swiss global financial services company incorporated headquartered company provides wealth management asset management investment banking services private corporate institutional clients worldwide generally considered bank switzerland services offered retail clients originally ceased bank merger company traces origins earliest predecessor banks founded considered world largest manager private wealth assets invested assets remains leading provider retail banking commercial banking services switzerland assets management amounted billion representing increase compared equivalent data biggest bank switzerland operating countries employees world comparison european banks suffered largest losses mortgage crisis bank required raise large amounts outside capital bank received billion capital injection currently effective july remains bank largest shareholders bank received capital swiss government complemented series equity offerings corporate structure joint stock company swiss laws shares listed february present major financial centers worldwide having offices countries employees working americas switzerland europe middle_east africa bank major presence united_states american headquarters investment banking located new_york_city private wealth management new_jersey sales trading headquarters found connecticut company global business groups wealth management investment banking iii asset management additionally leading provider retail banking commercial banking services switzerland established overall invested assets shareholders equity billion market billion end november shares listed started trading new holding company application effect january shares subsidiary structure includes divisions total starting june business groups including moniker following company start operations unified global entity provides services covering financial products research rates credit foreign exchange precious metals derivatives end personnel employed totalled presented countries principal offices hong_kong london new_york singapore sydney tokyo business division advises provides access capital markets corporate institutional clients governments financial alternative asset managers private investors known read merger division provides range advisory services including acquisitions restructuring equity offerings investment grade high yield debt offerings finance loan private placement equity debt derivatives sales trading division comprises dealing market making engaging trading equity related products equity derivatives structured products rates dealing market making engaging trading interest rate products credit products mortgage backed loans investment grade high yield debt structured products derivative products early 2000s fee generating investment banks globally ranked globally acquisitions advisory globally debt capital markets globally follow equity offerings european follow equity offerings advisory asian equity capital markets asian follow equity offerings advisory middle eastern african acquisitions advisory middle eastern african equity capital markets ranked league tables australia ahead asset management offers equity fixed income currency fund real estate infrastructure private equity investment capabilities combined multi asset strategies merger subsequent restructuring resulted combination major asset management operations owned owned investment teams merged brands consolidated end responsible billion invested assets assets administration billion employees countries largest mutual fund manager switzerland leading fund house europe largest funds real estate investment managers world main offices chicago frankfurt hong_kong london new_york paris singapore sydney tokyo wealth management swiss bank wealth management division offers high net worth individuals world exception served division range advisory investment products services end invested assets totaled billion total invested assets belong individuals net worth million remaining total invested assets total belong individuals net worth million million total assets belong individuals net worth million offers services products asset management investment advisory portfolio management products services additionally provides broad range savings products supported firm research activities order execution clearing services transactions originated individual investors business divided geographically separate businesses focused international markets thirds total invested assets come europe switzerland final coming mainly headquarters switzerland wealth management present nearly countries approximately offices switzerland end people worldwide employed wealth management business business initially renamed march acquired subsidiary renamed june switzerland provides complete set retail banking services includes checking savings credit cards mortgage products individuals offer cash management commercial banking services small businesses corporate clients division delivers financial products services retail corporate institutional clients switzerland provides stable substantial profits group revenues opportunities businesses bank maintains leading position retail corporate loan market switzerland fact serves pension funds largest swiss corporations banks resides nation international financial magazine named best domestic cash manager switzerland end lending portfolio reached billion sum secured residential property commercial industrial properties products division offers range cash accounts payments savings retirement solutions investment fund products residential advisory services business division constitutes central building block universal bank delivery model switzerland supports divisions referring clients assisting build wealth level ben transferred retail corporate distribution network comprises customer service centers machines self service digital banking services competition global scale competes large global investment banks regularly compared fellow swiss banking giant switzerland competes number banks banks banks young professional programs major providers young professional training switzerland offering programs depending applicants level education graduation permanently employed aside round offered switzerland offers program globally month development program graduates bachelor degree specifically built different business groups consists job training tailored education networking events history exists today result complex history representing merger product june official founding date bank april year nucleus bank founded merged company new originally supposed officials opted simply clash separate swiss company switzerland swiss subsidiary longer acronym company brand logo keys carried stands company values confidence security discretion comprises number known firms acquired bank predecessors bank notable constituent parts read origins early years traces history private banking firms switzerland resources form consortium acted syndicate member banks coordinated form joint stock company replacing original consortium new bank started initial commitment million million share capital soon experienced growing pains heavy losses germany caused suspend following years bank merged acquired changed english bank originally changed subsequently experienced period growth interrupted onset world war bank lost investments number large industrial companies end bank recovered surpassed billion total assets grew employees impact stock market crash great depression severe particularly swiss suffered major bank saw assets fall peak billion levels billion adopted keys logo designed confidence security discretion remains integral current day logo eve world war like swiss banks recipient large foreign funds prior outbreak war timely decision open office new_york_city office located building able begin operations weeks outbreak war intended safe place store assets case invasion war banks traditional business fell swiss government largest client post war years acquired largest banks switzerland end war remained swiss government leading debt post war years entered 1950s branch offices switzerland abroad doubled assets end war billion end 1950s doubled assets mid-1960s exceeding billion acquired based switzerland bank opened branch office tokyo acquired chicago based options trading firm largest market maker financial options exchanges connor combined money market capital market currency market activities form globally integrated capital markets treasury operation acquired asset management firm focused providing access institutions global markets million following acquisition founder ran asset management business later merged named chief investment officer acquisition leading british investment banking firm price billion major push investment banking established reputation daring merchant bank grew respected investment banks london expansion turned flawed costly talks merger collapsed merged firm existing investment banking unit create years later paid million acquire investment bank read traced roots 1830s powerhouse firms wall street 1920s 1930s 1990s particularly strong acquisitions advisory group read negotiations sell ing owned firm read partners ing integration plans acquisition read merged create following later merger dropped new got read dropped brought ill fated fund operations origins early years emerged bank fused bank founded initial share capital million focused providing financing industry companies considerably close railroad connections large facilities american_civil_war cotton prices rose dramatically founded initial share capital million specialized savings mortgage bank individual customers maintaining branch office network eastern switzerland new company initially traded english changed mirror french german bank known combined bank total assets million total shareholders equity million completed construction new headquarters considered wall street switzerland offices established switzerland bank suffered aftermath world war great depression able smaller acquisitions established asset management business responsible investment mutual funds activities world war activities world war publicly known 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 offense switzerland proceedings discontinued district attorney september suspended job security company served following criminal investigation family left switzerland united_states granted political asylum world jewish congress lawsuit swiss banks launched retrieve deposits victims nazi persecution prior world war ultimately resulting settlement billion august post war years shortly end world war completed acquisition large based bank result merger exceeded billion assets moved operations opened branches acquired series banks switzerland following years growing offices offices early 1960s acquired stake swiss precious metals founded bank increased stake ownership ownership ultimately sold continues issue gold bars famous unique technology uses provide enhanced protection bank gold bar reached billion assets narrowly ahead largest bank switzerland rapid growth punctuated acquisition und corporate successor strongest banks europe cash rich dispute concerning subsidiary known seized government war resolved subsidiary disposed 1980s established position leading european following major acquisitions purchase united_states asset management business time acquisition business managed excess billion assets entered 1990s largest conservative large bank investments conservative asset management life insurance businesses bank profits came conservative swiss banking operations switzerland fifth largest bank switzerland run financial difficulties early 1990s acquisition propelled ahead largest bank switzerland time prior merger purchased group smaller swiss banks including acquired improve access german investment banking private wealth management markets mid-1990s came fire shareholders critical conservative management lower return equity investment trust largest attempted force major restructuring bank operations looking advantage situation approached merger created second largest bank world management board unanimously rebuffed proposed merger supported idea merger led revolt resulted replacement chairman key architects merger december announced stock merger time merger second largest banks switzerland respectively discussions banks begun months earlier year merger 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 combined entity originally called problem switzerland opted merger billed merger equals resulted shareholders receiving combined company shareholders receiving remaining bank common shares chairman new bank named chief executive officer nearly management positions filled legacy professionals prior merger considered developing international investment banking business particularly higher margin advisory businesses read considered established platform stronger retail commercial banking business switzerland banks strong asset management capabilities merger completed speculated series losses suffered equity derivative positions late contributing factor pushing management merger failure fund trading strategies fixed income statistical pairs trading combined high leverage collapse led major banks investment houses resulted massive losses time merged involvement pre dated merger initially reluctant invest investment shortly 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 originally intended provide steady stream income instead suffered major losses fund collapsed following merger managers surprised discover massive exposure ultimately unable sell interest value declined summer november losses exposure estimated level 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 following involvement issued statement given developments international financial markets future focus areas business likely generate sustainable earnings level risk rising ranks november merged american stock asset management firm led chairman ceo time merger emerged fourth largest private client firm united_states offices employing acquisition pushed wealth asset management firm world initially business given divisional year old disappeared renamed took billion loss goodwill associated retirement brand integrated brands unified bond trader head fixed income head fixed income trading appointed ceo investment banking division originated division renamed december attempt break elite investment banks little success rival establishing major player wall street acquisition shifted growth strategy acquiring entire firms hiring individual investment teams rival firms followed similar approach building fixed income business hiring sales trading personnel increasing revenues million billion arrival investment banker marked major coup joined shortly acquisition claimed hired parliamentary banking commission oath false years ultimately assumed role president credited build investment banking operation united_states weeks joining brought team hired senior estimated spent million million hiring year period bank major recruits period risen fourth place seventh global investment banking fees earning billion billion paid investment banks year increasing years consistently ranked global fee pool established track record consecutive quarters rising profits end began experience changing fortunes late headed new fund unit known position taken long time legacy investment banker announced departures march announced leaving company shortly founded new business joining took large team senior investment departure caused primarily repeated conflict availability capital bank balance sheet pursue large transactions particularly bank apparent turned head large losses reported mortgage corporate loans generated investment banking fees notable departures included investment banking head early financial crisis set high profile early beginning troubles mortgage crisis beginning wall street firm announce heavy loss mortgage sector mortgage crisis began develop announced closure division time little understanding troubles massive expansion risk engineered investment banking division leadership newly placed ceo large internal fund started publicity invested money behalf clients formed large bank traders funds create position instrumental creating successful investment banking business replaced long time legacy investment banker little fixed income mortgage experience hired large team professionals attracted investment bank large compensation packages generated profit bank million took positions losses grew million recorded ultimately billion losses recorded investment bank continued expand risk second quarter market participants reducing risk resulting expanding losses creating losses experienced bank october indicating assets sold given market response growing series problems possibly role departure bank unexpectedly stepped ceo firm second quarter joined fellow managers year notably bank chairman bank problems continued end bank reported quarterly loss years losses bank capital position quickly raised billion capital december billion came government singapore investment corporation billion unnamed investor capital initially highly unpopular shareholders opportunity participate terms time early investments proved unsuccessful investors involved bank stock price remained levels years later impact financial crisis significant expansion fixed income risk leadership ceo bank losses continued mount announced april writing billion investments mortgage assets asked leave october point total losses mortgage market excess billion largest losses peers response losses announced billion rights offering raise additional funds need shore depleted reserves capital cut order protect traditionally high tier capital ratio seen investors key credibility world largest wealth management company architect merger created announced step chairman bank replaced bank general counsel virtually banking experience ultimately proved costly october announced placed billion new capital mandatory notes agreement transfer approximately billion currently assets separate fund entity november billion equity new bad bank entity keeping option benefit value assets recover heralded neat package new_york_times structure guaranteed clarity investors making outright sale announced february lost nearly billion billion biggest single year loss company swiss history beginning financial crisis written billion mortgage investments cut jobs ship present spring announced management restructuring initiated plan return head investment bank division resigned april replaced time announced planned cut jobs implemented new compensation plan plan cash bonus paid year earned rest held reserve stock based incentives vest years executives hold shares additionally bank chairman longer receive extra variable compensation cash salary fixed shares sold years april announced agreed sell brazilian financial services business approximately billion rejected proposals break apart bank investment banking division summer showing increased signs swiss government sold billion stake late large profit switzerland purchased notes help clear balance sheets toxic assets taking advantage improved conditions stock market placed billion shares small number large institutional investors announced building new performs highest standards integrity honesty distinguishes clarity reliability advice services provides manages reiterated plans maintain integrated business model providing wealth management investment banking asset management services august launched new advertising campaign featuring slogan rest signed global sponsorship agreement formula october announced private bank recorded net new funds million quarter compared outflow billion second quarter quarter net profit billion beat analyst estimates continuing string elimination jobs announced august cutting positions order improve operating efficiency save billion year percent job cuts come investment banking unit continued post dismal figures financial crisis rest come wealth management asset management divisions firm seen profits fall rise swiss october announced cutting jobs worldwide effort slim investment banking operations switzerland followed united_states great_britain percent staff cut overall staff count come comparison peak employment level financial crisis announced investment bank focus traditional strengths exit fixed income trading business economically profitable december fined billion billion million million role scandal accusations tried rig interest rates assistant attorney general described conduct simply astonishing declared seek criminal matter traders bank stated fines probably result significant fourth quarter loss fine levied reduced bank cooperation largest agency history november including hit fines banks currency manipulation january reported largest private banker world assets media reports revealed planning sell australian private banking division management review businesses conducted company results planning cut jobs switzerland abroad stay competitive acquisition history exists today represents dozens individual firms date 19th century years firms merged form bank major predecessors following visual illustration company major acquisitions historical predecessors necessarily comprehensive list corporate governance chairman apply election annual general meeting shareholders held april succeeded general counsel april succeeded president nominated election board annual meeting time intended elected chairman board retirement board member stepped resignation ceo interim appointment september wall_street_journal reported succession process appeared person race investment bank spent years joined april german national joined reportedly disagreed investment pay matters journal said previously february resigned succeeded april hired newly established role chief operating officer ceo task cut administrative expenses boost profits annual general meeting elected new members board decided assume role president personal corporate banking president switzerland replacing new role chairman effective september shareholders significant shareholders total share capital respectively mortgage crisis invested billion help bail largest single controversies holocaust assets 1930s january night guard precursor switzerland discovered bank officials destroying documents orphaned assets believed credit deceased jewish clients heirs whereabouts unknown books nazi german books listed real estate records berlin property seized nazis placed swiss accounts claimed owned destruction documents illegal swiss law legal basis foundation commission constituted december articles destruction documents relating orphaned assets illegal took bank files home handed local jewish organization brought documents police eventually press subsequently revealed document destruction authorities opened judicial investigation suspected violations swiss laws banking secrecy offense switzerland family reported receiving death threats fled united_states granted political asylum billion lawsuit filed swiss banks behalf jewish victims holocaust settlement reached swiss banks nazi assets totaling billion august book claimed affair important decision swiss banks participate process victims nazi looting world war wrote affair turn swiss banks international linking dubious behavior war discovery seemingly attempt cover destroying documents believes affair influenced decision create victims holocaust series events influenced calling london conference nazi gold trade fined million illegally transferring funds account set iran cuba countries trade indian stock market crash indian alleged played role black monday stock market crash followed government defeat general elections ruling barred issuing notes year ban later lifted appeal result sat ruling september challenged sat order february supreme_court disposed case said reached settlement agreed pay discrimination lawsuits april lost landmark discrimination sexual harassment case institutional company office jury found manager denied important accounts mocked appearance workers claimed policies place entertaining clients strip clubs difficult women foster business contacts clients jury found destroyed relevant mail evidence litigation hold place ordered pay million damages including pay professional damage million damages october african american employees filed class action lawsuit company new_york alleging racial discrimination hiring promotion employment practices inc claimed segregation discrimination job assignments compensation widespread firm workforce lawsuit claimed offices operating maryland new_york illegally created serve african americans asian americans respectively firm management frequently ridiculed branch office staff referring diversity office april district judge granted request dismiss class allegations prejudice result dismissal case comprises individual claims tax geneva based employee worked bank north american wealth management business claimed dealings american clients violated agreement bank said disturbed internal legal document believed prepared legal cover bank sanctioned illegal activities uncovered bank shift blame employees subsequently complained compliance officials bank unfair business practices received response months wrote general illegal practices subsequently resigned october citizen decided tell knew practices time planned advantage pay tax revenue result information april attorney arranged relationship department troubled met june based revelations formal request enter switzerland probe dollar tax case involving month united_states senate panel communicated accused swiss banks including helping wealthy americans evade taxes offshore accounts estimated total cost practice excess billion annually according findings clients held accounts estimated billion billion assets switzerland response report fbi investigation announced cease providing cross border private banking services clients regulated units july november federal grand jury indicted chairman ceo global wealth management business banking member connection ongoing investigation cross border business eventually cut ties face charges settled criminal case government issued international arrest warrant united_states arrested italy january pleaded guilty federal court helping evade taxes billion offshore assets february agreed pay fine million government entered deferred prosecution agreement charges united_states obliged pay million settle criminal charges criminal charges dismissed figures include interest penalties unpaid taxes profits deal settled charges having acted broker dealer investment adviser americans day settling criminal case february government filed civil suit reveal names american customers alleging bank customers federal government legitimately owed tax revenue provided united_states government identities account information certain united_states customers cross border business criminal investigation august announced settlement deal ended litigation settlement set showdown swiss governments secrecy swiss bank accounts june swiss approved deal reveal client data account details clients suspected tax february announced investigated federal government new charges stating facilitated tax clients focus investigation lies possible sale bearer bonds type security provides owner announced investigators employees allegedly discussed legal use bearer bonds clients type security virtually illegal government investigation trying determine criminal conspiracy evade taxes conceal allegedly investigation launched january aims determine bearer bonds provided investment vehicles clients deferred prosecution agreement agreement october violated agreement federal government new allegations charges stemming violation case prosecutors likely ask significant fines regulatory oversight rogue trader scandal september aware massive loss originally estimated billion allegedly unauthorized trading year old trader delta desk firm investment bank arrested later charged fraud abuse position false accounting dating far actual losses subsequently confirmed billion according prosecutor trial destroying switzerland largest bank benefit bank stated client positions affected ceo initially dismissed calls resignation commenting acts criminal intent management subsequently criticized bank largest rare press statement september september announced resignation appointment group ceo interim basis october heads franchise resigned scale losses led renewed calls global separation commercial banking investment banking media commentators suggested consider investment bank potentially resurrected switzerland government particular concern voiced nature alleged trading suggested directed interests swiss economy president said prove true having rescued state speculated swiss chairman consequences found guilty generated largest loss rogue trader history worked delta desk copper trader notes fined million connected sale structured notes misleading statements investors marketed million worth march september went bankrupt september agreed pay million interest american investors august settled class action lawsuit filed holders notes lawsuit alleged depiction financial condition misleading settled lawsuit million municipal bond market rigging agreed pay million penalties profits rigging bids municipal bond market bank employees charged july employees convicted conspiracy market fraud vice president sentenced months prison fined global chief sentenced months fined million received month sentence fined addition conspiracy convicted wire fraud federal prosecutors asked sentences district judge rebuffed request wood said criminal behavior normal law lives arms sales indian money implicated money case involving arms dealer indian citizen introduced owner india stud farm arrested india enforcement charged serving man khan businessman charged prevention money act allegedly khan helped million money arms sales branch introduced khan enabled arms dealer funds held american accounts geneva khan accounts eventually frozen determined source funds came arms sales india today reported khan allegedly billion black money money account figures reported verified india today based letter written government india reportedly verified existence account denied indian media reports alleging maintained business relationship assets accounts formal request indian swiss government authorities bank announced documentation allegations forged numerous media reports claiming billion black money bank false rigging december agreed pay billion settle case filed alleging engaged criminal conspiracy rig london offered rate loans company japan based subsidiary charged british swiss financial manipulation scheme settling case bank acknowledged wrongdoing chief executive said taking responsibility happened said employees linked left bank fine contribute bank loss billion fourth quarter paid fine million billion largest fine issued rigging scheme involved multiple banks traders manipulate interest rates generate profit trades scheme lasted years broken entered deferred prosecution agreement following subject criminal charges company subsidiary japan exempt subsidiary pleaded guilty wire fraud scheme trader indicted prosecutors swiss national currency rigging market asia switzerland united_kingdom united_states began investigate day foreign exchange market reported june world largest currency trading banks running client orders rigging foreign exchange rates counterparts behavior occurred daily spot foreign exchange market went decade according currency traders center investigation electronic senior currency traders discussed competitors banks types volume trades planned place electronic names club team dream mafia set aside approximately billion expected liability alleged charges currency rigging french tax cases currency rigging charges paid million american british swiss mortgage backed july settled lawsuit filed banks federal agency oversees million having admit wrongdoing time settlement agency settle institutions settlement paid released public behalf sued banks july mortgage backed sold government sponsored enterprises buy secondary market boost mortgage business lawsuit claimed quality sold housing agencies billion february agreed million settlement stemming residential mortgage backed issued defunct financial institutions issued sub prime mortgage crisis lawsuit dates lawsuit alleged registration statements issued adequately disclose risks fact misleading investors sustained heavy losses lawsuit alleged behavior defendants violated laws french tax france launched investigation france alleged tax french investigation spurred march publication book france billion france missing inquiry heart tax estimated tax income lost controlled offshore accounts billion france executive local branch executives investigated wealth management allegedly broke law enabling french hide assets controlled offshore assets avoid paying taxes undertook direct french clients assets switzerland operation money france set aside approximately billion expected liability currency rigging french tax cases facing fines billion alleged role tax fraud according french newspaper july bank required post bond billion complied making multiple appeals french court system finally losing appeal france highest court appeal ruling february key figure tax scandal french magistrate investigating case approved request parole convicted count conspiracy tax client visit france testify case federal judge granted permission travel france february march appear french court accused french government engaging highly process investigation bank french subsidiary crackdown france began came light served budget director government president secret swiss bank account marketing manager testify times filed libel cases case german tax came investigation prosecutors germany tax probe revealed suspicious funds transfers germany switzerland allegedly facilitated frankfurt office prosecutors investigated tax german investigation expected chances german swiss tax treaty frankfurt office raided tax investigators computer files records seized evidence bank claims investigators said internal investigation specific allegations identified evidence july bank paid approximately million settle similar charges germany belgian tax june chief executive arrested suspicion fraud offices residence searched police alleged belgium actively recruited rich proposing funnel funds secret swiss accounts enabling tax avoidance timber corruption malaysian money swiss authorities conducting criminal investigations charges million associated timber businesses government officials malaysia manipulation scandal major banks found guilty scheme manipulate foreign world authorities ruled pay million order end investigation manipulation currency rates fraudulent banks report misconduct able escape prosecution million fines activities previous deal rigging london offered rate agreement dependent bank laws staying trouble authorities years deal struck investigations started year later resulting non prosecution status scrapped million fine guilty count wire fraud previous case deal end investigations conduct current scandal year probation period justice department puerto_rico bond funds sold lot puerto_rico funds concentrated debt caribbean island government funds declined percent initial prices losses began linked general weakness municipal bond markets puerto rican debt facing trials hundreds arbitration claims investors filed asking total million damages bond funds landed puerto_rico trouble banks high profile names involved recently disclosed scandal concerning secret offshore financial dealings called panama papers scandal corporate social responsibility january issued new code conduct business ethics employees encouraged sign code addressed issues financial crime competition human rights environmental issues page code lays potential sanctions employees violate including warnings dismissal according chairman board group ceo code integral changing way conducts business expanded global compliance database include information environmental social issues provided global research firm specialized environmental social corporate governance risk effort environmental social risks impact bank reputation financial performance simultaneously help globally systematically implement firm processes data boarding process screen potential new clients partners alongside periodic client reviews evaluate risks related transactions investment banking institutional lending recognition fourth consecutive year named best companies living magazine member scheme active gay lesbian ethnic minority women networking groups included business week best places launch career ranked total companies listed february topped charts ninth year row annual ranking europe highly regarded equity analysts year extremes equity markets money managers firm better job informed european sectors countries industries offered greatest potential voted leading pan european firm equity equity linked research record tenth successive year survey ranked number key disciplines research research tenth year sales ninth year running second place named number leading pan european firm economics strategy research october wealth management voted best retaining title recognised private banking sponsorship according revealed bank tax clients sponsored events like yacht races united_states attract wealthy people potential clients events gave switzerland based chance network rich order cement business deals illegal banking laws sports particularly active golf tournaments cross country skiing switzerland ice hockey range events world sponsor sailing ship winner americas cup currently sponsor following sporting events organizations culture cultural typically related classical music contemporary art company sponsors range film festivals music festivals cultural events organizations previously currently sponsor following cultural events organizations recent developments outlook effective january discontinued minimum targeted exchange rate swiss versus euro set forth september moved target range month negative negative previously negative positive resulted massive strengthening swiss euro dollar british pound japanese reduction swiss interest rates significant portion foreign operations risk weighted assets foreign capital ratio concerned benefited appreciation swiss time portion operating income foreign greater portion operating expenses adversely affected implications changes interest rates applied equity capital
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