UBS

About UBS

Switzerlands largest bank, formed through the 1998 merger of Union Bank of Switzerland and Swiss Bank Corporation. UBS pioneered wealth management for ultra rich clients. The bank suffered massive losses in the 2008 crisis from subprime mortgage holdings and required a Swiss government bailout. UBS paid 780 million in 2009 to settle US charges of helping Americans evade taxes. The US investigation forced UBS to disclose thousands of client names, ending Swiss banking secrecy. UBS acquired Credit Suisse in an emergency rescue in March 2023 after Credit Suisses collapse. The combined bank manages over 5 trillion in assets, making it one of the largest wealth managers globally.