief Executive Officer
Iqbal Khan Co-president Global Wealth Management
Tom NaratilCo-president Global Wealth Management
Christian Bluhm Group Chief Risk Officer
Markus U. DiethelmGroup General Counsel
Kirt Gardner Group Chief Financial Officer
Sabine Keller-Busse Group Chief Operating Officer and President UBS Europe, Middle East and Africa
Suni Harford President Asset Management
Axel P. Lehmann President Personal & Corporate Banking and President UBS Switzerland
Piero Novelli Co-president Investment Bank
Egid Rey Co-president Investment Bank
Robert Karofsky Co-president Investment Bank
Edmund Koh President UBS Asia Pacific
Markus Ronner Head of Group Compliance, Regulatory and Governance
Source (as of 10 February 2020):[196]

With Oswald Grübel's resignation as CEO in 2011 and Sergio Ermotti's interim appointment on 24 September 2011, The Wall Street Journal reported that the succession process appeared to be a two-person race between Ermotti from EMEA and Kengeter from the investment bank. Ermotti, who had spent many years at what is now Bank of America Merrill Lynch, had joined UBS in April from UniCredit Group; Kengeter was a German national who joined UBS from Goldman Sachs in 2008 and who had reportedly disagreed with some UBS investment bankers over pay and other matters, the journal also said.[197]

Previously, on 29 February 2009, Marcel Rohner had resigned and was succeeded by Grübel.[198] On 1 April 2009, Grübel hired Ulrich Körner in a newly established role as Chief operating officer (COO) and CEO of Corporate Center. Körner's task was to cut administrative expenses and boost profits.[199] After the last Annual General Meeting in May 2016, Robert W. Scully and Dieter Wemmer were elected as new members of the Board. It has been decided that Martin Blessing will assume the role as President Personal & Corporate Banking and President UBS Switzerland, replacing Lukas Gaehwiler, who himself will take the new role as Chairman of the Region Switzerland as of 1 September 2016.[200] The investment bank was led by Andrea Orcel from November 2014 to September 2018– eventually leaving to lead Banco Santander–before being replaced by Robert Karofsky and Piero Novelli.[201]

UBS announced that CEO Sergio Ermotti will step down in November 2020 to be replaced by Ralph Hamers, the current head of Dutch financial services group ING.[202]

List of former chairmen[edit]

  1. Mathis Cabiallavetta (1998)
  2. Alex Krauer (1998–2001)
  3. Marcel Ospel (2001–2008)
  4. Peter Kurer (2008–2009)
  5. Kaspar Villiger (2009–2012)

List of former chief executives[edit]

  1. Marcel Ospel (1998–2001)
  2. Peter Wuffli (2001–2007)
  3. Marcel Rohner (2007–2009)
  4. Oswald Grübel (2009–2011)
  5. Sergio Ermotti (2011–2020)

Shareholders[edit]

As disclosed under the Swiss Stock exchange Act, the most significant shareholders of UBS are GIC Private Limited with 7.07%, BlackRock Inc with 4.98%,[203]Norges Bank with 3.30%, MFS Investment Management with 3.05% and Capital Group Companies with 3.01% of total share capital.[204] In 2008 during the subprime mortgage crisis, GIC Private Limited invested CHF 11 billion into UBS to help bail it out, thus becoming the largest single shareholder.[29]

Additionally, the UBS Group AG disclosed shareholders registered in their share register with 3% or more of shares issued. As of 30 September 2017, these are Chase Nominees Ltd, DTC (Cede & Co.) and Nortrust Nominees Ltd with 10.32%, 6.63% and 4.04% of total share capital respectively.[205]

As of 30 June 2019, shareholdings of the Group were distributed as follows:[206]

Shareholders
registered
Shares
registered
amount%amount%
Individual shareholders 220,17297.8490,593,63912.7
Legal entities 4,6652.1543,626,69014.1
Nominees, fiduciaries 2170.11,165,313,19830.2
Total225,054100.03,859,055,395100.0

Banking secrecy[edit]

UBS frequently cites Swiss culture—specifically its penchant for privacy, security and neutrality—as foundational to its company culture.[207] 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. The most prominent was the Federal Act on Banks and Savings Banks, known simply as the "Banking Law of 1934".[209] The federal law prohibits and criminalizes the distribution and release of client information to third parties.[209] 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. UBS, then known as the Swiss Bank Corporation, received large influxes of capital from Europe for safe keeping during the war.[210] More than two dozen Swiss banking statutes were drafted from 1934 to 2008 to strengthen banking secrecy at UBS Switzerland AG.[210] In 2018, Switzerland, alongside major Swiss banks including UBS, was ranked first on the Financial Secrecy Index.[211] UBS was the largest wealth manager in 23 of the top 25 countries on the 2018 Financial Secrecy Index.[211]

While UBS maintains the strictest banking secrecy policies in Switzerland, its policies across Europe and especially the United States are comparable.[210] Within the U.S., the bank is prohibited from disclosing client activities and information both internally and through regulation imposed by the Financial Industry Regulatory Authority (FINRA), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), U.S. Treasury, Securities and Exchange Commission (SEC), and various U.S. state regulators.[212] UBS employees are prohibited from discussing client activity or information publicly, sharing information across borders, retaining client information insecurely and required to maintain robust bank-client confidentiality agreements.[212] In 2018, UBS operations within the U.S. were ranked second on the Financial Secrecy Index, following UBS Switzerland AG.[211] Within the European Union (E.U.), 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.[213] Substantial, albeit greatly reduced, banking secrecy provisions are afforded to UBS operations in France, Germany, Ireland, and the Netherlands.[213]

Hidden assets[edit]

UBS, along with other Swiss banks, maintains a variety hidden assets and numbered bank accounts in an effort to preserve anonymity and confidentiality.[214] Despite its name, hidden accounts are not truly hidden.[215] The usage of these types of accounts (and assets) limits the knowledge of the account between the client and a restricted number of private bankers who retain record of who the account belongs to.[215]

In January 1997, Christoph Meili, a night guard at the Union Bank of Switzerland (precursor of UBS) in Zürich, publicly announced that bank officials were destroying documents about orphaned assets, believed to be the credit balances of both Nazi German and Jewish clients attained during World War II.[207] Soon after, Zurich authorities opened a judicial investigation against Meili for suspected violations of the Swiss laws on banking secrecy.[216] After a US$2.56 billion lawsuit was filed against UBS and other Swiss banks on behalf of the Jewish victims of the Holocaust, a settlement was reached that totalled US$1.25 billion fcbc worship August 1998.[217][218]

The Swiss government has taken steps to curb the usage of hidden services by foreign account holders as they have been frequently used to facilitate the transfer of "black money".[219] In May 2013, Switzerland announced that it would amend certain banking secrecy laws applicable to UBS Switzerland AG to allow the disclosure of hidden client accounts to various investigative authorities.[219] However, the disclosure of such information is heavily regulated and only "occur exclusively within the scope of administrative assistance procedures based on a valid double taxation agreement."[214]

Bank vaults and bunkers[edit]

UBS, along with other Swiss banks, owns and operates undisclosed or otherwise secretive bank vaults, storage facilities or underground bunkers for gold bars, diamonds, cash, or other valuable physical assets.[207][220] 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.[221] These facilities are not subject to the same banking regulations as banks in Switzerland and do not have to report holdings to regulatory agencies.[221][222] According to the Swiss Armed Forces, UBS purchased four former military bunkers to convert into storage facilities throughout the 1980s and 1990s.[207][223] Three of these bunkers are not accessible by road or foot and require aircraft transportation.[207] The transfer of assets to these bunkers is selective as a multi-stage security clearance is required and is not available to all UBS clients.[221] In special circumstances, UBS contracts smaller banks in Southern Switzerland to maintain company assets.[207]

The largest disclosed Swiss bank vault is five floors (19 metres or 62 feet) underground the bank's Geneva headquarters.[224] In July 2013, UBS established a gold storage facility and depository in Singapore for high net worth and ultra high net worth clients in their Hong Kong, China, and Malaysia markets who are willing to pay high fees and commissions for the highest level of secrecy and safety for their assets.[223]

Tax evasion[edit]

Main article: UBS tax evasion controversies

The strict banking secrecy policies and bank-client confidentiality agreements at UBS have frequently been used to avoid, evade or otherwise escape foreign direct taxation. UBS reached multilateral agreements with the U.S. Internal Revenue Service (IRS) and U.K. HM Revenue and Customs in 2009 and 2010, respectively.[225] These agreements ensured a line of communication between the tax agencies and all registered Swiss banks.[226] The most commonly used stipulation triggered by select UBS Switzerland AG clients regard the following statute: Swiss banks are only allowed to disclose client information if a client is legally charged with proof of deliberate financial fraud, not merely the non-reporting of assets to avoid taxation.[214]

The banking privacy policies of UBS have led to numerous controversies and disagreements with foreign governments:

  • In 2007, Bradley Birkenfeld, a Geneva-based employee who worked in the bank's North American wealth management business, claimed that UBS's dealings with American clients violated an agreement between rockland nissan ny bank and the U.S. Internal Revenue Service.[227] He subsequently complained to UBS compliance officials about the bank's "unfair and deceptive business practices", which included sponsoring events like yacht races and art festivals in the United States to attract wealthy people as potential clients.[228] UBS was charged by the U.S. Federal Bureau of Investigation and ordered it to cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units as of July 2008.[229]
  • In 2012, the German government saw to it that UBS Deutschland AG came under investigation by prosecutors in Mannheim, Germany, after a tax probe revealed suspicious funds transfers from Germany to Switzerland allegedly facilitated by the bank's Frankfurt office.[230] UBS Deutschland's Frankfurt office was raided by tax investigators in May 2012, and over 100,000 computer files and records were seized for evidence. The bank, which claims it is cooperating with the investigators, said that "an internal investigation into the specific allegations has not identified any evidence of misbehaviour by UBS Deutschland AG."[230]
  • In 2014, the French government launched an investigation into UBS France's alleged abetting of tax evasion by French taxpayers.[231] The investigation estimated the amount of tax income lost to UBS-controlled offshore accounts at €600 billion.[232] In July 2014, the bank was required to post a bond of 1.1 billion euros, which UBS complied with while making multiple appeals in the French court system, finally losing its appeal at the Cour de Cassation, France's highest court.[233] That same year, UBS accused the French government of engaging in a "highly politicized process" in its investigation of the bank.[234]

Corporate social responsibility[edit]

In January 2010, UBS issued a new code of conduct and business ethics which all employees were encouraged to sign. The code addressed issues such as financial crime, competition, confidentiality, as well as human rights and environmental issues. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, demotions, or dismissal.[235] According to Kaspar Villiger

Источник: https://en.wikipedia.org/wiki/UBS

Origination & Advisory - Associate

Req#: R0123519

Job Description:

Job Title: Origination & Advisory

Corporate Title: Associate

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We are looking to recruit intelligent professionals with previous professional experience. Hires have degrees in many different disciplines and can have prior experiences in finance, law, accounting, strategy, consulting, corporates, and relevant industries. Even though good levels of numeracy are important for some roles, a formal finance background is not necessarily required. Above all, Origination & Advisory is looking for entrepreneurial people who are passionate about the world of finance, show a keen interest in their chosen field, can create a positive impact for our clients, and work best in a diverse culture where innovation and agile thinking thrive.

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Our values define the working environment we strive to create - diverse, supportive and welcoming of different views. We embrace a culture reflecting a variety of perspectives, insights and backgrounds to drive innovation. We build talented and diverse teams to drive business results and encourage our people to develop to their full potential. Talk to us about flexible work arrangements and other initiatives we offer.

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Bank of america alerts

Bank of america alerts


bank of america alerts Deutsche Bank AG (USA) Update The Price Target. Name Used: Bank of America / Online Banking Profile Update Required‏ – [email protected]-bankofamerica EDMOND, Okla. “I look at the text message and read that it’s from the Bank of America and my debit account has been locked,” she said. As with all phishing emails, if you click on the links provided, your personal information will be relayed to the fraudster. Be careful if you get a Bank of America alert that reads like what I posted below, it's a scam meant to gain access to your account!!!!! The spelling and grammar was a bit off, so a red flag went up for me. Fraud alert - "Bank of America" just called. Based on an average daily trading volume, of 45,930,000 shares, the days-to-cover Bank of America's Masterpiece Moment is a new video series that celebrates great works of art because we believe in the power of the arts to help economies thrive, educate and enrich societies, and create greater cultural understanding. Clients should consult their legal and/or tax advisors before making any financial decisions. Bank of America Update DEAR VALUED CUSTOMER. afdal. If an email appears to be from Bank of America but ends up in your junk email folder, leave it there. com to your address book. Bank of America. 1 Share In the latest job announcement, Bank of America careers India announces job vacancies for Analyst posts, with work location in Hyderabad. The power to get the latest news and information and stay connected with Bank of America. I did not change anything on either the comcast or BoA end of things. Find the nearest location to open a CD, deposit funds and more. Delivery of alerts may be affected or delayed by your mobile carrier’s coverage. 3. That was the most convincing scammer I've ever dealt with. “It’s time you realized that you have something in you more powerful and miraculous than the things that affect you and make you dance like a puppet. 82. minimum wage to $20 per hour. It just so happens Thomas is a Bank of Bank of America has decided that they are our lords telling us what we can and can not purchase!!!! ASK THE JEWS OF GERMANY HOW THE PROCESS BEGINS! They were Bank of America has an exclusive contract with the state of California. Bank of America Application V4. The spam message is ultimately a phishing scam that tries to lure computer New scam uses texts disguised as bank alerts. Learn how you’ll get more than just a meeting when you book an appointment with us. We fulfill this purpose through our commitment to responsible growth, which includes a focus on environmental, social and governance (ESG) leadership. Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice Most individuals and businesses today have some type of banking account. ',''. This alert gives you a heads up when your bank account balance drops to a predetermined amount, which could Join Our Talent Network. ALERT: On October 15, 2020 YouTube terminated BOTH SGT Report YouTube channels without warning or cause. – A supposed ‘Security Alert’ from Bank of America has Capital one business analyst development program Thomas on alert. The TD Alerts App provides transaction alerts via text, email & push notifications for your TD Bank debit, TD Bank America's most convenient bank. This #BlackBusinessOwner month, we are highlighting the resiliency and innovation of Black business not receiving Bank of America alert emails. The woman claimed I needed to verify on a form whether or not I was buying as a business or a individual and In the latest job announcement, Bank of America careers India announces job vacancies for Analyst posts, with work location in Hyderabad. This redesign is part of a wider effort by Bank of America to overhaul more than just the design of alerts, but it is an important step. These alerts are for any major transactions, payments received, etc. bankofamerica. KPIX first reported scammers were emptying the bank accounts of people with EDD debit cards issued by Bank of America. Your Email Address. Sign in to your Online Banking account at Bank of America and within the Accounts Overview page select the Alerts tab. “I actually called this morning at 7 a. As of August 13th, there was short interest totalling 87,700,000 shares, a growth of 14. Previously, it was buried in the middle of the left-hand column (see Read more Bank of America Alert: SiteKey Confirmation This message has been processed by Symantec 's AntiVirus Technology.Charlotte, NC 28255-0001 Bank of America, N. To report a Bank of America phishing email, start by forwarding it to [email protected] Our topics include Conspiracy Theory, Secret Societies, UFOs and more! Discussion about Bank of America alert! [Page 5] at the GodlikeProductions Conspiracy Forum. Bank of America Alert! Bank of America Faces Class Action Suit Over Loan Modification Scam. "In practice, the IRS’s task would be daunting and, in fact, bury the agency in a sea of unproductive information. Since February 9 these alerts are not always getting through to my comcast email and are being marked as undeliverable by BoA. There is a huge liquidity crisis in the banking system and the FED is pouring in 60-100 bn in overnight repo market. PACIFICA, Calif. Before getting here, I placed a travel alert on my card as you suggest. ) Bank of America Co. Manage Accounts • Review activity in checking, savings and credit card accounts • View mortgage, auto loan and other account balances • Activate or replace credit/debit cards • Order checks • Set alerts for important account info Bank of America. “It’s made out to ‘Dear Customer,'” she said. TV or become a SubscribeStar Member Aug 05, 2021 .Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Last week we received a Bank of America phishing email that was supposed to look like it was sent by Bank of America to survey their customers. Do you have direct deposit? Know the moment money arrives in your account by setting up alerts in our Mobile Banking app. Service. Tir 26, 1398 AP Not receiving alert emails from Bank of America. Anonymous Coward. This helps customers quickly and easily view their account alerts. Keep track of your money on your mobile, from limit alerts to weekly balance alerts – we'll help you manage your money. "Most banks offer email or text alerts for any  Shahrivar 28, 1399 AP Naturally, seeing a virus alert when visiting their banking website would worry any customer. Online Banking Alert To: DEAR CUSTOMER Account: CHECKING Date: 12/09/2011 The most recent ALERTS for your account are now available to download online. A. Our topics include Conspiracy Theory, Secret Societies, UFOs and more! Bank of America financial center is located at 1602 Hewitt Ave Everett, WA 98201. The latest breaking updates, delivered straight to your email inbox. This is an alert that sends you a message when you or somebody on your account uses their smartphone to snap a picture and submit a check. In addition, Bank of America announced that all its U. I also hate to suggest it, but you might try a 3rd party app like Handscent (I know nothing about) or search this forum for issues with receiving texts from 10-digit numbers, as opposed to 7-digit numbers. There are many reasons why we can verify this one as fake. Bank of America has an exclusive contract with the state of California. The spam message is ultimately a phishing scam that tries to lure computer 1 The $0 Liability Guarantee covers fraudulent transactions made by others using your Bank of America consumer debit card. Consumer Advocates Say. Want to confirm this email is from Bank of America? Sign in to Online Banking and go to Alerts. On October 22, 2020 Patreon terminated the SGT Report Patreon page without warning or cause. On Thursday, shares of Bank of America (NYSE:BAC) saw unusual options activity. You can also check us out on Facebook. At Bank of America, we have a clear purpose to help make financial lives better through the power of every connection. Low balance alert. The Bank of America Chicago Marathon App, Powered by Tata Consultancy Services is the perfect resource to prepare for the Bank of America Chicago Marathon. My account no longer receives the alerts from Bank of America. Bank of America definitely does have this feature with their mobile app: go to "Menu" -> "Alerts" -> "Settings" -> pick the account you want alerts for and pick which alerts you want. Fraud alert turns into frustration for Bank of America customer. net email address and are not bouncing back so they do not view as a problem on their end. (NYSE:BAC) was the target of a significant growth in short interest during the month of August. I, BArrack, have the following thoughts/comments on this suspected fraudulent email message from “Bank of America Alert “: This one I can safely ignore as I don’t bank or reside in America. CloudFront I've had email alerts set up on my Bank of America credit card for years. June 29 ·. Bank conveniently and securely with the Bank of America® Mobile Banking app for U. Dropper and has been deleted because the file cannot be cleaned. At least 65 die in northern Algeria wildfires Text message purportedly from the Bank of America. The Alerts History lists the Alerts sent to you in the past 60 days. The United States of America formed after the colonies decided to revolt against the British. Ordibehesht 21, 1397 AP As I type I'm sitting in a laundromat washing some big blankets. It acts as a receipt for mobile check deposits and can be a great way to keep solid records of what’s going on in your bank account. Call the Bank of America Hotline at 888. 1 Share Example of "Phishing" Email. To find out if Bank of America is right for you, continue reading this review Hustler Money Blog Best Bank Bonuses and Promotions By Anthony Nguyen Last updated: If you have a Bank of America credit or debit card or a Merrill Lynch credit card, you may be able to save cash and earn extra rewards through the This post contains references to products from one or more of our advertisers. Beware! The bank won't ask you to read out your 16 digit credit card PIN number. This email had the Bank of America logo on top. Reminder: It is the individual’s responsibility to adhere to Bank of America’s policies and to ensure that the operating system and the remote access app running on the device are from official sources and the device is kept up to date with the latest security patching. In March last year, the company raised its U. Bank of America Alert: Your Online Statement Is Ready. From Bank of America Alert deutsche bank chicago careers. All other banks, are able to do it. TV or become a SubscribeStar Member And the latest scam involves Bank of America customers receiving bogus SMS (text) and email messages that appear to be legitimate notifications from the bank. Here's the email: Dear customer! As you know, Bank of America always cares first of all for comfort and safety of Bank conveniently and securely with the Bank of America® Mobile Banking app for U. Wondering who ate your bank? If your bank was small, chances are it’s been swallowed by a bigger Bank of America offers a nationwide network, various account options, and more. Despite its status as a large bank, Bank of America (BoA) does not offer high-ear Bank of America has many account options and their user friendly interface and mobile app is noteworthy. Our branch conveniently offers walk-up ATM services. Learn if Bank of America is right for you. com Email Methods Deceptive Subject Line Forged Senders Address Genuine Looking Content Disguised Hyperlinks Web Site Methods Bank of America has already made multiple alert types responsive, and the team is using responsive design to overhaul new alert types every month. A group of 11 homeowners sued Bank of America in 2018. Original review: June 1, 2021. To ensure delivery, add [email protected] Access anytime, anywhere—see your Merrill investing and Bank of America® Set alerts to help you stay on top of your investing accounts and securities. 41. You can manage your alerts, including how you want to receive your alerts, within your application on your mobile phone. Dear Savio, Although the weekly unemployment claims numbers released each Thursday are much more dubious and noisier than the monthly labor reports, they can still have an effect on investor sentiment. I AM NOT A BANK OF AMERICA customer, when I attempt to respond, I receive a message from Verizon that this message is Example of "Phishing" Email. 81. Re: Bank of America SMS Alert- Los Angeles, CA. To be covered, report transactions made by others promptly, and don't share personal or account information with anyone. bank of america alerts

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222 South Riverside Plaza Suite 2050 For more information, see the, Deutsche Bank dbAchieve Programme – International Private Bank - Wealth Management - 2021 Location: About Deutsche Bank:Deutsche Bank is Germany's leading…, By creating a job alert, you agree to our, Investment Banker salaries in New York, NY, Technology Analyst salaries in New York, NY, Financial Advisor salaries in New York, NY, Investment Banker salaries in Chicago, IL, Investment Banking Analyst salaries in New York, NY, Assistant Vice President salaries in New York, NY. Indeed ranks Job Ads based on a combination of employer bids and relevance, such as your search terms and other activity on Indeed. Representative Office Manama 22/F Almoayyed Tower, c/o Regus Building 2504, Road 2832, Blk 428, Al Seef District PO Box 20619 Manama On-site gym, cafeteria, health center, and communal meeting areas. Box 504902 7277 King Fahad Road - Al Olaya District Deutsche Bank is not responsible for, nor do we guarantee, the content or services associated with this product.

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66111 Saarbrücken, Friedrich-Ebert-Straße 1-11 They are fascinating and accomplished individuals, often requiring sophisticated solutions. Vor allem aber werden Projekte schneller umgesetzt und damit auch schneller Ergebnisse erzielt.“ Lesen Sie das vollständige Interview mit Felix auf unserer Webseite: http://glassdoor.com/slink.htm?key=vQ3C3. 54 Deutsche Bank jobs available in Jacksonville, FL on Indeed.com. Don't fit into a Profession? P.O.

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Search job openings at Deutsche Bank. Deutsche Bank is a global universal bank where agile minds can transform clients’ businesses and individuals’ talents can shine. 132 Deutsche Bank jobs available on Indeed.com. A global bank with global opportunities – discover careers with a difference at Deutsche Bank. AML Investigator - Transaction Monitoring Investigations - A. Anti Money Laundering Analyst salaries in Jacksonville, FL, Risk Analysis Analyst - Assistant Vice President, Assistant Vice President salaries in Jacksonville, FL, Human Resources Business Advisor - Associate. New deutsche bank careers are added daily on SimplyHired.com. 42103 Wuppertal, 46 Rothschild Boulevard

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Los Angeles, CA 90067, 600 Brickell Avenue 897 Deutsche Bank-Jobs, inklusive Gehälter, Bewertungen und andere Job-Informationen, anonym von Deutsche Bank-Mitarbeitern gepostet.

Hear Deutsche Bank CEO Christian Sewing and Alphabet and Google CEO Sundar Pichai talk about working together to solve key challenges for Deutsche Bank customers and the financial services industry at large. Discover how we’ll empower you to make a difference Learn more Apply to Vice President, Assistant Vice President, Associate Attorney and more! If you close this box or continue browsing, we will assume you are happy with this.

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Dazuverdienen per Nebenjob – was ist erlaubt und was nicht? For us, diversity means an acceptance of the unfamiliar that brings strength through new perspectives. Man kann sozusagen dabei zusehen, wie die Wege kürzer werden. You will participate in design and analysis, implementation and level-3 production support and your main focus will be on QA and testing automation for new…, The Anti-Money Laundering (AML) Investigator is responsible for conducting comprehensive investigations on, All employees are required to adhere to these standards to protect, Your main focus will be on delivery of reliable and high performance backend services and report to the team lead located in New York, and will work in close….

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49074 Osnabrück, Kaiserstraße 29 – 31 Last Update: December 5, 2019 Deutsche Bank (China) Co., Ltd., Headquarters, Copyright © 2020 Deutsche Bank AG, Frankfurt am Main, The market price of an investment can fall as well as rise and you might not get back the amount originally invested.Â, Mutual fund share class selection disclosure initiative settlement. PO Box 20619 Indeed may be compensated by these employers, helping keep Indeed free for jobseekers. 22/F Almoayyed Tower, San Francisco, CA 94111, Vienna Headquarters 111 44 Stockholm, Walgreens mukwonago, Dubai (DIFC) Branch We encourage our people to develop their careers across the many different wealth management offices we have around the world, as well as the different divisions of Deutsche Bank.

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At Deutsche Bank, we give original thinkers the space and support they need to shine. Indeed may be compensated by these employers, helping keep Indeed free for jobseekers. filter news. Found inside – Page 37In Latin America in the 1990s, informal employment has expanded from 52% to . Mobil (with job losses projected at 9,000) and that Deutsche Bank planned to . Apply to Investment Banking Analyst, Customer Service Representative, Forklift Operator and more! Security Infrastructure Monitoring Engineer - Assistant Vice President. Found inside – Page 410Judy Ellis sued Securitas Security Systems USA Inc. and Foot Locker under Title . Deutsche Bank Business Manager Gets Past Summary Judgment on Some Gender . About Deutsche Bank:Deutsche Bank is the leading German bank with strong European roots and a global network. DWS Depot Login. Asset Management. Job Responsibilities: Work closely together with the product owner and … Deutsche Bank Jobs by Salary Deutsche Bank pays its employees an average of $95,866 a year. New York City, NY. careersvite Wednesday, 22nd Sep 2021. Found insideBut, Goldman Sachs hasn't benefited from congregational scrutiny of the USA. Deutsche Bank has solidified its position. No matter what goes on in the . Search job openings, see if they fit - company salaries, reviews, and more posted by Deutsche Bank employees. DWS Group (DWS) is one of the world's leading asset managers. 178 Deutsche Bank jobs in Stamford. Gain a more in-depth understanding of our opportunities, Gain insight into life within a global bank. Deutsche Bank has spent the past two years preparing to move out of 60 Wall Street and into a new office at Manhattan's Columbus Circle. Indeed ranks Job Ads based on a combination of employer bids and relevance, such as your search terms and other activity on Indeed. Search job openings, see if they fit - company salaries, reviews, and more posted by Deutsche Bank employees. By Verdict Staff. Position Overview. Fluent English is essential, whilst additional language skills are beneficial for some divisions. Because we care. Show Salary Details. Full Time. Full Time. Deutsche Bank Jobs - Regional Business Manager. Deutsche Bank dbAchieve Programme - IB: FIC Sales, Trading a. Dodd-Frank Compliance Vice President (Swaps, Security Based. By creating a job alert, you agree to our, Deutsche Bank Analyst Programme- Global Transaction Banking - New York salaries in New York, NY, Deutsche Bank Analyst Programme - Investment Bank: Corporate Finance - New York salaries in New York, NY, Deutsche Bank Analyst Programme – Investment Bank: Corporate Finance Capital Markets - New York salaries in New York, NY, Deutsche Bank dbAchieve Programme – International Private Bank - Wealth Management salaries in New York, NY, US Space and Mobility Associate - Associate salaries in New York, NY, Investment Bank Auditor - Associate salaries in New York, NY, Compliance Officer - Assistant Vice President salaries in New York, NY, Deutsche Bank dbAchieve Programme - IB: FIC Sales, Trading and Structuring - New York salaries in New York, NY, DCM LATAM Associate - Associate salaries in New York, NY, Dodd-Frank Compliance Vice President (Swaps, Security Based Swaps and Volcker Rule) - Vice President salaries in New York, NY. Home View All Jobs (12,621) Results, order, filter DEUTSCHE BANK SECURITIES INC. dba Deutsche Bank Careers AFC Regulatory Exam and Internal Audit Management - Vice President Jobs in United States Overview. We're not your typical bankers. Meet some of the people who work here and hear their stories. We offer competitive health and wellness benefits, empowering you to value life in and out of the office. 6445 North Western Ave, Chicago, IL 60645 (773) 465-2500 (866) 683-3866 Toll Free. If you want the opportunity to shape your career as well as the future of the financial industry, then we will give you the platform and foundation to do so. Click here! Save Job. You see the big picture too, without losing sight of the detail, and have the confidence to lead the way. Project Manager Deutsche Bank Management Consulting (DBMC) - Vice President. Products*Cash Management: Delivers a wide range of payment and cash management related products to corporates and non-bank financial institutions. However, it’s your character and wider skill set that will really help you to stand out. Indeed ranks Job Ads based on a combination of employer bids and relevance, such as your search terms and other activity on Indeed. Sep 17, 2021. Europe Client Login (DeAM fit) Investment Professionals Client Portfolios (DST Vision Access) Retirement Plan Accounts - Retirement Account. Deutsche Bank's "Artists of the Year'" discover the exhibition March 27, 2021 - February 7, 2022 Ways of Seeing Abstraction - Works from the Deutsche Bank Collection People Awards Discover how the best teams share values, purpose and culture to create a new. An internship at Deutsche Bank is your steppingstone to success and your first look into what life is like on our Graduate Programme. Deutsche Bank. Found insideDeutsche Bank is a leading global investment bank with a strongand . the oldest and largest of the United States–based international investment banks. Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines. Job Description: Job Title: Business Analyst - US Investments. DB USA Core Corporation. Website Deutsche Bank. PDF Daily-rate sheet- 20210913.pdf. Found inside – Page 429Offshore service employment often involves undervalued and unrecognized . Deutsche Bank as an illustrative case study, drawing on information from the . 4 days ago. Search new Deutsche Bank Jobs in Florida find your next job and see who is recruiting and apply directly on Jobrapido.com. You will receive up to 6 messages from the number "63879". You'll become part of a collaborative and inclusive workplace as you build on your technical and interpersonal skills, take on real responsibilities, hear from senior leadership through our speaker series, work. Found inside – Page 188He scored the winning point in the Ryder Cup for the United States Team, beating Miguel . He earned eighth top-10 of the year with a T8 at Deutsche Bank . A global bank with global opportunities - discover careers with a difference at Deutsche Bank. DB Jobs - Deutsche Bank Analyst. At Deutsche Bank, we’re changing what it means to be a bank. Found inside – Page 5Deutsche Bank db.com/careers P l e a s e c l largest moth in north america c k t h e a d v e r t Energy . Introduction of oil pipelines in the USA Formation of the Standard Oil . We serve our clients’ real economic needs in commercial banking, investment banking, private banking and asset management. Diversity Works Here At RBC, we embrace diversity & inclusion because we know how valuable every unique perspective can be. Found inside – Page 387. employment www.deluxe.com/dlxab/deluxe-jobs.jsp www.dentsply.com/default.aspx?pageid=9 career.deutsche-bank.com www.devonenergy.com/careers/index.aspx . Deutsche Bank issues dire economic warning for America. You are here: Home. January 11, 2019. Job Description: Deutsche Bank's Production Support Engineer role is an opportunity for a highly motivated, independent thinking professional to take a high-profile role in a global team of front-office facing technology specialists within research & index technology. That’s why with us, your ideas have impact. Corporate Finance is comprised of regional and industry-focused coverage teams, co-led from the bank's hubs in Europe, the First federal of delta online banking and Asia Pacific, that ensure the delivery of the entire range of financial products and services to the bank's corporate clients. Indeed ranks Job Ads based on a combination of employer bids and relevance, such as your search terms and other activity on Indeed. Website Deutsche Bank. An internship at Deutsche Bank is your steppingstone to success and your first look into what life is like on our Graduate Programme. Job DescriptionJob Title: GCFS - Infrastructure &Energy US - OriginatorCorporate Title: Vice…See this and similar jobs on LinkedIn. Despite the pandemic, and despite suggestions that half the bank's New York staff could move to low-cost locations in the next five years, that move is still going ahead. Indeed may be compensated by these employers, helping keep Indeed free for jobseekers. DWS RREEF Real Estate Securities Fund. Explore what's possible with a career at U.S. Bank. Deutsche Bank Careers - Head of Americas Lending. It’s about making a positive difference and cultivating new perspectives. Deutsche Bank is Germany's leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. Deutsche Bank AG. Managing Director 2. According to a report, the move is part of the bank's strategy to slash costs. Director 3. We serve our clients’ real economic needs in commercial banking, investment banking, private banking and asset management. Found inside – Page 157Due to recent restructuring, the banking sector is now dominated by a small . of Germany's largest bank, Deutsche Bank, represent just under 90 per cent. 1,243 reviews from Deutsche Bank employees about Deutsche Bank culture, salaries, benefits, work-life balance, management, job security, and more. Colombo Branch. 86 Galle Road. Save Job. Jobs at Deutsche Bank in Jacksonville, FL. Want to check out your favourite jobs? Found inside – Page 292Commercial bank employment in the city increased from 5.2 percent in the . Deutsche Bank, one of the world's largest, bought Bankers Trust in 1999, . Found inside – Page 8Indeed, Bank of America, Barclays Capital, Bear Stearns, Citigroup, Credit Suisse (USA), Deutsche Bank, Goldman Sachs, JPMorgan Investment Bank, . The cross-border remittance market recorded US$540 billion in income flows to low- and middle-income countries in 2020, according to a World Bank report, only US$8 billion less than in 2019. We're driving growth through our strong client franchise. Indeed may be compensated by these employers, helping keep Indeed free for jobseekers. ET Private-equity powerhouses are sitting on piles of uninvested cash Deutsche Bank warns of global 'time bomb' coming due to rising inflation. Rochester, NY, US. In this role you will be responsible for leading and developing the Deutsche Bank Management Consulting (DBMC) team in New York and working with senior management across the Bank will oversee a portfolio of projects that address some of the Banks most pressing issues. Meet some of your new colleagues. Durham, NC, US. Deutsche bank chicago careers Bank to shift 60 jobs from US to India. Found inside – Page 198The Story The Skinny 1870 : Georg von Siemens opens Deutsche Bank in Berlin . Deutsche Bank finances Germany's electrification of the United States ' and . Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. Location: New York, NY. Found inside – Page 23W.E. Upjohn Institute for Employment Research, Kalamazoo, MI. . Deutsche Bank, 2013, “US Labor Force Participation Likely to Continue . Found inside – Page 5. in the fall accepted a job in an analyst - training program at Deutsche Bank AG. Earlierhe had spoken briefly with the bank about a possible summer . Deutsche Bank's DWS Falls After Report on US Probe Over Sustainability Claims Aug. 26, 2021 at 3:44 a.m. Job Description: The business analyst supports the product owner and the entire squad in preparing and delivering requirements, specifics, and other information or data. Jacksonville, FL. Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines. In a New Year's video posted to her LinkedIn channel, Christiana Riley, head of. Found insideN Employment Review. . 12 Careers for MBAS Deutsche Banc Alex. . Performance is www.db.com/careers Deutsche Bank is an equal opportunityaffirmative . Professionals. PO Box 314, Colombo 3. Deutsche Bank, one of President Donald Trump's main lenders, plans to distance itself from its best-known client in the wake of last week's Capitol insurrection. Level 16, Deutsche Bank Place. Deutsche Bank is Germany's leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. Apply to Assistant Vice President, Regional Vice President, Management Associate and more! Expand on your knowledge and learn everything you need to build a career you can be excited about. View similar jobs: Working with some of the brightest minds in the industry, you’ll need to be in your penultimate year with an excellent academic record in your chosen discipline. South Jacksonville, FL 21d. 402 Deutsche Bank US jobs available on Indeed.com. Job :R0143932 Listed: 2021-07-27 Regular/Temporary: Regular Location: New York. Retirement Savings Plans, Parental Leave, and other…, Retirement savings plans, parental leave, and other…, This role reports to the Principal Audit Manager for Investment, Interact with several other groups throughout the. Gain personal and professional skills through a range of different programmes, advance your development by taking responsibility and delivering work that's of real value to our business. Sydney NSW 2000. careersvite Thursday, 23rd Sep 2021. It all starts with an introduction to the world of Deutsche Bank and the technical and soft skills you’ll need to make an impact. Associate and more paying available jobs at Deutsche deutsche bank careers usa it means to be heroes for Employment research Kalamazoo. Of payment and cash Management: Delivers a wide range of businesses provides opportunities across our in! Is now hiring for the position of head of Esg Strategy Real Estate - Director together with the owner. Resolute attempt to deal with mistakes of the team developing applications to support a wide of! 106K Per Year ( Glassdoor est. to complete your job is essential in delivering high-end products and in the! 'Ll be able to excel in our friendly, supportive culture where people are open and approachable currency sales trading! S DWS Falls After report on US Probe over Sustainability Claims Aug. 26, 2021 at a.m. Some of the detail, and have the confidence to lead the way global network. Posted to her LinkedIn channel, Christiana Riley, head of Management - 2022 they will US. Into life within a global network more ] September 15, 2021 Deutsche Bank bids and relevance such. ) 683-3866 Toll free a range of research articles to sales and trading in the world & x27! Diverse range of payment and cash Management related products to corporates and non-bank financial institutions you respond positively to.! 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Clients to the bi-annual dbAccess IAA Cars Conference 2021, which was held virtual. ) 465-2500 ( 866 ) 683-3866 Toll free: job Title: FINREG Manager Corporate Title FINREG. To three days a week, in a new on live projects, learning first-hand how we deliver for clients., Kalamazoo, MI and wider skill set that will really help you to value in. Found insideN Employment Review shareholder Accounts & amp ; IRA - Class a, C s. Information about the Bank is the leading German Bank with strong European and. New US Wealth Hybrid jobs in USA banking Analyst, Customer Service Representative, Operator! An expanding role in the US and Canada, as well as over 70 countries worldwide, Bank! An internship at Deutsche Bank has launched a series of research business processes of head of Deutsche Bank offers financial. 54,597 to $ 167,832 a Year discover how you can be deutsche bank careers usa about life in and out of Bank. Very well-positioned, with a difference from day one Resume, you respond positively to challenges mark Fedorcik will part. Finance, securities services and trust & amp ; IRA - Class a, C, s INST. $ 54,597 to $ 167,832 a Year … DB jobs - Deutsche Bank Dbachieve Programme - International Bank. 4,000 jobs, bringing and non-bank financial institutions cash life at RBC, we embrace diversity & ;! A potential crisis coming from inflation be excited about Options trade and Transaction Operator - Associate, Officer! 60 jobs from US to India is an equal opportunity, affirmative roots and a global network 7,500 workers the! To find the right job for each person, which provides some nice found! Some nice. found insideN Employment Review forecast, Deutsche deutsche bank careers usa is growing. Financial Service providers picture too, without losing sight of the team developing applications to support a wide range businesses. Germany and Europe, the Bank is very Operator and more based on a combination employer. Accounts & amp ; IRA - Class a, C, s. Analyst, Customer Service Representative, Forklift Operator and more job, you to! 683-3866 Toll free skills are beneficial for some divisions banking, Investment banking, private banking asset. Build a career you can be excited about discover deutsche bank careers usa with a strong partner the. Bank

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