UBS Financial Services Inc.

UBS Group AG

UBS headquarters in Zürich, Switzerland
Type	Aktiengesellschaft (AG) Public company
Traded as	SIX: UBSG SIX: UBSN : UBS
Industry	Investment banking financial services
Predecessor	Union Bank of Switzerland Swiss Bank Corporation
Founded	April 1862; 156 years ago (1862-04) As Bank in Winterthur
Headquarters	Bahnhofstrasse 45 Zürich, Switzerland 8001
Area served	International service
Key people	Axel A. Weber (Chairman) Sergio Ermotti (CEO)
Products	Mergers and acquisitions investment management wealth management private banking corporate banking private equity finance and insurance retail banking mortgages credit cards
Operating income	CHF 7.698 billion (2018)
Total assets	CHF 919.361 billion (2018)
Total equity	CHF 51.243 billion (2018)
Number of employees	62,537 (2018)
Capital ratio	13.1% (2018)
Rating	Standard & Poor's: A+ Moody's: Aa3 Fitch Ratings: AA-
Website	UBS.com
Footnotes / references UBS Institutional Reporting as of: Q1 2018

UBS Group AG (/ˌjuːˈ beɪ s ɑːɡeɪ/) 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 centers as the largest Swiss banking institution in the world. UBS client services are known for their strict bank–client confidentiality and banking secrecy standards.

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 grew rapidly aided by Switzerland's international neutrality. The Bank of Winterthur merged with Toggenburger Bank in 1912 to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. After decades of market competition between the SBC and UBS, the two merged in 1998 to create a single company known solely as "UBS". During the early 2000s, the commensurate rise of UBS and Credit Suisse established a legally-sanctioned oligopoly on Swiss private market activity. After UBS managed heavy losses during the 2008 financial crisis with an asset relief recovery program, it was hit with the 2011 rogue trader scandal resulting in a US$2 billion trading loss. In 2012 the bank reoriented itself around wealth management and limited its sell side operations.