UBS

Bank in Winterthur, founded in 1862, is a principal predecessor. Another lineage developed from Basler Bankverein, established in 1872, through mergers and renaming into Swiss Bank Corporation. These roots predate today’s holding company.⁠[3][2]

In 1912, Bank in Winterthur and Toggenburger Bank merged into Union Bank of Switzerland, one of the two banks that formed modern UBS in 1998.⁠[3]

Swiss Bank Corporation began its Art BaselArt BaselArt Basel is a Swiss-founded modern and contemporary art fair brand within MCH Group, with fairs in Basel, Miami Beach, Hong Kong, Paris and Doha, alongside market research and public programs.Open the full entry partnership in 1994; UBS subsequently continued the relationship.⁠[4]

Union Bank of Switzerland and Swiss Bank Corporation completed their merger into UBS AG on June 29, 1998, following a December 1997 announcement.⁠[4]

UBS listed on the New York Stock Exchange on May 16, 2000, and acquired US wealth manager PaineWebber that year.⁠[4]

In October 2008, Swiss authorities supported UBS through CHF 6 billion in mandatory convertible notes and an SNB stabilization fund for illiquid assets. The central bank’s subsequent account recorded USD 38.7 billion actually transferred, distinct from the initial maximum facility.⁠[5]

On February 18, 2009, UBS entered a deferred prosecution agreement, acknowledging assistance to US taxpayers hiding accounts. It agreed to disclose certain customer records, leave the undeclared-account business and pay USD 780 million covering penalties, interest and restitution.⁠[6]

UBS identifies 2011 as a further turning point toward global wealth management and Swiss universal banking, supported by asset management and a simpler, less capital-intensive investment bank.⁠[7]

Unauthorized trading by London trader Kweku Adoboli caused approximately USD 2.3 billion in losses discovered in September 2011. In November 2012, the FSA fined UBS GBP 29.7 million for failures in supervision, controls and risk escalation. Adoboli was separately convicted of two fraud counts that month.⁠[8]

In December 2012, UBS Securities Japan pleaded guilty to wire fraud involving yen LIBOR, while UBS AG entered a non-prosecution agreement. The DOJ reported combined US, UK and Swiss criminal and regulatory payments exceeding USD 1.5 billion.⁠[9]

UBS repaid the stabilization fund’s SNB loan in August 2013 and signed its repurchase agreement on November 7. The SNB reported a USD 3.762 billion purchase price; that payment was not a measure of the total return on all public support.⁠[5]

UBS Group AG was incorporated on June 10, 2014, becoming the group’s holding company that year. Its shares trade on SIX and the NYSE, with UBS AG as a wholly owned subsidiary.⁠[2]

In 2015, the DOJ found UBS had breached its 2012 agreement, including through subsequent foreign-exchange misconduct. UBS AG pleaded guilty to wire fraud in the LIBOR matter and, in January 2017, received a USD 203 million fine and three years’ probation. This was not an FX-conspiracy conviction.⁠[10][11]

In 2017, Art Basel and UBS began jointly publishing Clare McAndrewClare McAndrewClare McAndrew is a cultural economist and founder of Arts Economics. She wrote The Art Economy and edited Fine Art and High Finance. Her research for organizations including TEFAF, Art Basel and UBS covers art trading, collecting, investment risk and cultural policy.Open the full entry’s annual art-market report, extending their partnership into research.⁠[4]

In 2019, UBS formed a wealth-management partnership with Sumitomo Mitsui Trust and agreed an investment-banking venture with Banco do Brasil. These were milestones in international expansion; the historical account alone does not establish that all original terms remain current.⁠[7]

On March 19, 2023, UBS announced an all-share acquisition of Credit Suisse valued at CHF 3 billion. Swiss financial authorities had initiated the negotiations. FINMA confirmed legal completion on June 12 and continued supervising integration and risk reduction.⁠[12][13]

In August 2023, UBS agreed to pay USD 1.435 billion to resolve a DOJ civil case concerning mortgage-backed securities issued in 2006–2007. The government alleged misleading statements about loan quality and expressly stated that the settlement involved allegations without a determination of liability.⁠[14]

Credit Suisse AG merged into UBS AG on May 31, 2024, followed by Credit Suisse (Schweiz) AG into UBS Switzerland AG on July 1. These legal mergers preceded further customer and system migrations; they did not mark completion of all integration work.⁠[15][16]

In April 2026, the Federal Council proposed fully backing foreign-subsidiary carrying values with CET1 capital to protect parent banks against crisis losses. The Banking Act proposal required parliamentary consideration; separately adopted Capital Adequacy Ordinance changes were scheduled for 2027.⁠[17]

UBS reported Q2 2026 net profit of USD 2.8 billion, bringing the first-half total to USD 5.8 billion, and a 14.4% CET1 ratio. It described integration as on track for year-end: 90% of legacy applications were no longer used and 70% decommissioned. Client migration was distinct from full integration.⁠[18]

On September 23, the Council of States approved 90% CET1 backing for foreign subsidiaries, by 33–10 with two abstentions; the National Council still had to consider it. UBS opposed the proposal, estimating approximately USD 16 billion of additional capital at UBS AG if enacted. This was the bank’s estimate, not a realized loss.⁠[19][20]

On October 8, UBS and Art Basel released the Survey of Global Collecting 2026 by Clare McAndrew. Among surveyed wealthy collectors, Gen Z’s average fine-art spending exceeded twice that of every older generation in both 2025 and H1 2026.⁠[21]

The survey covered 3,100 active wealthy collectors in ten markets, with Gen Z aged 20–29. About 1% bought a single work for over USD 1 million; Gen Z made up nearly half of that small buyer group. This does not mean half of young people bought million-dollar art or that the sample represents the population.⁠[22]

Global Wealth Management serves individuals and families; Personal & Corporate Banking focuses on Switzerland; Asset Management supplies investment solutions; and the Investment Bank provides advisory, research and market services. Group Functions supports risk, finance, legal and technology operations.⁠[1]

At this review, Colm Kelleher chairs UBS and Sergio P. Ermotti is Group CEO. The Swiss-headquartered group remains focused on Credit Suisse integration and capital-regulation reform, with targets and pending proposals distinguished from completed outcomes.⁠[23][18][2][20]