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UBS showcases its rich history at its Zurich headquarters with the exhibition "Key Moments," reflecting on its evolution since the 19th century. Visitors can explore archival materials, thematic films, and significant speeches, highlighting the bank's role in Switzerland's economic development. The current UBS was formed in 1998 through the merger of the Union of Swiss Banks and the Swiss Bank Corporation, tracing its roots back to the mid-1800s.
Ueli Maurer reflects on the downfall of Credit Suisse, emphasizing that the bank resisted state intervention despite severe liquidity issues. He critiques the limitations of FINMA and the Swiss National Bank, noting that a lack of legal frameworks hindered timely action, ultimately leading to a loss of trust in CS. Maurer argues that the state should not rescue mismanaged companies, highlighting the need for better oversight and intervention mechanisms in the banking sector.
Credit Suisse, a traditional Swiss bank established in 1856 by Alfred Escher, faced a significant crisis that culminated in its forced sale to UBS in March 2023. This event marked a dramatic decline for the institution, driven by a series of critical milestones leading to its downfall.
Credit Suisse faced a dramatic decline, culminating in a CHF 7.3 billion loss for 2022, its largest since the financial crisis. Following failed rescue attempts and significant cash outflows, UBS acquired Credit Suisse for CHF 3 billion in shares, with the Swiss National Bank providing CHF 200 billion in liquidity assistance. The bank's 167-year history ended on June 12, 2023, with its shares trading at just 81.7 centimes, over a hundred times less than pre-crisis values.
Credit Suisse's tumultuous journey culminated in its acquisition by UBS for $3 billion in March 2023, following a series of scandals and leadership changes. The bank, once a pillar of Swiss finance, became notorious for its misconduct, outpacing other major banks in reputational damage since the 2008 financial crisis. Founded in 1856 to support railway growth, its decline began in the late 1980s with a risky partnership with Wall Street's First Boston.
UBS has faced criticism for its lack of transparency regarding its historical ties to slavery, despite evidence linking its predecessor institutions to the slave trade. Swiss historian Hans Fässler has urged UBS to acknowledge its colonial past, but the bank has dismissed these claims, citing a lack of evidence. Many company archives remain closed, hindering further research into the extent of Swiss financial institutions' involvement in slavery.
UBS has faced scrutiny over its historical ties to slavery, with researchers revealing multiple connections to the slave trade through its predecessor institutions. Despite calls for an independent investigation, UBS has dismissed these findings, claiming a lack of evidence while keeping many archives closed to public access. The legacy of Swiss financial institutions in the transatlantic slave trade remains largely unexamined, highlighting a reluctance to confront this dark chapter of history.
UBS has disposed of thousands of items from the offices of Credit Suisse, including high-value furniture, at a Zurich disposal site, opting for a quick and cost-effective cleanup. While some items may be reused or sold, the bank has not confirmed any alternative disposal methods. Meanwhile, memorabilia from the former bank is attracting bids, with items like a CS Risk Management cap fetching CHF 29.
Alfred Escher
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS exhibition highlights its historical role in Switzerland's economic development
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00:05 29.11.2024
ubs faces scrutiny over historical ties to slavery and colonialism
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ubs disposes of valuable credit suisse furniture in zurich disposal site
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