swiss multinational financial services holding company headquartered operates financial services investments company organized stock corporation divisions private banking asset management provides marketing support divisions stock hit new week low trading july somewhat recent reports suggested investigated relation tax valid federal lawsuit filed new_york_city court related litigation filed pertaining act july latest legal brief filed case expense inc founded english order fund development switzerland rail system issued loans helped create switzerland electrical grid european rail system helped develop country currency system funded 1900s began shifting retail banking response elevation middle class growing popularity savings accounts partnered boston large failed loan boston financial stress bought controlling share bank 1990s acquired year added investment firm company affected banks global financial crisis began investment business executing cutting costs period germany brazil united_states began series investigations use accounts tax company pleaded guilty decades help citizens avoid taxes agreed pay billion fines usd assets management according increase corporate structure organized joint stock company registered operates holding company owns bank interests financial services business governed board directors shareholders independent organize annual general meeting shareholders investors large stakes company determine agenda shareholders elect year terms approve annual report financial statements powers granted law shareholders elect members board directors serve year term based candidates nominated chairman governance committee meet times year vote company resolutions business strategies compensation principles based guidance compensation committee authority create committees delegate specific management functions divisions department provides support functions like risk management legal marketing areas operations divided regions switzerland europe middle_east africa americas wealth management corporate institutional businesses handles investment research trading prime capital sells investment classes alternative investments real estate fixed income products financial products history early history founder called spiritual father railway law work defeating idea state run railway system switzerland favor founded originally called primarily provide domestic funding railway projects avoiding french banks wanted exert influence railway system aimed start company million shares instead sold million shares days bank modeled bank funding railway projects france founded years prior conservative lending policy focused short medium term loans year operation percent bank revenues built company played substantial role economic development switzerland helping country develop currency system funding investing railway connected switzerland european rail system helped fund creation switzerland electrical grid participation called coalition organizations financed switzerland electrical grid according handbook history european banks switzerland young electricity industry came assume importance support railway construction years earlier bank helped fund effort french troops crossed swiss borders franco prussian war end war largest bank switzerland late 1800s set banking insurance companies germany brussels geneva bank company created insurance companies like swiss year losses agriculture venture investments international trade bank created sugar factory bought shares animal breeding ventures supported export business experienced heavy losses speculative investing early 1900s began catering consumers middle class deposit currency exchanges savings accounts branch outside opened bank helped companies affected world war restructuring extended loans reconstruction efforts 1920s depression net profits employees took salary cuts world war substantial portion business foreign reconstruction efforts holocaust survivors problems trying retrieve assets relatives died concentration camps death certificates led class action lawsuit settled billion agreement regard exercise created 1970s branch exposed illegally million italian deposits speculative investments acquisitions growth boston dropped partnership bought replace partnership partnered boston create europe bought percent stake boston operations group acquired blue chip london originally established irish met connected developed good private client business time included boston brands later created switzerland asia london new_york tokyo according article new_york_times boston superstar buying stakes american companies wanted issue bonds boston loaned million green purchase purchased times annual revenue borrowed million bonds bonds market crashed following year couldn repay boston injected million boston business ultimately led company taken known burning bed deal overlooked glass act requires separation commercial investment banks order preserve stability financial markets late 1990s executed aggressive acquisition strategy bank acquired known switzerland oldest bank controlling stake switzerland fifth largest bank billion deal merged billion acquired asset management division million purchased billion divisions later called domestic banking corporate investment banking expected cost company million result lost jobs save million year struggling overall profits grown percent prior year reaching million japan temporarily suspended financial products division license operate japan window dressing practice selling derivatives bank clients hide losses 2000s executed series bank consolidated entities investments unit added insurance calls bank model restructuring board mix executives divisions changed compensation commission models encourage cross division created solution partners group functions investment private banking divisions following private banking division grew percent year despite economic crisis firm long time rival number position private banking poll acknowledged misconduct helping iran countries hide transactions authorities paid million settlement year merged new company called increasing importance related commitments international standards bank member lead increasingly sophisticated ambitious risk management years operates process uses swiss provider screen evaluate environmental social risks risky transactions founder sued bank attempted collect million loan debt bankruptcy proceedings borrowed million business large portion personal use eventually filing bankruptcy lawsuits filed resorts seeking billion damages alleging created loans intention taking properties default post financial crisis according wall_street_journal survived credit crisis better competitors million holdings loans borrow government banks investigated sued authorities mortgage loans risks underlying housing boom following crisis cut assets plans cut investment banking arm percent reduced emphasis investment banking focused private banking wealth management july cut jobs response weaker expected economic recovery later merged asset management private bank group cut additional costs series international investigations took place early 2000s use accounts tax brazilian government investigated current employees investigation led arrests year larger crackdown brazil accused fraud helping wealthy americans avoid taxes german authorities found citizens insurance policies bermuda based subsidiary earn tax free interest november asset management division merged private banking arm september swiss government gave banks like permission provide information tax february agreed pay fine million businesses served clients registering activities leading suspicion helping americans evade taxes swiss banks investigation separately german authorities began probe private bank subsidiary regional subsidiary helping german citizens evade taxes bank eventually entered million settlement government march denied claims drawn swiss competition probe investigating potential manipulate foreign exchange rates swiss foreign banks pleaded guilty aid tax prominent bank guilty united_states largest help citizens hide assets offshore accounts order evade paying taxes bank engages misconduct expect pursue criminal prosecution extent possible happened attorney general said time holder said case shows financial institution matter size global reach law shares rose day billion penalty announced march announced ceo leave ceo financial products strategy called trying single company offers common financial services product investment bank intended companies wealthy individuals euro developed model risk assessment loans focused exclusively chance default based method percent revenue insurance business gained acquisition investment bank insurance products primarily popular domestic market include auto fire property life disability pension retirement products historically percent bank revenue private banking services higher profit margin divisions produces funds following european stock evaluate performance markets investment bank percent ownership fund investment firm york sells funds independently clients offers private banking clients manages financial instruments jones credit long short equity index originally called fund according article investment managers favor financial technology energy sector stocks bank head equity investments europe said team focuses value emphasis free interest companies undergoing management changes influence stock price according story wall_street_journal head keeps portfolio stocks instead industry norm publishes investment advice publications reputation rankings people judge regarded taking account following statement appears web site plea agreement acknowledged decades prior operated illegal cross border banking business aided assisted thousands clients opening maintaining accounts offshore assets income member wall street list dozen largest profitable banks company identified world important banks international financial stability depends bank admired companies recognized world best private bank best european equity manager polls ranked private bank best bank switzerland volume high yield transactions second corporate high yield bond insurance ranked fourth best place financial advice acquisitions sixth domestic equity issues recognized ranked second best prime broker work environment internationally minded european banks according offers travel opportunities greater levels responsibility client interaction new employees competing firms known long hours analysts report hour work weeks roles responsibilities stringent environment pleasant despite hours wall street vault reached similar conclusions noting average training executive access matched reports hour work weeks
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