As of 30 June , shareholdings of the Group were distributed as follows: . UBS frequently cites Swiss culture —specifically its penchant for privacy, security and neutrality —as foundational to its company culture. While UBS maintains the strictest banking secrecy policies in Switzerland, its policies across Europe and especially the United States are comparable.
UBS, along with other Swiss banks, maintains a variety of hidden assets and numbered bank accounts in an effort to preserve anonymity and confidentiality. The Swiss government has taken steps to curb the usage of hidden services by foreign account holders as they have been frequently used to facilitate the transfer of " black money ". UBS, along with other Swiss banks, owns and operates undisclosed or otherwise secretive bank vaults, storage facilities or underground bunkers for gold bars, diamonds, cash, or other valuable physical assets.
The largest disclosed Swiss bank vault is five floors 19 metres or 62 feet under the bank's Geneva headquarters. The strict banking secrecy policies and bank-client confidentiality agreements at UBS have frequently been used to avoid, evade or otherwise escape foreign direct taxation.
UBS reached multilateral agreements with the U. HM Revenue and Customs in and , respectively. The banking privacy policies of UBS have led to numerous controversies and disagreements with foreign governments:. In January , UBS issued a new code of conduct and business ethics which all employees were encouraged to sign.
The code addressed issues such as financial crime , competition, confidentiality , as well as human rights and environmental issues. The eight-page code also lays out potential sanctions against employees who violate it, including warnings, demotions , or dismissal.
In , UBS expanded its global compliance database to include information on environmental and social issues provided by RepRisk ,  a global research firm specialized in environmental, social and corporate governance e.
In , UBS held 0. UBS has been an early adopter regarding the use of blockchain technology in financial services. The USC is a blockchain-based digital currency that financial institutions could use to transact securities with each other, bypassing the traditional settlement processes which is ongoing. Artificial intelligence expert FaceMe was hired to create an interactive avatar of Kalt that can meet with clients via television screen.
In a year of extremes for equity markets, money managers say that no firm did a better job than UBS to keep them informed about which European sectors, countries, and industries offered the greatest potential. A Thomson Reuters Extel survey ranked UBS number one in all three of the key disciplines of research: Research tenth year ; Sales ninth year running ; and Equity Trading and Execution up from second place in UBS was also named as the number one leading pan-European brokerage firm for economics and strategy research.
In , for the third consecutive year, RobecoSAM, an organization specialized exclusively on Sustainability Investing and conducting extensive research,  named UBS in its Industry group leader report for each of the industry groups represented in the Dow Jones Sustainability Index the group leader  in Diversified Financials. The selection criteria are focused less on the size, but rather on qualities that companies look for when choosing a provider. UBS is particularly active in sponsoring various golf tournaments , cross-country skiing in Switzerland, ice hockey , and a range of other events around the world.
UBS has been or currently is a sponsor of the following sporting events and organizations:. UBS's cultural sponsorships are typically related to classical music and contemporary art, although the company also sponsors a range of film festivals , music festivals , and other cultural events and organizations. Guggenheim Foundation identified and worked with artists, curators and educators from South and Southeast Asia , Latin America , and the Middle East and North Africa to expand their reach in the international art world and challenge the Western-centric view of art history.
From Wikipedia, the free encyclopedia. This article needs to be updated. Please help update this article to reflect recent events or newly available information. May Multinational investment bank. This article is about the investment bank and financial services company.
For other uses, see UBS disambiguation. Traded as. Investment banking wealth management private banking investment management asset management corporate banking retail banking corporate banking private equity finance and insurance retail banking mortgages credit cards. Operating income. Net income. United States United Kingdom Asia-Pacific-Singapore 9. Others Germany 0. Main article: Swiss Bank Corporation. The Basel offices of Swiss Bank Corporation c.
Main article: Union Bank of Switzerland. Bank in Winterthur , est. Toggenburger Bank , est. Main article: UBS tax evasion controversies. This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. Banks portal. In Switzerland, UBS operations are regulated by Swiss banking secrecy laws which legally prohibit it from disclosing client information to third parties, subject to terms and conditions.
In its third largest market, the United States, UBS complies with FINRA privacy laws which prohibits unauthorized distribution of client information or data, subject to terms and conditions. Retrieved 9 May Retrieved 16 June However, just like other prominent brands which used to be an abbreviation of a company name, UBS is no longer considered an acronym.
Retrieved 8 August The three-times married banker was the architect of what was originally meant to be called United Bank of Switzerland — the fusion of Swiss Bank Corporation and Union Bank of Switzerland in He later masterminded the acquisition of U. Retrieved 22 July Retrieved 5 April European Commission. ISSN X. Retrieved 3 April ISBN A logo of three keys, standing for confidence, security, and discretion, was taken over from [Swiss Bank Corporation] ADV Ratings.
The Atlantic. Retrieved 27 November The Swiss bank UBS is one of the biggest, most powerful financial institutions in the world. The Wall Street Journal. Mary Varkadis in French. Retrieved 10 February Retrieved 4 February Retrieved 3 January Global topics. Retrieved 1 August January Retrieved 1 June The Daily Telegraph. Archived from the original on 11 January Scorpio Partnership.
Archived from the original on 31 July Create the life you want". About us. Our Businesses". About us". Private Clients. Private clients — Tailored money solutions". Corporate customers — The right solution for every need". Retrieved 18 March UBS in the world". Retrieved 27 July Retrieved 1 May UBS Asset Management.
Retrieved 13 January Asset Management - UK. Asset Management - Australia. Why invest with us. Helping you solve your global investment challenges". Archived from the original on 5 July UBS Press Release. Media Releases Americas. Archived from the original on 5 September The New York Times. Retrieved 10 August Retrieved 11 November Institutional Investor. Retrieved 31 October Der Landbote. Retrieved 23 January Funding Universe.
Retrieved 21 March Retrieved 29 March The Economist. December Archived from the original on 2 April Sell Division. New York. Palgrave Macmillan. Edward Elgar Publishing. Cambridge University Press. Bloomberg L. Archived from the original on 13 August Financial News.
LA Times. Retrieved 10 March The Guardian. ISSN Retrieved 29 December Financial Times. The Sydney Morning Herald. The day UBS, the biggest Swiss bank, was saved". The Times. Taipei Times. Retrieved 14 October Tax Accord. Stockwatch, 20 August Daily Telegraph. BBC News. Reuters Blog. Archived from the original on 3 May Sovereign Wealth Fund Institute.
Retrieved 8 January Retrieved 26 May Retrieved 14 May Retrieved 7 October Retrieved 7 September Fiat is like the bulge-bracket banks that are active on all the business segments, and they go for volume. UBS is like Ferrari: We are much smaller and focused. We fear that in the future if these investments implode and the market corrects, then investors will be looking at 'who sold us this? Retrieved 28 April Retrieved 14 July Banking Dive.
Retrieved 4 May Retrieved 29 May To stop that, we need to do a couple of things. We need to make sure that the waste is managed properly. And one of the most effective ways to do that is to be able to create a market for that waste material. So we can take that plastic back and convert it either through a mechanical or advanced recycling back into a useful product.
It's that much material that we don't have to go take from virgin fossil fuel feedstocks. And our commitment is to try to get a million tons a year diverted from landfills or dumps and going back into the marketplace. And the other one is close the loop.
And that's really about design. So being able to make everything that we make fully recyclable. We're starting to see brand owners today demand more postconsumer recycled material in their products. And this is a big difference over the last 20 years. And so there's a huge unmet demand and need out there, and there's a lot of money today moving toward both mechanical and advanced recycling.
And also, automated and more sophisticated municipal recycling facilities so that we can create good pure waste streams which can become feedstock streams for our industry. You've worked in the chemical sector for your whole career. How has decarbonization started to come into that sector as part of your life in your career? At the time, Dow was retiring the last of it's coal-fired power plants and moving over to natural gas.
And if you'll remember at the time, there was a big pressure on NOx and SOx, nitrous oxide and sulfur oxide. We were having issues with acid rain if you remember at the time. And through regulatory regimes, there was essentially caps put on the emissions. And that drove a lot of process technology to make that happen. That drove the industry away from carbon for power and steam to natural gas.
And we really went-- and at least, in our case, we went and never looked back. We did some looks early days at hydrogen fuel cells for big industrial installations with GM. It didn't prove out to be the most effective technology, but sometimes, those ideas are 20 years ahead of their time.
And here we are back to hydrogen again as a potential option. And the reason we're back, I think, right now is if you think about the way the capital markets work, for an industry like ours, where cost competitiveness is key. It really drives you to the lowest, both capital cost and operating cost solution, because these markets are price-sensitive. Now, you've got a different equation that we have to solve for.
The world is saying, yeah, we want you to be low cost, but it needs to be the best combination of low cost and low or zero carbon emissions. And what that's going to mean for industry is the low-cost, low-carbon solution is going to be higher cost than just the low-cost solution we have today. Those kind of policies all together will help us cover the cost so that that doesn't all have to get passed downstream to the consumer. And from your perspective as a CEO, start with simply, how is decarbonization part of your conversation with your investors?
And as this year progresses, every time we update investors, we're going to give them in more detail behind what's in that. What we said to them was we're going to commit a billion dollars a year of CapEx between now and to making that reduction. That would be making sure that we're investing in technologies that are low cost, technologies that have a return on capital that meets their expectations and our expectations. And that we think by doing that, we can methodically site by site go around the world and take that power and steam and that hydrocarbons footprint to zero.
But I think they appreciate that we believe it's possible if we have the right support to do it. If we have some help with a market-based price on carbon, it doesn't take a lot to move the needle. That kind of a market price on carbon incentivizes me to invest capital faster to decarbonize because as I do that, I avoid large payments in the future.
And this is what investors are concerned about. If you do nothing in the near term, what's the bill going to be for you in the long term? And what they're worried about if you do nothing is what's the tail risk on your business? How much is a tail risk on your business if you wait for everything to be put into place? My view is in the near term, the demand for these products is going to exceed the supply. And for some period of time, there's probably going to be a premium that can be obtained through the sale of these products.
It won't last forever because as technology moves and as other people come into the market, that will go away. But if we can move faster, we're going to attract a lot of capital into these markets. And the markets have proven time and time again that they're the best allocators of that capital. They will find the most effective technologies. They will make those investments. And the ones that aren't the winners, they will sort that out pretty quickly as well.
This is why I think the market-based price on carbon is absolutely necessary. What do you say to them? And so the demand for the end products that we make today isn't going to go away. Plastics today have a CO2 footprint that is four to five times lower than any of their substitute materials.
It's one of the reasons they've grown the fastest of any material class out there is because they're lighter cleaner, faster, and stronger than the next available material. And that's going to continue to be the case. And if we can take plastics to a zero carbon footprint, nothing's going to come close to it.
So I would say, don't bail out before the cooking is done here. I think we're going to show the path on how to get there and still be the lowest cost and win that game. On the other hand, there's a big growing concern around the oil and gas industry today. I would say take it away from just the discussion around oil and gas and take it to energy, in general.
This world has never used less of any energy source that it produces. Even though we're moving away from coal to natural gas, the world still uses more coal every year because many developing countries need coal to be able to electrify their country. If it's basic needs, they're trying to get themselves into middle class. Electrification is one of the things that has to happen. And that's the most efficient way they can do it. Natural gas would be the next most efficient. But in order to do that, many countries don't have natural gas, so they need to import LNG.
That's a lot of capital. That's a lot of investment that has to happen, not easy for a developing country. And when you think about energy, obviously, our view is you need all of the above energy policy. Right now, you've got different factions trying to say, no more fossil fuels.
And I'm like, fossil fuels isn't the problem here. The emissions are the problem. We want no more CO2 emissions. We want to get CO2 emissions to zero. We don't have to go determine that the answer is no more fossil fuels. Focus on the emissions and let the technologies give us the answer. And I think if we would get those two decoupled and get our policies around the emissions, we'd see a massive change in the CO2 footprint.
Without doing much, we saw a huge change in CO2 footprint in this country, moving from coal to natural gas. The next move doesn't have the same kind of economic incentive that coal to natural gas had. We're going to have to create that incentive. And that's where a market price on carbon and some subsidy or some tax break for innovative technology investments is going to have to help. Open up the aperture to have an all of the above energy policy. Don't try to determine what the future energy mix is going to look like.
It's a physics equation. The energy markets will get you to the right answer. And let the technologies that can reduce the CO2 emissions come to the forefront. And they will. Some of them are already here today and can be done in a scalable fashion like blue hydrogen and carbon capture. Let them roll. We'll make more progress in the next 10 years with those two technologies than just about anything else I can think of.
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