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A UBS retail bank for private wealth management in St. Gallen, Switzerland. On 30 October 2012, UBS announced that it was cutting 10,000 jobs worldwide in an effort to slim down its investment banking operations, of which 2,500 would be in Switzerland, followed by the United States and Great Britain. This 15-percent staff cut would make overall ...
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
The bank provides personal financial services, commercial banking, private banking and asset management services, as well as corporate finance, venture capital and insurance services. It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. [8]
The accounts do not generate as much revenue as traditional private banking, but given the number of customers, can provide sizeable revenue to the bank. In 2016, Credit Suisse and UBS replaced the phrase "private banking" with "wealth management"; private banking has faced reputational risk as an area for tax avoidance or even tax evasion. [9]
UBS suffered among the largest losses of any European bank during the subprime mortgage crisis and the bank was required to raise large amounts of outside capital from the Government of Singapore Investment Corporation, [53] the Swiss government [54] and through a series of equity offerings in 2008 and 2009.
Singapore's home ministry said on Friday that it will introduce a law in coming months to grant police the power to temporarily restrict the banking transactions of targets of scams who refuse to ...
The bank gained clients and grew rapidly in the 1960s and 1970s. In the early 1970s, S. G. Warburg entered into a U.S. joint venture with Paris-based Paribas (Banque de Paris et des Pays-Bas, prior to the bank's nationalisation in 1982) named Mercury Securities.
In addition to these bank acquisitions, UBS also acquired an 80% stake in Argor SA, a Swiss precious metal refinery founded in 1951, through whom they started to issue UBS branded gold bars. In 1973, the bank increased the stake to full 100% ownership only to withdraw by 1999 with ownership of the refinery changing to Hereaus & Management.