large integrated financial services company located switzerland bank time second largest bank switzerland merged form largest bank europe second largest bank world formed merger bank founded early 1860s continued grow acquisitions including historical logo features horizontal acronym referring union vertical acronym refers bank german ceased considered bank merger today considered standalone brand 1980s bank undertaken major push business internationally bank established position leading european pulled major coup large bond offering market rates bank major acquisitions purchased established british asset management firm founded initially issues integrating firm lost million rush orders overwhelmed firm settlement system bank lost million result positions october stock market crash april february required spend million shore unit returned years losses expanded west_germany acquiring acquisition united_states purchasing asset management business established subsequently folded acquisition time acquisition resulted approximately million chase business managed excess billion public private pension plans financial assets corporations governments foundations entered life insurance business establishing formed joint venture known swiss life took ownership position exchange share joint venture entered 1990s clearly largest conservative large unlike aggressive international acquisitions trading investment banking investments conservative businesses asset management life insurance bank profits came conservative swiss banking operations switzerland fifth largest bank switzerland run financial difficulties early 1990s acquisition propelled ahead largest bank switzerland time instead settled group acquisitions purchasing group smaller banks switzerland acquiring final acquisition prior merger bank acquired order penetrate german investment banking market market wealthy private clients formed merger german banks known bank mid-1990s came fire shareholders critical bank relatively conservative management lower return equity investment trust largest attempted force major restructuring bank operations battles management proved distraction bank mid-1990s looking advantage situation approached merger created second largest bank world management board unanimously rebuffed proposed merger supported idea merger led major revolt resulted replacement chairman successor key architects merger december announced stock merger time merger second largest banks switzerland respectively trailing discussions banks begun months earlier year merger stock merger resulted creation huge new bank total assets billion referred new distinguish combined bank second largest world time additionally merger pulled banks asset management businesses create world largest money manager approximately billion assets management merger billed merger equals resulted shareholders receiving combined company shareholders receiving remaining bank common shares chairman new bank named chief executive officer quickly evident management perspective buying nearly management positions filled legacy professionals additionally professionals suffered reductions particularly investment banking unit heavy cuts corporate finance businesses severe cuts prior merger built global investment banking business read acquisitions read new_york london generally considered developing international investment banking business particularly higher margin advisory businesses read considered established platform hand stronger retail commercial banking business switzerland banks notably strong asset management capabilities merger completed widely speculated series losses suffered equity derivative positions late contributing factor pushing management merger clear derivatives losses prompted accept terms proposed readily company prior merger operated service bank provider wholesale financial services retail banking commercial banking investment banking asset management wealth management businesses prior merger operated branches switzerland branches representative offices outside switzerland company approximately employees worked switzerland remaining employees outside switzerland bank total assets nearly billion shareholders equity nearly billion end history origins bank founded switzerland initial share capital million bank operated primarily commercial bank providing financing range companies projects bank involved funding swiss locomotive machine works hotel companies bank capitalized location important swiss railroad junction large facilities allowed bank advantage dramatic rise cotton prices caused american_civil_war bank saw share capital double end war founded switzerland initial share capital million savings mortgage bank individual customers branch office network opened branch eastern switzerland began shift operations end 19th century formed bank merged combined bank total assets million total shareholders equity million combination larger trend concentration banking sector switzerland time years bank begin shift operations historical headquarters cities switzerland completed construction new headquarters considered wall street switzerland new bank different names core languages german french english german bank known initials original english combined bank later changed mirror french form bank logo introduced later reflect english french acquired number banks decade combined bank expanded branch network establishing representation switzerland acquired controlling interest bank suffered world war postwar economic crises europe continued acquisitions conclusion world war bank purchased remaining stake acquired bank acquired acquired branches based years later acquired establishing representation major cities switzerland great depression assets considerably million million end bank saw shareholders capital decline million million million bank continued acquire smaller weaker competitors purchasing followed established asset management business responsible investment mutual funds set america canada trust fund years set series funds including bank merge form french italian english bank somewhat inappropriate changed merged bank shows following figures total assets million shareholders equity million profit million chairman merged bank alternating merger bank form merged bank chairman following resignation elected honorary chairman joined bank financial director years young age elected bank chairman time bank changed focus original lending business began expand issuing asset management franchise acquisition bank gained branch seat stock exchange successful merger form held boards industrial insurance companies retirement chairman alternating capacity held representative merger partner activities world war eve world war recipient large influx foreign funds war bank traditional business fell swiss government largest clients unlike peers business war decades war demonstrated likely took active roles trading stolen gold assets world war issue property holocaust victims major issue mid-1990s series revelations brought issue forefront national attention confirmed large number accounts gone result bank policy requiring death certificates family members claim contents account handling revelations largely criticized bank received significant negative attention came significant pressure particularly american politicians compensate holocaust survivors making claims bank january night found employees archives compiled subsidiary extensive dealings nazi_germany direct violation recent swiss law adopted december protecting material acknowledged mistake internal historian maintained destroyed archives unrelated holocaust criminal proceedings began possible violation recent decree possible violation bank secrecy criminal offence switzerland proceedings discontinued district attorney september suspended job security company served following criminal investigation family left switzerland united_states granted political asylum contrast largely regarded hero received particularly warm reception american jewish community world jewish congress lawsuit swiss banks launched retrieve deposits victims nazi persecution prior world war negotiations involving behalf ultimately resulted settlement billion august settlement coincided merger bank embarrassment collapse brought degree closure issue shortly end world war completed acquisition large based bank result merger exceeded billion assets time completed transition operations opened office new_york bank remained primarily focused domestic business prior end world war swiss banking landscape dominated group large banks included swiss 1950s 1960s best largest bank switzerland catch larger peers 1970s surpass terms size opened branches acquired series banks switzerland growing offices offices beginning 1960s 1950s bank switzerland acquiring addition bank acquisitions acquired stake swiss precious metal founded started issue branded gold bars bank increased stake ownership withdraw ownership changing continues issue gold bars famous unique technology uses provide enhanced protection bank gold bar reached billion assets narrowly ahead largest bank switzerland temporarily consistently largest major swiss banks assets short periods temporarily moved ahead firmly establish largest swiss bank retain position years spot following acquisition swiss continued rapid growth 1960s punctuated acquisition und originally large swiss 1960s financial industrial holdings corporate successor government claimed germany world war war government seized later subsidiary long running dispute government resolved shares sold highly competitive auction proceeds split government result sale time merger held substantial amounts cash addition capital propelled spot swiss banks strongest banks europe helped fuel bank expansion late 1960s 1970s consolidated affiliated mortgage assumed domestic retail operations bank expanded consumer lending acquisition series swiss financial businesses including began intensify overseas expansion opened branch office london office outside switzerland prior operated series correspondent banks representative offices years later opened branch office new_york bank established subsidiary subsidiary focus building bank presence debt equity traditionally concentrated efforts domestic swiss market largest swiss banks establish branch office operations overshadowed swiss peers 1980s bank undertaken major push business internationally bank established position leading european pulled major coup large bond offering market rates bank major acquisitions purchased established british asset management firm founded initially issues integrating firm lost million rush orders overwhelmed firm settlement system bank lost million result positions october stock market crash april february required spend million shore unit returned years losses expanded west_germany acquiring acquisition united_states purchasing asset management business established subsequently folded acquisition time acquisition resulted approximately million chase business managed excess billion public private pension plans financial assets corporations governments foundations entered life insurance business establishing formed joint venture known swiss life took ownership position exchange share joint venture entered 1990s clearly largest conservative large unlike aggressive international acquisitions trading investment banking investments conservative businesses asset management life insurance bank profits came conservative swiss banking operations switzerland fifth largest bank switzerland run financial difficulties early 1990s acquisition propelled ahead largest bank switzerland time instead settled group acquisitions purchasing group smaller banks switzerland acquiring final acquisition prior merger bank acquired order penetrate german investment banking market market wealthy private clients formed merger german banks known bank mid-1990s came fire shareholders critical bank relatively conservative management lower return equity investment trust largest attempted force major restructuring bank operations battles management proved distraction bank mid-1990s looking advantage situation approached merger created second largest bank world management board unanimously rebuffed proposed merger supported idea merger led major revolt resulted replacement chairman successor key architects merger december announced stock merger time merger second largest banks switzerland respectively trailing discussions banks begun months earlier year merger stock merger resulted creation huge new bank total assets billion referred new distinguish combined bank second largest world time additionally merger pulled banks asset management businesses create world largest money manager approximately billion assets management merger billed merger equals resulted shareholders receiving combined company shareholders receiving remaining bank common shares chairman new bank named chief executive officer quickly evident management perspective buying nearly management positions filled legacy professionals additionally professionals suffered reductions particularly investment banking unit heavy cuts corporate finance businesses severe cuts prior merger built global investment banking business read acquisitions read new_york london generally considered developing international investment banking business particularly higher margin advisory businesses read considered established platform hand stronger retail commercial banking business switzerland banks notably strong asset management capabilities merger completed widely speculated series losses suffered equity derivative positions late contributing factor pushing management merger clear derivatives losses prompted accept terms proposed readily suffering criticism conservative business model looking ways catch key swiss rivals viewed type client help accelerate bank growth entered financing arrangement fund quickly bank largest client generating million fees sold year european option million shares valued million option purchasing million interest invested million fund following merger managers surprised discover massive exposure ultimately unable sell interest value declined summer november losses exposure estimated approximately million prove largest single loser collapse ultimately writing million new_york organized billion fund major creditors avoid wider collapse financial markets contributed million effort largely recovered aftermath collapse resigned chairman executives acquisition history prior merger result combination dozens individual firms date 19th century following illustration company major acquisitions historical predecessors necessarily comprehensive list
Union Bank of Switzerland