UBS Virtual Museum
2011-2023
2011
Lasting transformation at UBS
The first sign of the turnaround after the financial crisis came in the fourth quarter of 2009: UBS was in profit again and had reduced its balance sheet total and risk positions by 50% compared with 2007. With its stronger capital base, it satisfied the stricter regulatory requirements. When there was a further setback in September 2011, the new Group Executive Board reacted by speeding up the consistent implementation of the new strategy and organization structure, and this also marked the start of a far-reaching cultural change within the bank. At the center of the new business model were a globally focused wealth management business and a universal bank for Switzerland, which would be supported by global asset management capabilities and a less complex and less capital-intensive investment bank.
2017
UBS becomes the new presenting partner for SwissSkills
The SwissSkills foundation, which was established in 1953, at the international WorldSkills competition in Madrid, provided publicity about the dual vocational education system for which Switzerland is famous around the world. In 2017, in order to position vocational apprenticeships as an excellent career launchpad, and in partnership with the State Secretariat for Education, Research and Innovation, the Swiss Employers’ Association, the Swiss Trade Association, UBS and the Ringier publishing house, it launched the SwissSkills initiative. UBS is one of the biggest providers of apprenticeships in Switzerland, and so it strongly supports the dual vocational education system. This is why UBS, the largest bank in Switzerland, serves as the presenting partner.
2019
Strategic partnerships
UBS’s continuing focus on exploring potential growth areas in Asia led it, in June 2019, to enter into a strategic wealth management partnership with Japan’s biggest trust banking group, the Sumitomo Mitsui Trust. The joint venture, in which UBS has a 51% holding, offers products, investment advice and services for high net worth and ultra high net worth private clients that the banks had not previously been providing separately. In the same year, UBS and Banco do Brasil signed an agreement to set up a leading investment bank in South America in which UBS would be the majority shareholder.
2023
UBS takes over the Credit Suisse Group AG in a historic transaction
On 19 March 2023, UBS announced its plans to acquire Credit Suisse and by 12 June the deal had already been formally completed. This unprecedented takeover was the first-ever merger between two global systemically important banks. It resulted in UBS managing assets of over 5 billion dollars and enjoying increased opportunities to create sustainable added value. The takeover, which took place in close collaboration with the state, the Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA), strengthened UBS’s position as a global wealth manager based in Switzerland and as Switzerland’s largest universal bank.
