UBS has its roots as a Swiss Bank, originating in 1862, when its first major branch, Bank in Winterthur, was established. However, the three core components of the company date back to the second half of the nineteenth century. Union Bank of Switzerland, Swiss Bank Corporation, and Paine Webber or their predecessors were all founded in the 1860s and 1870s. Modern UBS was formed through a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998.
The Swiss Bank Corporation was founded in 1854 as the Basel Bank Corporation and became a joint-stock company in 1872 that specialized in investment banking. In 1895 its name was changed to Basler und Zurcher Bankverein when it merged with the Zurcher Bankverein (Zurich Bank Corporation). At that time it also began commercial banking, which eventually became its principal activity. After absorbing two other Swiss banks in 1897(Basler Depositen-Bank and Schweizerische
Unionbank ), the bank adopted the name Swiss Bank Corporation (SBC).
By the 1990s, the Union Bank of Switzerland and the Swiss Bank Corporation had become respectively the first and third largest banks in Switzerland, but increasing competition from American financial institutions prompted the two banks to merge in 1998. The resulting United Bank of Switzerland became one of the largest banks in the world. The bank’s principal activities include commercial banking, investment banking, and money management. Swiss Bank acquired S.G. Warburg, a financial services company, in 1995, and UBS purchased PaineWebber, a securities firm, in 2000 and both subsidiaries assumed the UBS name in 2003.
On November 3, 2000, UBS merged with Paine Webber, an American stock brokerage and asset management firm. A...
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...f the renewal plan is management processes should include regular reviews of business activities and UBS's portfolio risks. The CEO and heads of the business units will now ensure that comprehensive risk reviews are preformed at regular intervals. These reviews will make sure that changes in market condition, portfolio compositions, and risk concentration are all accounted for. The last objective of the new strategy is to make sure investment decisions are better organized to improve supervision of compliance with internal bank priorities, financing activities, and the implementation of "change the bank" initiatives. To do this, new leadership subjected the priorities and activities of all business units and organizational structures to a thorough examination and realignment. Its main objective being to create a new UBS capable of sustained high performance.
When brothers Sidney and Stanley Goldstein partnered with Ralph Hoagland in Lowell Massachusetts in 1963, they were unaware of the nationwide impact that CVS would have on the retail drug industry today. Just six years after establishment, Goldstein and Hoagland sold to Melville Corporation and began acquiring companies including Revco, Prescription Health Services, People’s Drug and Eckerd Health Services. This led to an increase in sales reaching one billion dollars in 1985 as well set the bar for all pharmaceutical companies within the United States.
In the year of 2005, the companies eventually found a way to make it easier for the companies to combine without having any major issues or problems. Unfortunately, around the year of 20010 the merging com...
The company faces intense competition for the clients that it serves and the products and services it offers. There has been significant consolidation as financial institutions with which the company competes have been acquired by or merged into or acquired other firms. For instance, in November 2010, The Charles Schwab Corporation acquired Windward Investment Management, Inc. for $150 million in cash and stock. In June 2009, TD Ameritrade completed the acquisition of thinkorswim Group Inc. thinkorswim is among the fastest growing online brokerage firms and has unique trading and investor education capabilities, particularly for the fastest growing segment of the industry-options trading. So, this acquisition underscores TD AMERITRADE's position as a successful industry consolidator. Consolidation in discount brokerage industry is creating larger rivals to compete with.
Throughout its 200-year history, the Bank of New York has been involved in many mergers and acquisitions. Through mergers with the New York Life Insurance & Trust Company, The...
WHEN: They were founded in 1949, but the Hermens actually started the company in 1897
The financial Panic of 1873 was sparked on September 18, 1873 by a single meeting with an employee of the Investment Bank of Jay Cooke & Company and two outside bankers. It was just a routine meeting at the bank to raise $1 million of capital. Jay Cooke, the principal, was on vacation with President Grant while the meeting took place. The other two bankers declined to invest money with Jay Cooke & Company. This then led to the employee deciding himself to close the bank. Panic seized Wall Street.
It was establish to insure people's bank account to prevent the disastrous outcomes of bank failures as the one happened in 1929. In addition, it has restored confidence in the banking system and people. As well as, the building of a firm platform for the country's economy. This corporation was set after a series of bank failure after the Market Crash (Biles 226). In response, President Roosevelt has instituted "bank holiday" where all banks have closed, inspected, and regulated by the government. If a bank restores a well-financial status, the bank would re-open. The Treasury Department has funded and aided those banks to get back on their knees. After that, the FDIC was passed in order to assure people that if a bank go through any kind of a crisis, the federal government would guarantee people up to five thousand dollars in their account. The FDIC has established the modern banking
The purpose of this paper is to attempt to recompile information about the merger of two corporations; one of many taking places i...
Wells Fargo improved greatly through the years after it was established on March 18th, 1852 by Henry Wells and William Fargo. In 1855, three years after Wells Fargo was established, the company translated into all different languages to serve all equally. In 1858,
The Boeing Company originally started out as the Pacific Aero Products Co., which was founded on July 15, 1916. The name was changed about a year later to The Boeing Airplane Company. The Boeing Company stayed relatively small until World War I when they were selected by Navy officials to produce an order for 50 model C's planes for the war efforts. The company continued to prosper and by the late 1950s, Boeing President William Allen knew that the company had the scientists, the experience and the facilities to lead the company into uncharted territories. He was right, Boeing has emerged as the leading aerospace company in the world today.
United Airlines is one of the largest airlines in the United States and worldwide. Also, it is ranked as the oldest commercial airline that was founded by Walter Varney. United Airlines started as an Air Mail Service and then extended its services to be an Air Carrier. In 1927, William Boeing started his own airline, Boeing Air Transport, and started buying any other air mail companies, which included the Varney’s Air Mail Company. After a while, Boeing started manufacturing aircraft and parts, which allowed him to extend his company to a bigger organization. Also, within Boeing’s company, he bought several airports to expand his organization. In 1929, Boeing’s company has changed its name to be United Aircraft and Transport Corp. (UATC).
The objective of paying our employees is to increase employee satisfaction and loyalty. Northwestern sends too much on recruiting and education to see a majority of its employee leave before they are able to have a full career as a financial advisor. By paying their employees northwestern is able increase employee productivity, increase the employee’s lifespan at the company, which will increase the number of clients northwestern will have as well.
The bank failures happened around 1920s to 1933. After hearing the news, everyone tried their best to withdraw all their money from their banks. Many wealthy people also tried to pull out their investment assets out of the economy. The total amount of the money lost was $140 billion, which is the money that people had deposited in their accounts (Facts About The Great Depression | Facts About Bank Failures). Bankruptcies were also becoming more common after the failures. Not only banks that got bankrupted, but around 32,000 businesses also went bankrupted and they closed down their stores (The Great Depression). Later on in time, Federal Deposit Insurance Corporation (FDIC) was created. FDIC is actually a U.S financial system by insuring deposits in banks and thrift institutions for at least $250,000. (Federal Deposit Insurance Corporation). This system actually helped thousands of bank failures that happened from 1920s and early
The Bank of America, the second largest bank holding company in the United States by assets after JP Morgan Chase (Forbes, 2013) was originally founded in 1904 as the Bank of Italy. The Bank of America is now a multinational and financial services corporations with its headquarters located in Charlotte, North Carolina. In 1998 North Carolina National Bank started a series of acquisitions of several banks (including the Bank of America in 1998). The newly-merged bank took the name Bank of America and maintained its headquarters in Charlotte, North Carolina (Bank of America: Our Heritage, 2014). In the 2000s. Bank of America continued to expand with the acquisition of FleetBoston (2004), MBNA (2006), investment management company U.S. Trust (2007), mortgage company Countrywide (2008), and Merryl Lynch in 2009 (Gupta & Herman, 2012).
One example would be Bank of America (BofA), the bank that I currently bank with. BofA has begun operations of combining ...