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About UBS

UBS AG (NYSE: UBS; SWX:UBSN; TYO: 8657 ) is a financial services company, headquartered in Basel and Zürich, Switzerland. It also has a major presence in the New York metropolitan area with a large volume of offices located in Manhattan, Jersey City, New Jersey, Weehawken, New Jersey, and Stamford, Connecticut. It is a private banking, investment banking and securities firm. It is also a global asset manager and does retail and commercial banking in Switzerland. UBS has invested assets of 2.766 trillion Swiss francs (CHF), shareholders' equity of 47.850 billion CHF and market capitalization of 150.663 billion CHF. UBS AG is the world's largest wealth manager[citation needed].

The AG in the company's name means Aktiengesellschaft, a type of publicly-traded company in Switzerland and other German-speaking countries.

History

UBS was formed through a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998. The first chairman of the merged bank had to step back in October 1998 due to the Long-Term Capital Management crisis, which affected the Union Bank of Switzerland. UBS is no longer an acronym but is the company's brand, like 3M or BP. In 2000 it acquired PaineWebber Group Inc. to become the world's largest wealth management firm for private clients. Invested assets in all wealth management businesses, including the U.S., total CHF 2.766 trillion.

UBS is present in all major financial centers worldwide, with offices in 50 countries. According to the UBS website, the bank had 70,210 employees on March 31, 2006. The 2006 Q1 report breaks these Financial Business permanent staff down by region as: 25,645 in Switzerland, 27,356 in the Americas, 11,341 in Europe, the Middle East and Africa (not including Switzerland), and 5,868 in Asia and Australasia.

 

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