UBS bank

ted cruz <span style=" color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: large; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">omg ted cruz 2016 phil gramm

==

Gt Unravel  p 130

exempted enron from regs while wife on bd; then went to work for UBS Warburg, that bought enron trading op

==

gramm: mojo corn

It didn’t quite work out that way. For starters, the legislation contained a provision—lobbied for by Enron, a generous contributor to Gramm—that exempted energy trading from regulatory oversight, allowing Enron to run rampant, wreck the California electricity market, and cost consumers billions before it collapsed. (For Gramm, Enron was a family affair. Eight years earlier, his wife, Wendy Gramm, as cftc chairwoman, had pushed through a rule excluding Enron’s energy futures contracts from government oversight. Wendy later joined the Houston-based company’s board, and in the following years her Enron salary and stock income brought between $915,000 and $1.8 million into the Gramm household.)

But the Enron loophole was small potatoes compared to the devastation that unregulated swaps would unleash. Credit default swaps are essentially insurance policies covering the losses on securities in the event of a default. Financial institutions buy them to protect themselves if an investment they hold goes south. It’s like bookies trading bets, with banks and hedge funds gambling on whether an investment (say, a pile of subprime mortgages bundled into a security) will succeed or fail. Because of the swap-related provisions of Gramm’s bill—which were supported by Fed chairman Alan Greenspan and Treasury secretary Larry Summers—a $62 trillion market (nearly four times the size of the entire US stock market) remained utterly unregulated, meaning no one made sure the banks and hedge funds had the assets to cover the losses they guaranteed.

In essence, Wall Street’s biggest players (which, thanks to Gramm’s earlier banking deregulation efforts, now incorporated everything from your checking account to your pension fund) ran a secret casino. “Tens of trillions of dollars of transactions were done in the dark,” says University of San Diego law professor Frank Partnoy, an expert on financial markets and derivatives. “No one had a picture of where the risks were flowing.” Betting on the risk of any given transaction became more important—and more lucrative—than the transactions themselves, Partnoy notes: “So there was more betting on the riskiest subprime mortgages than there were actual mortgages.” Banks and hedge funds, notes Michael Greenberger, who directed the cftc‘s division of trading and markets in the late 1990s, “were betting the subprimes would pay off and they would not need the capital to support their bets.”

These unregulated swaps have been at “the heart of the subprime meltdown,” says Greenberger. “I happen to think Gramm did not know what he was doing. I don’t think a member in Congress had read the 262-page bill or had thought of the cataclysm it would cause.” In 1998, Greenberger’s division at the cftc proposed applying regulations to the burgeoning derivatives market. But, he says, “all hell broke loose. The lobbyists for major commercial banks and investment banks and hedge funds went wild. They all wanted to be trading without the government looking over their shoulder.”

Now, belatedly, the feds are swooping in—but not to regulate the industry, only to bail it out, as they did in engineering the March takeover of investment banking giant Bear Stearns by JPMorgan Chase, fearing the firm’s collapse could trigger a dominoes-like crash of the entire credit derivatives market.

No one in Washington apologizes for anything, so it’s no surprise that Gramm has failed to issue any mea culpa. Post-Enron, says Greenberger, the senator even called him to say, “You’re going around saying this was my fault—and it’s not my fault. I didn’t intend this.”

Whether or not Gramm had bothered to ponder the potential downsides of his commodities legislation, having helped set off an industry free-for-all, he reaped the rewards. In 2003, he left the Senate to take a highly lucrative job at ubs, Switzerland’s largest bank, which had been able to acquire investment house PaineWebber due to his banking deregulation bill. He would soon be lobbying Congress, the Fed, and the Treasury Department for ubs on banking and mortgage matters. There was a moment of poetic justice when ubs became one of the subprime crisis’ top losers, writing down $37 billion as of this spring—an amount equal to its previous four years of profits combined. In a report explaining how it had managed to mess up so grandly, ubs noted that two-thirds of its losses were the fault of collateralized debt obligations—securities backed largely by subprime instruments—and that credit default swaps had been “key to the growth” of its out-of-control cdo business. (Gramm declined to comment for this article.)

===

As a huge documents leak turns a spotlight on the global tax evasion industry, a Swiss company in hot water for similar activity is responsible for the greatest amount of known foreign-connected money in U.S. elections so far this cycle.

News outlets brought together by the Washington, D.C.-based International Consortium of Investigative Journalists this week began publishing numerous reports, called the Panama Papers, linking the names of the world’s most rich and powerful individuals to secret shell companies in offshore tax havens. The journalists used as source material documents from “the biggest leak in whistleblower history,” according to Wired, which came from a Panamanian law firm that has for decades helped conceal vast amounts of wealth in tax shelters.

But ICIJ had been tracking tax evasion long before helping bring the Panama Papers to light, and in February wrote on the findings of an investigative report by the French newspaper Le Monde on UBS AG. The report showed the Swiss bank “knowingly helped French citizens hide their money from the taxman,” according to ICIJ.

Click here to <a rel="nofollow" target="_blank" href="http://opensecrets.us2.list-manage1.com/track/click?u=aa7cf182bf7041258bb250f9d&id=d92cfbfab2&e=44dfb36771" style=" -webkit-padding-start: 0px; margin: 0px; padding: 0px; outline: none; word-wrap: break-word; line-height: 22.5px; background: rgb(255, 255, 255);">read the full article</a>.

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The heavy-handed attack from lobbyists on the Intergovernmental Panel on Climate Change (IPCC) that arose during the 1990s presented a new risk: that the oilmen would become isolated from other leaders of industry.

As early as 1995, a deep divide began to open up between the chief executive officers and shareholders of major corporations in the United States and Britain who were anxious that their own operations and profits could be undermined by climate change.

The Delphi Group in London, a major investments advisor, published a landmark report that year, warning banks, insurers and institutional investors to immediately withdraw investments from oil and coal.

Mark Mansley, the report’s author, pointed out that “climate change presents major long-term risks to the carbon fuel industry [which] has not been adequately discounted by the financial markets.”

Major Threat

At the same time, Sven Hansen, vice-president of the Union Bank of Switzerland, spoke at a conference for finance capital: “Some of our clients are under major threat from climate change.”

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<span style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">UBS AG is a financial services company with offices in more than 50 countries. It is headquartered in Zurich, Switzerland, with its American investment banking operation headquartered in New York. The financial giant is the second largest European bank, though more than a third of its workforce is in the U.S.

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(255, 255, 255);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=U0000003358" style=" text-decoration: none; background-color: transparent;">Brinson, Gary P. & Suzann A.</a></td>

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(240, 240, 246);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=U0000003354" style=" text-decoration: none; background-color: transparent;">Ehrlich, Alexander S. & Cheryl</a></td>

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(255, 255, 255);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=Y0000046516" style=" text-decoration: none; background-color: transparent;">Gramm, Phil & Wendy L.</a></td>

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(240, 240, 246);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=U0000003352" style=" text-decoration: none; background-color: transparent;">Grano, Joseph J. Jr. & Kathleen J.</a></td>

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(255, 255, 255);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=U0000003357" style=" text-decoration: none; background-color: transparent;">Haskell, John H.F. Jr.</a></td>

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(240, 240, 246);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=U0000003365" style=" text-decoration: none; background-color: transparent;">Hobbs, Franklin W. & Linda B.R.</a></td>

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<td nowrap="" style=" padding: 4px; vertical-align: top; background-color: rgb(255, 255, 255);"><a href="http://www.opensecrets.org/orgs/topindivs.php?id=D000020995&display=SC&contribid=U0000003359" style=" text-decoration: none; background-color: transparent;">Wolf, Robert J. & Carol S.</a></td>

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---

2013-4

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<td>Thune, John (R-SD)</td>

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<td>Hensarling, Jeb (R-TX)</td>

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<td>Royce, Ed (R-CA)</td>

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<td>Cornyn, John (R-TX)</td>

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<td>Booker, Cory (D-NJ)</td>

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==

<span style=" font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: rgb(255, 255, 255);">The banking giant <span class="caps" style=" font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">UBS<span style=" font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: rgb(255, 255, 255);"> has agreed to pay a $885 million settlement <span style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: rgb(255, 255, 255);">for deceptively selling mortgage-backed securities to Fannie Mae and Freddie Mac. Under the terms of the deal, <span class="caps" style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">UBS<span style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: rgb(255, 255, 255);"> does not admit to any liability or wrongdoing and its executives will avoid charges. <span class="caps" style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">UBS<span style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: rgb(255, 255, 255);"> is among 18 banks pursued by the Federal Housing Finance Agency for dumping the toxic securities that helped cause the nation’s financial crisis. <span class="caps" style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">UBS<span style=" font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.6px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: rgb(255, 255, 255);"> previously paid a $1.5 billion fine for its role in the manipulation of Libor, the basis for rates on trillions of dollars in transactions across the globe.

cpr 2013 lobby finance real estate insurance:

Total number of lobbyists: 1,757

<tr>

<th class="data">Industry</th>

<th class="data">No. of Lobbyists</th>

</tr>

</thead><tbody>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F11&year=2013">Accountants</a></td>

</tr>

<tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F03&year=2013">Commercial Banks</a></td>

</tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F05&year=2013">Credit Unions</a></td>

</tr>

<tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F06&year=2013">Finance/Credit Companies</a></td>

</tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F09&year=2013">Insurance</a></td>

</tr>

<tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F13&year=2013">Misc Finance</a></td>

</tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F10&year=2013">Real Estate</a></td>

</tr>

<tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F04&year=2013">Savings & Loans</a></td>

</tr>

<td><a href="http://www.opensecrets.org/lobby/indusclient.php?id=F07&year=2013">Securities & Investment</a></td>

</tr>

</tbody></table>

===

cpr:

<div class="asset-body">Banking industry lobbyists helped members of the <a href="http://www.opensecrets.org/cmteprofiles/overview.php?cmteid=H05&cmte=HFIN&congno=112&chamber=H">House Financial Services Committee</a> craft a bill loosening regulators' oversight of various types of trading, with lobbyists from <a href="http://www.opensecrets.org/orgs/summary.php?id=D000000071&cycle=2012">Citibank</a> playing a large role in the process, according to a report in today's <a target="_blank" href="http://dealbook.nytimes.com/2013/05/23/banks-lobbyists-help-in-drafting-financial-bills/">New York Times</a>. Seventy-one of the 80 lines in a bill recently approved by the panel were written with the assistance of lobbyists for major banks, said the report, which is based on emails reviewed by the paper's reporters; two paragraphs were copied from the lobbyists nearly word-for-word.

According to Center for Responsive Politics data, in the first quarter of 2013, members of that committee received more than $1.3 million in donations to their campaigns and leadership PACs from the securities and investment industry and commercial banks.

</div>

<div>

The donations came from PACs representing the financial firms, individuals they employ and lobbyists who represent the firms. By far the largest source of cash from the two industries was the <a href="http://www.opensecrets.org/orgs/summary.php?id=D000000262">Investment Company Institute</a>, a trade association representing Wall Street firms. The ICI gave at least $129,000 to members of the House Financial Services Committee. Other trade groups representing banks and investment firms, including the <a href="http://www.opensecrets.org/orgs/summary.php?id=D000000087">American Bankers Association</a> and the <a href="http://www.opensecrets.org/orgs/summary.php?id=D000000261">Independent Community Bankers of America</a>, were also major contributors.

</div>

<div>Among individual corporations, <a href="http://www.opensecrets.org/orgs/summary.php?id=D000020995">UBS</a> was the top donor to the committee's members, contributing $88,000 so far this year.

The banking and securities and investment industries together contributed about the same amount overall to members of the committee in the first quarter of 2011 as in the first three months of 2013 -- roughly $1.3 million. But the commercial banking industry -- including Citigroup -- gave substantially more this time around, while the securities industry gave less.

Banking industry companies increased their contributions in 2013 to $640,286, from $497,169 in early 2011. Citigroup, in particular, jumped from $19,500 in donations to committee members to $39,500. UBS went from $64,250 to $88,000. Wells Fargo also opened its checkbook a little wider this year, giving $80,000, compared with $31,250 in 2011.

The ABA gave $90,750 in the first quarter of 2013, up from $58,650 in the comparable period in 2011.

Although the New York Times article cites a growing friendliness between the banking industry and congressional Democrats, the money going to the members of the committee this year overwhelmingly tilted towards Republicans. Seventy percent of the $1.3 million went to GOP lawmakers. Republicans control the House, and thus the committee, and it is not unusual to see the majority party pick up more cash from donors, regardless of the topic or committee.</div>

<div>

</div>

<div>The top recipient of cash from the two industries so far this year is Rep. <a href="http://www.opensecrets.org/politicians/summary.php?cid=N00024922&cycle=2012">Jeb Hensarling</a> (R-Texas), the chairman of the committee, who has picked up $140,400. The top Democrat on the committee, Rep. <a href="http://www.opensecrets.org/politicians/summary.php?cid=N00006690&cycle=2012">Maxine Waters</a> (D-Calif.), who has criticized the legislation in question, received only $6,000.</div>

<div>

<div>The bill, the <a target="_blank" href="http://www.govtrack.us/congress/bills/113/hr992">Swaps Regulatory Improvement Act</a> (H.R. 992), was sponsored by committee member <a href="http://www.opensecrets.org/politicians/summary.php?cid=N00031104&cycle=2012">Randy Hultgren</a> (R-Ill.), who has received $50,100 from commercial banks and the securities and investment industry, the majority of which came from individuals rather than PACs. One of his co-sponsors, who defended the legislation to the Times, is Rep. <a href="http://www.opensecrets.org/politicians/summary.php?cid=N00029070&cycle=2012">Jim Himes </a>(D-Conn.) who took in a similar amount from the two industries -- about $47,700.

</div>

<div>According to FEC records, Citigroup's PAC gave Hultgren's campaign committee $2,000. And it gave Himes' campaign $1,000 and his leadership PAC, <a href="http://www.opensecrets.org/pacs/lookup2.php?strID=C00494112">Jobs and Innovation Matter PAC</a> (JIM PAC) another $2,500. The donations to Hultgren, JIM PAC and a $5,000 donation to Hensarling's leadership PAC were all made on March 26.

The panel passed the bill this month despite objections from the Treasury Department. It awaits action in the full House

</div>

</div>

From Wikipedia, the free encyclopedia

</div>

<div class="dablink">For other uses, see <a href="http://en.wikipedia.org/wiki/UBS_%28disambiguation%29" title="UBS (disambiguation)">UBS (disambiguation)</a>.</div>

<tbody>

</tr>

<td class="category"><a href="http://en.wikipedia.org/wiki/Aktiengesellschaft" title="Aktiengesellschaft">Aktiengesellschaft</a> (<a href="http://en.wikipedia.org/wiki/Aktiengesellschaft" title="Aktiengesellschaft">AG</a>)

<a href="http://en.wikipedia.org/wiki/Public_company" title="Public company">Public company</a>

</td>

</tr>

<th scope="row" style=" text-align: left;"><a href="http://en.wikipedia.org/wiki/Ticker_symbol" title="Ticker symbol">Traded as</a></th>

</tr>

<th scope="row" style=" text-align: left;">Industry</th>

<td class="category">Banking

<a href="http://en.wikipedia.org/wiki/Financial_services" title="Financial services">Financial services</a></td>

</tr>

<th scope="row" style=" text-align: left;">Predecessor</th>

<td class=""><a href="http://en.wikipedia.org/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a> and <a href="http://en.wikipedia.org/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a> merged in 1998</td>

</tr>

<th scope="row" style=" text-align: left;">Founded</th>

</tr>

<th scope="row" style=" text-align: left;">Headquarters</th>

<td class="label"><a href="http://en.wikipedia.org/wiki/Z%C3%BCrich" title="Zürich" class="mw-redirect">Zürich</a> & <a href="http://en.wikipedia.org/wiki/Basel" title="Basel">Basel</a>, Switzerland</td>

</tr>

<th scope="row" style=" text-align: left;">Area served</th>

<td class="">Worldwide</td>

</tr>

<th scope="row" style=" text-align: left;">Key people</th>

<td class="agent"><a href="http://en.wikipedia.org/wiki/Kaspar_Villiger" title="Kaspar Villiger">Kaspar Villiger</a> (Chairman)

<a href="http://en.wikipedia.org/wiki/Sergio_Ermotti" title="Sergio Ermotti">Sergio Ermotti</a> (CEO)</td>

</tr>

<th scope="row" style=" text-align: left;">Products</th>

<td class=""><a href="http://en.wikipedia.org/wiki/Investment_Banking" title="Investment Banking" class="mw-redirect">Investment Banking</a>

<a href="http://en.wikipedia.org/wiki/Investment_Management" title="Investment Management" class="mw-redirect">Investment Management</a>

<a href="http://en.wikipedia.org/wiki/Wealth_Management" title="Wealth Management" class="mw-redirect">Wealth Management</a>

<a href="http://en.wikipedia.org/wiki/Private_Banking" title="Private Banking" class="mw-redirect">Private Banking</a>

<a href="http://en.wikipedia.org/wiki/Commercial_Bank" title="Commercial Bank" class="mw-redirect">Corporate Banking</a>

<a href="http://en.wikipedia.org/wiki/Private_Equity" title="Private Equity" class="mw-redirect">Private Equity</a>

<a href="http://en.wikipedia.org/wiki/Finance_and_Insurance" title="Finance and Insurance" class="mw-redirect">Finance and Insurance</a>

<a href="http://en.wikipedia.org/wiki/Retail_Banking" title="Retail Banking" class="mw-redirect">Consumer Banking</a>

<a href="http://en.wikipedia.org/wiki/Mortgage_loans" title="Mortgage loans" class="mw-redirect">Mortgages</a>

<a href="http://en.wikipedia.org/wiki/Credit_Cards" title="Credit Cards" class="mw-redirect">Credit Cards</a>

</td>

</tr>

<th scope="row" style=" text-align: left;">Revenue</th>

<td class=""><img src="/eed55071-4e55-5b1a-b51b-e4c9c910831b.png"/> US$47.529 billion (2010)<a href="http://en.wikipedia.org/wiki/UBS#cite_note-keyfigures-0">[1]</a></td>

</tr>

<th scope="row" style=" text-align: left;"><a href="http://en.wikipedia.org/wiki/Net_income" title="Net income">Net income</a></th>

<td class=""><img src="/53afdeb1-1ce8-5c50-8a7c-d24923f05a14.png"/> $8.007 billion (2010)<a href="http://en.wikipedia.org/wiki/UBS#cite_note-keyfigures-0">[1]</a></td>

</tr>

<th scope="row" style=" text-align: left;"><a href="http://en.wikipedia.org/wiki/Asset" title="Asset">Total assets</a></th>

<td class=""><img src="/a1450e66-b6df-5158-a254-c2fa130ab9c1.png"/> $1.400 trillion (2010)<a href="http://en.wikipedia.org/wiki/UBS#cite_note-keyfigures-0">[1]</a></td>

</tr>

<th scope="row" style=" text-align: left;"><a href="http://en.wikipedia.org/wiki/Equity_%28finance%29" title="Equity (finance)">Total equity</a></th>

<td class=""><img src="/11f79c41-3ba2-59a0-87d7-3e5e99bb7452.png"/> $49.765 billion (2010)<a href="http://en.wikipedia.org/wiki/UBS#cite_note-keyfigures-0">[1]</a></td>

</tr>

<th scope="row" style=" text-align: left;">Employees</th>

</tr>

<th scope="row" style=" text-align: left;">Website</th>

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UBS AG (<a href="http://en.wikipedia.org/wiki/SIX_Swiss_Exchange" title="SIX Swiss Exchange">SIX</a>: <a rel="nofollow" class="external text" href="http://www.six-swiss-exchange.com/search/quotes_en.html?security=UBSN">UBSN</a>, <a href="http://en.wikipedia.org/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>: <a rel="nofollow" class="external text" href="http://www.nyse.com/about/listed/quickquote.html?ticker=ubs">UBS</a>) is a Swiss global <a href="http://en.wikipedia.org/wiki/Financial_services" title="Financial services">financial services</a> company headquartered in <a href="http://en.wikipedia.org/wiki/Basel" title="Basel">Basel</a> and <a href="http://en.wikipedia.org/wiki/Z%C3%BCrich" title="Zürich" class="mw-redirect">Zürich</a>, Switzerland, which provides <a href="http://en.wikipedia.org/wiki/Investment_banking" title="Investment banking">investment banking</a>, <a href="http://en.wikipedia.org/wiki/Asset_management" title="Asset management">asset management</a>, and <a href="http://en.wikipedia.org/wiki/Wealth_management" title="Wealth management">wealth management</a> services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland. It operates in more than 40 countries and considered as the world's second largest manager of private wealth assets, with over <a href="http://en.wikipedia.org/wiki/Swiss_franc" title="Swiss franc">CHF</a> 2.2 trillion in invested assets.<a href="http://en.wikipedia.org/wiki/UBS#cite_note-1">[2]</a><a href="http://en.wikipedia.org/wiki/UBS#cite_note-ubs.com-2">[3]</a> UBS operates in all of the major financial centers worldwide with offices in over 50 countries and 64,000 employees around the world.<a href="http://en.wikipedia.org/wiki/UBS#cite_note-3">[4]</a> UBS traces its heritage to 1854 and it is the largest bank in Switzerland.

UBS was originally an abbreviation for the <a href="http://en.wikipedia.org/wiki/Union_Bank_of_Switzerland" title="Union Bank of Switzerland">Union Bank of Switzerland</a>, one of its predecessors; however, UBS ceased to be considered a representational abbreviation after its 1998 merger with <a href="http://en.wikipedia.org/wiki/Swiss_Bank_Corporation" title="Swiss Bank Corporation">Swiss Bank Corporation</a>.<a href="http://en.wikipedia.org/wiki/UBS#cite_note-IRFAQ-4">[5]</a>

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<h2>Contents</h2>

[<a href="http://en.wikipedia.org/wiki/UBS#" class="internal" id="togglelink">hide</a>] </div>

<ul>

<li class="toclevel-1 tocsection-1"><a href="http://en.wikipedia.org/wiki/UBS#Structure">1 Structure</a>

<ul>

<li class="toclevel-2 tocsection-2"><a href="http://en.wikipedia.org/wiki/UBS#UBS_Investment_Bank">1.1 UBS Investment Bank</a></li>

<li class="toclevel-2 tocsection-3"><a href="http://en.wikipedia.org/wiki/UBS#UBS_Global_Asset_Management">1.2 UBS Global Asset Management</a></li>

<li class="toclevel-2 tocsection-4"><a href="http://en.wikipedia.org/wiki/UBS#UBS_Wealth_Management">1.3 UBS Wealth Management</a></li>

<li class="toclevel-2 tocsection-5"><a href="http://en.wikipedia.org/wiki/UBS#UBS_Swiss_Bank">1.4 UBS Swiss Bank</a></li>

</ul>

</li>

<li class="toclevel-1 tocsection-6"><a href="http://en.wikipedia.org/wiki/UBS#History">2 History</a>

<ul>

<li class="toclevel-2 tocsection-7"><a href="http://en.wikipedia.org/wiki/UBS#Merger_of_Union_Bank_of_Switzerland_and_Swiss_Bank_Corporation">2.1 Merger of Union Bank of Switzerland and Swiss Bank Corporation</a></li>

<li class="toclevel-2 tocsection-8"><a href="http://en.wikipedia.org/wiki/UBS#Acquisition_of_Paine_Webber">2.2 Acquisition of Paine Webber</a></li>

<li class="toclevel-2 tocsection-9"><a href="http://en.wikipedia.org/wiki/UBS#Rising_in_the_league_tables_.282000.E2.80.932007.29">2.3 Rising in the league tables (2000–2007)</a></li>

<li class="toclevel-2 tocsection-10"><a href="http://en.wikipedia.org/wiki/UBS#Impact_of_the_financial_crisis_.282008.E2.80.932009.29">2.4 Impact of the financial crisis (2008–2009)</a></li>

<li class="toclevel-2 tocsection-11"><a href="http://en.wikipedia.org/wiki/UBS#U.S._tax_evasion_controversy">2.5 U.S. tax evasion controversy</a></li>

<li class="toclevel-2 tocsection-12"><a href="http://en.wikipedia.org/wiki/UBS#Re-establishment_.282009.E2.80.93current.29">2.6 Re-establishment (2009–current)</a></li>

<li class="toclevel-2 tocsection-13"><a href="http://en.wikipedia.org/wiki/UBS#2011_rogue_trader_scandal">2.7 2011 rogue trader scandal</a></li>

<li class="toclevel-2 tocsection-14"><a href="http://en.wikipedia.org/wiki/UBS#Acquisition_history">2.8 Acquisition history</a></li>

</ul>

</li>

<li class="toclevel-1 tocsection-15"><a href="http://en.wikipedia.org/wiki/UBS#Management">3 Management</a>

<ul>

<li class="toclevel-2 tocsection-16"><a href="http://en.wikipedia.org/wiki/UBS#Board_of_Directors">3.1 Board of Directors</a></li>

<li class="toclevel-2 tocsection-17"><a href="http://en.wikipedia.org/wiki/UBS#Group_Executive_Board">3.2 Group Executive Board</a></li>

</ul>

</li>

<li class="toclevel-1 tocsection-18"><a href="http://en.wikipedia.org/wiki/UBS#Sponsorship">4 Sponsorship</a>

<ul>

<li class="toclevel-2 tocsection-19"><a href="http://en.wikipedia.org/wiki/UBS#Sport">4.1 Sport</a></li>

<li class="toclevel-2 tocsection-20"><a href="http://en.wikipedia.org/wiki/UBS#Culture">4.2 Culture</a></li>

</ul>

</li>

<li class="toclevel-1 tocsection-21"><a href="http://en.wikipedia.org/wiki/UBS#References">5 References</a></li>

<li class="toclevel-1 tocsection-22"><a href="http://en.wikipedia.org/wiki/UBS#External_links">6 External links</a></li>

</ul>

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