History of UBS Organization
UBS is a publicly company incorporated in Switzerland that operates in the global banking and financial services sector. While the organization's principal offices were initially in Zurich, it is currently co-headquartered in Zurich and Basel. This public company was initially founded as Union Bank of Switzerland in 1856 i.e. more than 150 years ago. Following the company's merger with Swiss Bank Corporation in 1998, UBS stopped being a figurative abbreviation of the company. In essence, UBS is no longer considered as the firm's representational abbreviation but as a stand-alone name for this organization. Since its inception, the company has experienced tremendous growth and profitability across all its operations largely because of strategic business policies and practices including mergers and acquisitions like the 1998 merger with Swiss Bank Corporation.
The profitability and success of this company has also been supported by its increased expansion to new regions across the globe. The organization's expansion and establishment of operations in several countries worldwide have been influenced by the increase in demand for private banking services from time to time. Currently, UBS has offices in over 50 countries worldwide and employs approximately 60,000 workers most of whom are based in the Americas followed by Switzerland and Europe. The huge employee base and operations in more than 50 countries have contributed to the organization's leading position in the global banking and financial services industry.
As one of the leading players in this industry, the organization provides a wide range of banking and financial services to its international business clients. Some of the financial services provided by UBS to its huge customer base include investment banking services, asset management, and wealth management. The investment banking services incorporate personal and corporate banking services that are provided to individuals and corporate clients (private, corporate, and institutional clients) respectively. Asset management services include investment styles and capabilities services whereas wealth management include detailed advice and financial services to wealthy customers throughout the globe.
UBS has a strong competitive position in its target markets worldwide because of its excellent performance in providing its customers with sound financial advice and solutions. This strong strategic position is also supported by the organization's capabilities to create attractive and sustainable value to its customers and shareholders. The key drivers of the organizations strategic position are strong wealth management practices, capital efficiency, and a strong profitability and growth outlook. These factors have not only contributed to the strong competitive position but also enhanced the growth prospects of the organization across all its operations and target markets.
At the end of 2016 financial year, UBS net income was $832 million dollars or 827 million Swiss francs, which was below the expected 945 million Swiss francs. However, the company still maintained a strong position in the market despite the decline in profitability. In the past few years, UBS has experienced problems relating to wealth management, which has been considered as the major contributing factor to its decline in profitability. While the firm has largely focused its operations on the business of wealth management, the recent woes have contributed to declined profitability. The wealth management issues have affected the firm's sustainability efforts and demonstrated the need for the organization to work with its clients in order to grow and safeguard their wealth across generations. UBS has also faced challenges relating to the need to create value for its international business clients through offering solutions in a manner that empowers them to respond to increased demands for private sector investment.
Part II -- Critical Analysis of UBS's Current...
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