Last Updated:

2024-03-28 08:08:52

UBS Group AG

Swiss multinational investment bank

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Swiss multinational investment bank

UBS Group AG, headquartered in Zürich, is the largest Swiss banking institution and the world's largest private bank. It offers wealth management, asset management, and investment banking services globally. UBS manages the largest amount of private wealth worldwide and is considered a global systemically important bank.

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1747

Bank Ragazzi Founded

Bank Ragazzi was established in 1747.

1783

Bonnet, Bourdillon & Ferrier Founded

Bonnet, Bourdillon & Ferrier was founded in 1783.

1785

Felix Battier & Ehinger Basel Founded

Felix Battier & Ehinger Basel was established in 1785.

1786

Mullens & Co. Founded

Mullens & Co. was founded in 1786.

1790

Chr. de Mathias Ehinger Founded

Chr. de Mathias Ehinger was founded in 1790.

1795

Ferrier, Darrier & Cie. Founded

Ferrier, Darrier & Cie. was established in 1795.

1803

Banque Bugnion & Cie. Founded

Banque Bugnion & Cie. was established in 1803.

1805

Ferrier & Cie. Founded

Ferrier & Cie. was founded in 1805.

1806

Bischoff zu St. Alban Founded

Bischoff zu St. Alban was established in 1806.

1809

Zahn & Cie. Founded

Zahn & Cie. was founded in 1809.

1810

Ehinger & Cie. Founded

Ehinger & Cie. was established in 1810.

1818

Ersparniskasse Urnäsch Founded

Ersparniskasse Urnäsch was founded in 1818.

1850

Establishment of UBS

UBS was established in 1850 and has a history of 160 years, starting from its Swiss roots and expanding globally.

1858

Founding of UBS Group AG

UBS Group AG was founded in 1858, focusing on customer proximity and banking expertise.

1862

Foundation of Bank in Winterthur

UBS traces its history back to 1862 when Bank in Winterthur, the forerunner of Union Bank of Switzerland, was founded.

1871

Formation of Basler Bankverein

In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein, a joint-stock company replacing the original Bankverein consortium.

1912

Formation of Union Bank of Switzerland (UBS)

The Union Bank of Switzerland was established in 1912 through the merger of Bank in Winterthur and Toggenburger Bank. It focused on providing financing for industry and individual customers.

1917

Construction of UBS Headquarters in Zurich

In 1917, UBS completed the construction of its new headquarters in Zurich on Bahnhofstrasse, known as the Wall Street of Switzerland.

1921

Change of Name to Union Bank of Switzerland (UBS)

In 1921, the company changed its name to Union Bank of Switzerland (UBS) to reflect its French name, Union de Banques Suisses. It was previously traded under the English name Swiss Banking Association.

1934

Banking Law of 1934

In 1934, Switzerland passed the Federal Act on Banks and Savings Banks, also known as the 'Banking Law of 1934', to protect and secure banks within its borders by prohibiting the distribution and release of client information to third parties.

1937

Establishment of Intrag AG

In 1937, UBS established Intrag AG, an asset management business responsible for investment trusts, including mutual funds.

1997-12-08

Merger of Union Bank of Switzerland and Swiss Bank Corporation

Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger, creating UBS AG, the largest bank with total assets of more than US$590 billion. The merger resulted in the formation of the second largest bank in the world at that time.

1998-08

Settlement for Holocaust Victims

In August 1998, a settlement totaling US$1.25 billion was reached after a US$2.56 billion lawsuit was filed against UBS and other Swiss banks on behalf of Jewish victims of the Holocaust, following revelations about destroyed documents and hidden assets.

2000-11-03

Merger of UBS and Paine Webber

UBS merged with Paine Webber, an American stock brokerage and asset management firm, becoming the top wealth and asset management firm in the world. The acquisition led to the retirement of the Paine Webber brand and the integration under the unified UBS name.

2001

Ken Moelis joins UBS from Donaldson Lufkin & Jenrette

Ken Moelis, a former Drexel Burnham Lambert investment banker, joined UBS in 2001 from Donaldson Lufkin & Jenrette. He played a significant role in the build-out of UBS's investment banking operation in the United States.

2002

Expansion of UBS Trading Floor

In 2002, UBS expanded its trading floor to cover 9,600-square-metre with 12-metre arched ceilings, where over US$1 trillion in assets are traded every trading day.

2003-06-09

Rebranding of UBS Business Groups

Starting on 9 June 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under the UBS moniker as a unified global entity.

2004

UBS fined $100 million by the FED for trading with sanctioned countries

In 2004, UBS was fined $100 million by the Federal Reserve for engaging in trading activities with Iran and other countries under sanctions.

2006

UBS sets up a joint venture in China

In 2006, UBS established a joint venture in China known as UBS Securities, China branch, expanding its presence in the Asian market.

2007-03

Ken Moelis leaves UBS and founds Moelis & Company

In March 2007, Ken Moelis announced his departure from UBS and went on to establish his own business, Moelis & Company, taking a team of senior UBS investment bankers with him.

2008-04

UBS announces $19 billion write-down

In April 2008, UBS announced a further write-down of $19 billion in investments related to subprime and other mortgage assets, leading to total losses exceeding $37 billion. To address the losses, UBS initiated a CHF 15 billion rights offering and cut dividends to protect its capital ratio.

2008-10

Swiss Government Stake in UBS

In October 2008, the Swiss government took a 9 percent stake in UBS and provided 6 billion Swiss francs in capital due to UBS's significant financial losses from American subprime mortgage debt during the financial crisis of 2007–08.

2008-11

UBS transfers illiquid securities to separate fund entity

In November 2008, UBS reached an agreement with the Swiss National Bank to transfer around US$60 billion of illiquid securities and assets to a separate fund entity. UBS also injected US$6 billion into a new 'bad bank' entity to manage these assets.

2009-02

UBS reports record loss of CHF 20 billion in 2008

In February 2009, UBS announced a staggering loss of nearly CHF 20 billion in 2008, marking the largest single-year loss in Swiss corporate history. This loss was attributed to the ongoing financial crisis and significant write-downs.

2009-04

UBS sells UBS Pactual and announces job cuts

In April 2009, UBS agreed to sell its Brazilian financial services business, UBS Pactual, for approximately US$2.5 billion. The same month, UBS announced the resignation of Jerker Johansson, head of the investment bank division, and planned job cuts of 8,700 positions.

2010-10-26

UBS Private Bank Net New Funds Record

On 26 October 2010, UBS's private bank recorded net new funds of CHF 900 million during the third quarter, a significant improvement from the previous quarter.

2011-08-23

UBS Job Cuts Announcement

On 23 August 2011, UBS announced the further cutting of 3,500 positions to improve operating efficiency and save CHF 1.5 to CHF 2 billion a year, following the elimination of almost 5,000 jobs.

2011-09-15

UBS Unauthorized Trading Loss

On 15 September 2011, UBS discovered a massive loss due to unauthorized trading by Kweku Adoboli, resulting in actual losses of US$2.3 billion and the resignation of the chief executive.

2012-10-30

UBS announces 10,000 job cuts worldwide

On October 30, 2012, UBS revealed plans to reduce its workforce by 10,000 employees globally, with a significant portion in Switzerland, the United States, and Great Britain. This restructuring aimed to streamline its investment banking operations and focus on core strengths.

2012-12-19

UBS fined $1.5 billion for Libor scandal

In December 2012, UBS faced a $1.5 billion fine for its involvement in the Libor scandal, accused of manipulating benchmark interest rates. This penalty highlighted the regulatory scrutiny and repercussions faced by the bank.

2013-05

Switzerland Amends Banking Secrecy Laws

In May 2013, Switzerland announced amendments to banking secrecy laws applicable to UBS Switzerland AG to allow the disclosure of hidden client accounts to investigative authorities, aiming to curb the usage of hidden services by foreign account holders.

2013-07

Establishment of Gold Storage Facility in Singapore

In July 2013, UBS established a gold storage facility and depository in Singapore to cater to high net worth clients in the Hong Kong, China, and Malaysia markets, offering high levels of secrecy and safety for their assets.

2014-01-06

UBS becomes largest private banker in the world

By January 6, 2014, UBS had achieved the status of the largest private banker globally, managing assets worth $1.7 trillion. This milestone underscored UBS's prominent position in the financial industry.

2015-01-14

Delisting of UBS AG Shares

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.

2016-08

UBS collaboration for Utility Settlement Coin (USC)

In August 2016, UBS partnered with other institutions to promote the Utility Settlement Coin (USC), a blockchain-based digital currency for securities transactions.

2017

UBS Named 'Best Domestic Cash Manager Switzerland' by Euromoney

In 2017, UBS was recognized as the 'Best Domestic Cash Manager Switzerland' by the international financial magazine Euromoney.

2018-01

UBS partners with IBM to launch Batavia blockchain platform

In January 2018, UBS collaborated with IBM to launch the Batavia blockchain trade finance platform. This strategic partnership aimed to enhance trade finance processes and leverage blockchain technology for efficiency.

2019-10

UBS joining UN's Global Investors for Sustainable Development Alliance

In October 2019, UBS became part of UN's Global Investors for Sustainable Development Alliance, committing to raise impact investments for social and environmental causes.

2021-04

UBS reports loss from Archegos Capital Management collapse

In April 2021, UBS disclosed a $774 million loss resulting from the collapse of US investment fund Archegos Capital Management. This event highlighted the financial risks and challenges faced by UBS in the investment landscape.

2021-07

UBS allows flextime and remote work during COVID-19 pandemic

Amid the COVID-19 pandemic in July 2021, UBS announced its decision to continue offering flextime and remote work options for employees, emphasizing productivity. This stance differentiated UBS from competitors and reflected its adaptability to changing work environments.

2022-01

UBS agrees to acquire Wealthfront for $1.4 billion

In January 2022, UBS made a strategic move to acquire Wealthfront for $1.4 billion, aiming to bolster its presence in the US market. This acquisition signaled UBS's commitment to expanding its wealth management offerings.

2022-09

Mutual termination of UBS's acquisition of Wealthfront

In September 2022, UBS and Wealthfront mutually terminated their acquisition agreement, opting for a $69.7 million convertible note instead. This decision marked a shift in the initial acquisition plan and highlighted the evolving strategies of both companies.

2023-03-29

Sergio Ermotti returns as UBS CEO

On 29 March 2023, it was announced that Sergio Ermotti would return as UBS's chief executive officer, replacing Ralph Hamers after just over two years in charge.

2023-06-12

UBS completes acquisition of Credit Suisse

UBS completed the acquisition of Credit Suisse on 12 June 2023.

2023-06-28

UBS plans layoffs at Credit Suisse

On 28 June 2023, UBS announced plans to lay off more than half of Credit Suisse's employees, with a focus on traders and support staff in London, New York, and some Asian divisions.

2023-12-31

UBS Group AG Consolidated Key Figures

On December 31, 2023, UBS Group AG released its consolidated key figures, providing a snapshot of its financial performance and position at the end of the year.

2024-03-15

UBS Group AG Stock Reaches All-Time High Closing Price

On March 15, 2024, UBS Group AG stock reached its all-time high closing price of 31.93.

2024-03-25

UBS Group AG Stock Price

UBS Group AG stock reached $31.50 on March 25, 2024, with a trading volume of 2,798,900 shares.

2024-03-26

UBS Group AG Stock Price

On March 26, 2024, UBS Group AG stock closed at $31.15 with a trading volume of 1,553,800 shares.

2024-03-27

UBS Group AG Stock Price

The closing price of UBS Group AG stock on March 27, 2024 was $31.40 with a trading volume of 3,203,700 shares.