Home > Terms > English, UK (UE) > UBS AG
UBS AG
One of Switzerland's big banks, created in 1998 from the merger of Union Bank of Switzerland (also UBS) and Swiss Bank Corporation (SBC).It is now a global financial services company with headquarters in both Basel and Zurich.It provides investment banking as well as asset and wealth management services and operates in more than 50 countries. It is also considered the world's second largest manager of private wealth assets.
However in October 2012 it announced a planned %16 cut to its current workforce of 64,000 employees worldwide.This follows the loss of 39bn Swiss Francs during the global financial crisis which was the largest of any European banck at the time, and a further 2bn in 2011 due to the alleged illegal trading activities of a former employee, Kweku Adoboli, who as of October 2012 is still on trial.The job-cuts arrive amid UBS plans to reduce focus on its riskier trading business.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Banking
- Category: Investment banking
- Company: UBS
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Atacama Large Millimeter/submillimeter Array (ALMA)
A space observation system that consists in an array of large 40-foot (12-meter) radio telescopes installed in the Atacama desert of northern Chile. ...
Contributor
Featured blossaries
Browers Terms By Category
- ISO standards(4935)
- Six Sigma(581)
- Capability maturity model integration(216)
Quality management(5732) Terms
- American culture(1308)
- Popular culture(211)
- General culture(150)
- People(80)
Culture(1749) Terms
- Medicine(68317)
- Cancer treatment(5553)
- Diseases(4078)
- Genetic disorders(1982)
- Managed care(1521)
- Optometry(1202)
Health care(89875) Terms
- Gardening(1753)
- Outdoor decorations(23)
- Patio & lawn(6)
- Gardening devices(6)
- BBQ(1)
- Gardening supplies(1)
Garden(1790) Terms
- Film titles(41)
- Film studies(26)
- Filmmaking(17)
- Film types(13)