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UBS Group AG [nb 1] is a multinational investment bank and financial services company founded and based in Switzerland.Headquartered simultaneously in Zürich and Basel, [9] it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world.
UBS "Gold Key" used to access an account number known only to the bearer. Decades after the war, it was demonstrated that Union Bank of Switzerland likely took active roles in trading stolen gold, securities and other assets during World War II.
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The combined UBS logo incorporated UBS's name with SBC's "three keys" symbol. On December 8, 1997, Union Bank of Switzerland and SBC announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively, both trailing Credit Suisse . [ 37 ]
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 .
Swiss banking giant UBS finally reached a deal today with the Internal Revenue Service to turn over the names of more than 4,000 U.S. citizens: allegedly, the worst offenders in tax-evasion ...
When Swiss financial giant UBS admitted it conspired to help U.S. citizens avoid paying taxes by letting them stash their fortunes in secret bank accounts, prosecutors hailed it as a victory for ...
UBS—the final bank prosecuted for its role in the 2008 global financial crisis—is paying $1.4 billion to stop the case going to trial. Chloe Taylor. August 15, 2023 at 11:31 AM.