Gwendolyn Sawyer Cherry (August 27, 1923 – February 7, 1979) was an American politician in the state of Florida. She was a member of the Florida House of Representatives from the 106th district. The first African-American woman to win election to the Florida Legislature , she served from 1970 until 1979.
133-525: Cherry was born in Miami, Florida . Her father, William Sawyer, was one of the first African American doctors in the city. She attended Florida Agricultural and Mechanical University (FAMU) where she received her undergraduate degree and, later, her Juris Doctor . She was a member of Sigma Gamma Rho sorority. She taught in the Miami Public Schools for more than 20 years, and she also served as
266-533: A 1% decrease in AUM compared to the equivalent data of 2014. As of 2018, UBS manages the largest amount of private wealth in the world, counting approximately half of The World's Billionaires among its clients. More than 60% of total invested assets in UBS Wealth Management belong to individuals with a net worth of CHF 10 million or more. Of the remaining 40% of total invested assets, 30% of
399-446: A 1929 peak of CHF 1.6 billion to its 1918 levels of CHF 1 billion by 1936. In 1937, SBC adopted its three-keys logo , designed by Warja Honegger-Lavater , symbolizing confidence, security, and discretion, which remains an integral part in the current-day logo of UBS. On the eve of World War II in 1939, SBC, like other Swiss banks, was the recipient of large influxes of foreign funds for safekeeping. Just prior to
532-466: A 2018 study published by Coalition Research Institute, UBS was among the top 10 of the world's investment banks. UBS traces its history to 1862, the year when Bank in Winterthur , forerunner of Union Bank of Switzerland , was founded. When Union Bank and SBC merged, officials originally wanted to name the merged company the "United Bank of Switzerland," but opted to call it simply UBS because of
665-445: A Warburg expansion into the U.S. had turned out flawed and costly, and talks in 1994 with Morgan Stanley about a merger had collapsed. SBC merged the firm with its own existing investment banking unit to create SBC Warburg. Two years later, in 1997, SBC paid US$ 600 million (~$ 1.06 billion in 2023) to acquire Dillon, Read & Co. , a U.S. bulge bracket investment bank. Dillon, Read & Co., which traced its roots to
798-555: A base for U.S. defense against German submarines due to its prime location on the southern coast of Florida. This brought an increase in Miami's population; 172,172 people lived in the city by 1940. The city's nickname, The Magic City , came from its rapid growth, which was noticed by winter visitors who remarked that the city grew so much from one year to the next that it was like magic. After Fidel Castro rose to power in Cuba following
931-462: A broad range of securities and savings products that are supported by the firm's underwriting and research activities as well as clients' orders management and execution and also clearing services for transactions originated by individual investors. The business is further divided geographically with separate businesses focused on the U.S. and other international markets. Two-thirds of the total invested assets come from Europe and Switzerland, with
1064-865: A central building block of UBS's universal bank delivery model in Switzerland and it supports other divisions, such as Investment Bank, by referring clients to them and by assisting them to build their wealth to a level at which they can be transferred to UBS Wealth Management. The retail and corporate distribution network comprises not only 279 branches in Switzerland, but 1,250 teller machines and self-service terminals, as well as digital banking services, serving 2.5 million personal banking clients. UBS Asset Management offers equity, fixed income , currency , hedge fund , global real estate , infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies. The 1998 UBS-SBC merger and subsequent restructuring resulted in
1197-399: A company name, UBS is no longer considered an acronym. In fact, that was one of the more than 370 financial firms that have, since 1862, become part of today's UBS. During the 2007–2008 financial crisis , UBS managed heavy losses with an asset relief recovery programme. In 2011, the company was hit by the 2011 rogue trader scandal resulting in a US$ 2 billion trading loss. In 2012,
1330-556: A former bond trader and co-head of Fixed income at Credit Suisse First Boston and head of Fixed Income Trading at Union Bank of Switzerland in 1998, was appointed CEO of UBS's investment banking division, which originated in SBC's Warburg Dillon Read division and was renamed UBS Warburg in December 2001. In an attempt to break into the elite bulge bracket of investment banks, in which UBS then had little success while rival Credit Suisse
1463-441: A gang of white men with torches marched through the neighborhood and warned the residents to move or be bombed. Miami prospered during the 1920s with an increase in population and development in infrastructure as northerners moved to the city. The legacy of Jim Crow was embedded in these developments. Miami's chief of police at the time, H. Leslie Quigg , did not hide the fact that he, like many other white Miami police officers,
SECTION 10
#17327934062451596-627: A large residential population. Brickell Avenue has the largest concentration of international banks in the United States. Just northwest of Downtown is the Health District , which is Miami's center for hospitals, research institutes and biotechnology , with hospitals such as Jackson Memorial Hospital , Bascom Palmer Eye Institute , and the University of Miami 's Miller School of Medicine . The southern side of Miami includes
1729-621: A law professor at FAMU. She was admitted to the Florida Bar in 1965, and she became the first African-American woman to practice law in Dade County . Cherry was a high school science teacher before deciding to return to school to earn a law degree from Florida A&M University . As an African-American woman, much of her career was pioneering. Cherry was a founder of the National Association of Black Women Attorneys. She
1862-507: A major coup for Costas. Moelis joined UBS from Donaldson Lufkin & Jenrette in 2001 shortly after its acquisition by Credit Suisse First Boston (although Huw Jenkins claimed he had hired Moelis to the UK Parliamentary Banking commission while under oath, which is patently false). In his six years at UBS, Moelis ultimately assumed the role of president of UBS Investment Bank and was credited, along with Costas, with
1995-408: A major restructuring of the bank's operations. Looking to take advantage of the situation, Credit Suisse approached Union Bank of Switzerland about a merger that would have created the second largest bank in the world in 1996. Union Bank of Switzerland's management and board unanimously rebuffed the proposed merger. Ebner, who supported the idea of a merger, led a shareholder revolt that resulted in
2128-583: A name clash with the separate Swiss company United Bank Switzerland – a part of the United Bank Limited 's Swiss subsidiary. Therefore, UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for the company's values of confidence, security, and discretion. UBS' earliest corporate ancestor was formed in 1854, when six private banking firms in Basel , Switzerland pooled their resources to form
2261-417: A result of the bank's policy of requiring death certificates from family members to claim the contents of the account. UBS's handling of these revelations were largely criticized and the bank received significant negative attention in the U.S. UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank. Shortly after
2394-646: A track record of 20 consecutive quarters of rising profits. In 2006, UBS set up a joint venture in China (see UBS Securities, China branch ). However, by the end of 2006, UBS began to experience changing fortunes. In late 2005, Costas headed a new hedge fund unit within UBS known as Dillon Read Capital Management . His former position was taken over by Huw Jenkins , a long-time legacy UBS investment banker. In 2006, UBS bankers Blair Effron and Michael Martin announced their departures. In March 2007, Moelis announced that he
2527-502: A variety of other religions have smaller followings; atheism or no self-identifying organized religious affiliation was practiced by 21%. There has been a Norwegian Seamen's church in Miami since the early 1980s. In November 2011, Crown Princess of Norway Mette-Marit opened a new building for the church. The church was built as a center for the 10,000 Scandinavians that live in Florida. Around 4,000 of them are Norwegian . The church
2660-485: A warm ocean current , runs northward just 15 miles (24 km) off the coast, allowing Miami's climate to stay warm and mild all year. The surface bedrock under the Miami area is called Miami oolite or Miami limestone. This bedrock is covered by a thin layer of soil, and is no more than 50 feet (15 m) thick. Miami limestone formed as the result of the drastic changes in sea level associated with recent glacial periods , or ice ages . Beginning some 130,000 years ago,
2793-506: A wealthy Cleveland native, was the original owner of the land upon which Miami was built. In the late 19th century, the area was known as "Biscayne Bay Country", and reports described it as a promising wilderness and "one of the finest building sites in Florida". The Great Freeze of 1894–1895 hastened Miami's growth, as the crops there were the only ones in Florida that survived. Julia Tuttle subsequently convinced railroad tycoon Henry Flagler to extend his Florida East Coast Railway to
SECTION 20
#17327934062452926-610: Is 45 °F (7 °C) in December 1989 during the December 1989 United States cold wave . The coldest maximum temperature average between 1991 and 2020 stood at 59 °F (15 °C). The warmest overnight low measured is 84 °F (29 °C) on several occasions. The stability of summer overnight lows is underlined by the mean maximum annual overnight low of just one degree lower. Hurricane season officially runs from June 1 to November 30, although hurricanes can develop beyond those dates. The most likely time for Miami to be hit
3059-855: Is also an important place for the 150 Norwegians that work at Walt Disney World in Central Florida. In a 2022 Point-In-Time Homeless Count, there were 3,440 homeless people in Miami-Dade County, 970 of which were on the streets. In the city limits of Miami, there were 591 unsheltered homeless people on the streets, up from 555 in 2021. According to National Immigration Forum , the top countries of origin for Miami's immigrants are Latin America (86%): Cuba (741,666), Haiti (213,000), Colombia (166,338), Jamaica (144,445); Europe (6.1%): United Kingdom (23,334), Germany (15,611), Italy (14,240) and Asia (5.2%): India (23,602), China (21,580) and
3192-419: Is considered one of the "biggest, most powerful financial institutions in the world". The company's capital strength, security protocols, and reputation for discretion have yielded a substantial market share in banking and a high level of brand loyalty . Alternatively, it receives routine criticism for facilitating tax noncompliance and off-shore financing . UBS is a primary dealer and Forex counterparty of
3325-549: Is during the peak of the Cape Verde season, which is mid-August to the end of September. Although tornadoes are uncommon in the area, one struck in 1925 and another in 1997 . Around 40% of homes in Miami are built upon floodplains and are considered as flood-risk zones. Miami falls within the Department of Agriculture's 10b/11a plant hardiness zone . Miami is one of the major coastal cities and major cities in
3458-528: Is home to several major University of Miami -affiliated hospital and health facilities, including Jackson Memorial Hospital , the nation's largest hospital with 1,547 beds, and the Miller School of Medicine , the University of Miami's academic medical center and teaching hospital, and others engaged in health-related care and research. PortMiami , the city's seaport, is the busiest cruise port in
3591-672: Is mostly composed of high-rise residential towers and is home to the Adrienne Arsht Center for the Performing Arts . Wynwood is an art district with ten galleries in former warehouses, as well as a large outdoor mural project. The wealthier residents of Miami usually live in the Design District and the Upper Eastside , which has many 1920s homes as well as examples of Miami Modern architecture in
3724-463: Is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009. Overall invested assets are $ 3.101 billion, shareholders' equity is $ 52.928 billion and market capitalization is $ 45.907 billion by the end of 2018. In November 2014, the shares in UBS Group AG were listed and started trading as a new holding company at
3857-516: The 1950 census . This made it Florida's largest city, a title it retained until the Jacksonville Consolidation , when the city of Jacksonville absorbed most of Duval County , nearly tripling its population. Since then, Miami has retained its spot as Florida's second-largest city. Throughout the latter half of the twentieth century, Miami experienced a certain amount of stagnation in its population, with expansion slowing during
3990-532: The American Civil War when cotton prices rose dramatically. The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million, and specialized as a savings and mortgage bank for individual customers, maintaining a branch office network in eastern Switzerland. The new company was initially traded under the English name Swiss Banking Association , but in 1921 it
4123-544: The Americas consists of U.S. and Canadian wealth management businesses, as well as international business booked in the U.S. UBS Wealth Management in the U.S. is an outgrowth of the former Paine Webber brokerage business. The business was initially renamed UBS Paine Webber in March 2001, after it was acquired by UBS. The division offers wealth management advice for ultra-high net worth and high net worth clients. UBS
Gwen Cherry - Misplaced Pages Continue
4256-847: The Bankverein , a consortium that acted as an underwriting syndicate for its member banks. In 1871, the Bankverein coordinated with the German Frankfurter Bankverein to form the Basler Bankverein , a joint-stock company replacing the original Bankverein consortium. After the new bank started with an initial commitment of CHF 30 million and CHF 6 million of share capital, it soon experienced growing pains when heavy losses in Germany caused it to suspend its dividend until 1879. Following
4389-535: The Basler Handelsbank (Commercial Bank of Basel), which was one of the largest banks in Switzerland, but became insolvent by the end of the war. SBC remained among the Swiss government's leading underwriters of debt in the post-war years. SBC, which had entered the 1950s with 31 branch offices in Switzerland and three abroad, more than doubled its assets from the end of the war to CHF 4 billion by
4522-492: The Bulge Bracket , particularly Goldman Sachs , JPMorgan Chase , and Bank of America . The American division also offers its own credit card not sponsored by another bank unlike many of its competitors. On a global scale, UBS competes with the largest global investment banks , particularly within the Bulge Bracket . and until acquiring Credit Suisse in 2023 was regularly compared against it. According to
4655-673: The Northern Trust Corporation , an American international financial services company, announced an agreement for the acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland . This acquisition will facilitate the expansion of the Northern Trust Corporation into these two countries, turning the American company into the major fund administrator in
4788-613: The Revolution in 1959, many wealthy Cubans sought refuge in Miami, further increasing the city's population. Miami's national profile expanded dramatically in the 1970s, particularly in 1972. The region hosted both the Democratic and Republican National Conventions in the 1972 Presidential election . The Miami Dolphins also made history with their undefeated "perfect" season . The area's educational and cultural institutions also developed significantly in this period, positioning
4921-535: The Sangamonian Stage raised sea levels to approximately 25 feet (8 m) above the current level. All of southern Florida was covered by a shallow sea. Several parallel lines of reef formed along the edge of the submerged Florida plateau , stretching from the present Miami area to what is now the Dry Tortugas . The area behind this reef line was a large lagoon. Miami limestone formed throughout
5054-743: The Swiss Bank Corporation (SBC) to cater to the increasing credit needs of Swiss railroad and manufacturing companies. It formed a private banking syndicate that expanded, aided by Switzerland's international neutrality . In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Following decades of market competition between Union Bank of Switzerland and
5187-573: The Tropic of Cancer , and proximity to the Gulf Stream shape its climate. Average winter high temperatures, from December to March, range from 76.4–80.3 °F (24.7–26.8 °C). January is the coolest month with an average daily temperature of 68.2 °F (20.1 °C). Low temperatures fall below 50 °F (10 °C) about 3 to 4 nights during the winter season, after the passage of cold fronts that produce what little rainfall that falls in
5320-661: The Wall Street of Switzerland. By 1923, offices were established throughout Switzerland. Although the bank suffered in the aftermath of World War I and the Great Depression , it was able to make several smaller acquisitions ; in 1937 it established Intrag AG, an asset management business responsible for investment trusts , (i.e. mutual funds ). The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after
5453-536: The county seat of Miami-Dade County in South Florida . It is the core of the Miami metropolitan area , which, with a population of 6.14 million, is the second-largest metropolitan area in the Southeast after Atlanta , and the ninth-largest in the United States. With a population of 442,241 as of the 2020 census , Miami is the second-most populous city in Florida after Jacksonville . Miami has
Gwen Cherry - Misplaced Pages Continue
5586-539: The mainland of South Florida just above sea level . Beneath the plain lies the Biscayne Aquifer , a natural underground source of fresh water that extends from southern Palm Beach County to Florida Bay . It comes closest to the surface around the cities of Miami Springs and Hialeah . Most of the Miami metropolitan area obtains its drinking water from the Biscayne Aquifer. As a result of
5719-625: The private placement of equity , debt , and derivatives . The Sales & Trading division comprises equities ( brokering , dealing , market making and engaging in proprietary trading in equities , equity-related products, equity derivatives , and structured products ) and FX, Rates and Credit (FRC) ( brokering , dealing , market making and engaging in proprietary trading in interest rate products, credit products, mortgage-backed securities , leveraged loans , investment grade and high-yield debt , currencies , structured products , and derivative products ). Following an expansion in 2002,
5852-399: The third-largest skyline in the U.S. with over 300 high-rises , 61 of which exceed 491 ft (150 m). Miami is a major center and leader in finance, commerce, culture, arts, and international trade. Miami's metropolitan area is by far the largest urban economy in Florida, with a 2017 gross domestic product of $ 344.9 billion. In a 2018 UBS study of 77 world cities, Miami
5985-498: The 1830s, was among the powerhouse firms on Wall Street in the 1920s and 1930s, and by the 1990s had a particularly strong mergers and acquisitions advisory group. Dillon Read had been in negotiations to sell itself to ING , which owned 25% of the firm already, but Dillon Read partners balked at ING 's integration plans. After its acquisition by SBC, Dillon Read was merged with SBC-Warburg to create SBC-Warburg Dillon Read. Following SBC's later merger with Union Bank of Switzerland ,
6118-548: The 1950s and 1960s before nearly halting in the next three decades as suburbanization occurred. Miami grew by 34.3% in the 1950s and 1960s as its population reached 334,859 at the 1970 census . In the next three decades, it only grew 8.2%. By the time of the 2000 census , Miami's population stood at 362,470. In the 2000s and 2010s, spurred by high-rise construction in Downtown Miami, Edgewater, and Brickell, Miami's population began to grow quickly once more. An estimate by
6251-497: The 2020 census, it was 52,447, only 11.7% of the population. Reasons for this include high costs in areas such as Liberty City and Little Haiti , compounded with gentrification . The non-Hispanic White population began to rebound in the twenty-first century, as the monolithically Hispanic areas in the Western and Central parts of Miami experienced population stagnation. This caused them to begin to be outweighed by migration into
6384-478: The American Community Survey found that the downtown population, from Brickell north to Midtown Miami, grew nearly 40% between 2010 and 2018. From 2000 to 2010, Miami's population grew by 10.2% and reached 399,457 in 2010. In the early 2010s, Miami's population crossed a milestone of 400,000 people. In the 2020 census , it had grown by a further 10.7%, up to a population of 442,241. In 1970,
6517-1060: The Americas, 30% in Switzerland, 19% in Europe (excluding Switzerland), the Middle East and Africa and 21% in the Asia Pacific region. The bank has its major presence in the United States . Its American headquarters for investment banking are located in New York City , for private wealth management advisory in Weehawken, New Jersey . They have sales & trading and private wealth management offices in Stamford, Connecticut . The company's global business groups are global wealth management , investment bank , asset management and personal & corporate banking. UBS
6650-473: The Census Bureau reported Miami's population as 45.3% Hispanic, 32.9% non-Hispanic White, and 22.7% Black. Miami's explosive population growth has been driven by internal migration from other parts of the country, up until the 1960s. From 1970 to 2000, population growth in Miami was stagnant, as non-Hispanic White Miamians left and significant immigration from Latin America, particularly Cuba , made up
6783-499: The Downtown region, from Latin America and the rest of the United States. This caused the non-Hispanic White population to rise from a nadir of 11.8% at the time of the 2000 census to 11.9% at the time of the 2010 census . After this, the non-Hispanic White population grew significantly faster than Miami as a whole did during the 2010s. In the 2020 census , non-Hispanic Whites were 14.0% of the population of Miami and numbered 61,829,
SECTION 50
#17327934062456916-826: The Group and revenue opportunities for businesses within the bank. UBS maintains a leading position in the retail and corporate loan market in Switzerland; in fact, it serves one in three pension funds , more than 85% of the 1,000 largest Swiss corporations and 85% of banks that resides within the nation. In 2015, 2017 and 2018, the international financial magazine Euromoney named UBS "Best Domestic Cash Manager Switzerland". As of 31 December 2018, its lending portfolio reached US$ 131 billion (~$ 157 billion in 2023). The products that this UBS division offers range from cash accounts , payments, savings and retirement plans to investment fund products, residential mortgages and advisory services. This business division constitutes
7049-878: The Lives of Colorful Negro Women with Pauline Willis and Ruby Thomas. She also chaired the Minority Affairs Committee for the Democratic National Convention and the National Women's Political Caucus in 1972 while serving as legal counsel for the National Organization for Women (NOW)'s Miami chapter. Cherry died in a Tallahassee car accident in February 1979. In his eulogy, former state governor and U.S. Senator Bob Graham called Gwen Cherry "a champion for
7182-556: The MiMo Historic District. The northern side of Miami also has notable African-American and Caribbean immigrant communities, including Little Haiti , Overtown (home of the Lyric Theater ), and Liberty City . Miami has a tropical monsoon climate ( Köppen climate classification Am ) with hot and wet summers and warm and dry winters. Miami's sea-level elevation, coastal location, position just above
7315-525: The Miami area for around 2,000 years before contact with Europeans. A village of hundreds of people, dating to 500–600 BCE, was located at the mouth of the Miami River . It is believed that the entire tribe migrated to Cuba by the mid-1700s. In 1566, admiral Pedro Menéndez de Avilés , Florida's first governor, claimed the area for Spain . A Spanish mission was constructed one year later. Spain, and briefly Britain , ruled Florida until it ceded it to
7448-603: The NYSE and SIX Swiss Exchange. Upon application and with effect as of 14 January 2015, the shares of UBS AG, the subsidiary of the UBS Group AG, were delisted from the NYSE. As of September 2019, the largest institutional shareholders are: As of 30 June 2018, the geographical distribution of the shareholders presents itself as follows: As of June 2018, UBS's corporate structure includes four divisions in total, namely: Starting on 9 June 2003, all UBS business groups, including UBS Paine Webber and UBS Warburg, were rebranded under
7581-679: The Philippines (15,078). UBS UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland . Headquartered simultaneously in Zürich and Basel , it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of banking secrecy . Because of
7714-793: The SBC part was dropped from the name; in 2000 when the new UBS got restructured the Dillon Read name was dropped, although it was brought back in 2005 as Dillon Read Capital Management , UBS's ill-fated hedge fund operations. The Union Bank of Switzerland emerged in 1912 when the Bank in Winterthur fused with the Toggenburger Bank . The Bank in Winterthur, founded in 1862 with an initial share capital of CHF 5 million, focused on providing financing for industry and other companies, and had profited considerably from its close railroad connections and large warehousing facilities during
7847-638: The Swiss Bank Corporation (SBC), the two merged in 1998 to create a single company known solely as "UBS". The agreement to merge had been made the previous year at a meeting of the Institut International d’Etudes Bancaires , a secretive club for European banking CEOs. UBS does not stand for Union Bank of Switzerland. The name 'UBS' came from one of its predecessor firms - the Union Bank of Switzerland. However, just like other prominent brands which used to be an abbreviation of
7980-400: The U.S. Federal Reserve . UBS was founded in 1862 as the Bank in Winterthur . This development came with the formation of the series of modern Swiss Grossbanken (big banks) in the latter part of the 19th century. The name of the bank was derived from the town of Winterthur , which served as Switzerland's industrial hub in the 19th century. By 1854, six private bankers in Basel founded
8113-475: The U.S. in business activity, human capital, information exchange, cultural experience, and political engagement. Miami was named after the Miami River , derived from Mayaimi , the historic name of Lake Okeechobee and the Native Americans who lived around it. Miami is sometimes colloquially referred to as The 305 , Magic City , Gateway to the Americas , Gateway to Latin America , Capital of Latin America , and Vice City . The Tequesta tribe occupied
SECTION 60
#17327934062458246-455: The UBS moniker following company's start of operations as a unified global entity. UBS's global wealth management advisory division offers high-net-worth individuals around the world a range of advisory and investment products and services. As of the end of 2016, UBS Wealth Management's invested assets totalled CHF 977billion. The whole companies assets under management (AUM) amounted to US$ 1,737.5 billion in 2015, representing
8379-419: The United States in 1821. In 1836, the U.S. built Fort Dallas on the banks of the Miami River as part of their development of the Florida Territory and their attempt to suppress and remove the Seminoles . As a result, the Miami area became a site of fighting in the Second Seminole War . Miami is noted as the only major city in the United States founded by a woman. Julia Tuttle , a local citrus grower and
8512-524: The United States in 1991 with Chase Investors Management Corporation, the asset management business of Chase Manhattan Bank . At the time of the acquisition, the business managed in excess of US$ 30 billion in assets. The bank's investments had been in the conservative asset management and life insurance businesses; further, 60% of the bank's profits came from its even more conservative Swiss banking operations. In 1993, Credit Suisse outbid Union Bank of Switzerland for Switzerland's Swiss Volksbank ,
8645-884: The United States that will be most affected by climate change . Globally, it is one of the most at-risk cities, according to a 2020 report by Resources for the Future . Global sea level rise , which in Miami is projected to be 21 inches (53 cm) to 40 inches (100 cm) by 2070, will lead to an increase in storm damage, more intense flooding, and will threaten Miami's water supply. Other potential impacts of climate change include higher hurricane wind speeds and severe thunderstorms, which can bring about hail or tornadoes. Some protective efforts are in place, including nourishing beaches and adding protective barriers, raising buildings and roads that are vulnerable, and restoring natural habitats such as wetlands . Miami Beach has invested $ 500 million to protect roads, buildings, and water systems. Real estate prices in Miami already reflect
8778-469: The United States were respectively ranked first and second on the 2018 Financial Secrecy Index . As of December 2023, UBS is the seventh largest bank in Europe with total assets worth over €1.554 trillion. It is one of the eight global " Bulge Bracket " banks. It has over CHF 3.2 trillion in assets under management (AUM), approximately CHF 2.8 trillion of which are invested assets. In June 2017, its return on invested capital
8911-555: The acquisition of American brokerage firm, Paine Webber . Colloquially referred to as the "New UBS" to distinguish itself from the former Union Bank of Switzerland, the combined bank became the second largest in the world at the time, behind only the Bank of Tokyo-Mitsubishi . Additionally, the merger pulled together the banks' various asset management businesses to create the world's largest money manager, with approximately US$ 910 billion in assets under management . Union Bank of Switzerland's Mathis Cabiallavetta became chairman of
9044-404: The aim to generate systematic products and services for clients, in 2017, UBS integrated Equities, Fixed Income and Solutions capabilities and hedge funds business within a new area named Investments. UBS also formed a new area of business named Real Estate and Private Markets by combining their Global Real Estate and Infrastructure and Private Equity businesses. In February 2017, UBS Group AG and
9177-405: The aquifer, it is not possible to dig more than 15 to 20 ft (5 to 6 m) beneath the city without hitting water, which impedes underground construction, though some underground parking garages exist. For this reason, the mass transit systems in and around Miami are elevated or at-grade . Most of the western fringes of Miami border the Everglades , a tropical marshland covering most of
9310-441: The area averages at around 6 ft (1.8 m) above sea level in most neighborhoods, especially near the coast. The highest points are found along the Miami Rock Ridge , which lies under most of the eastern Miami metro. The main portion of Miami is on the shores of Biscayne Bay, which contains several hundred natural and artificial barrier islands , the largest of which contains Miami Beach and South Beach . The Gulf Stream ,
9443-402: The area from the deposition of oolites and the shells of bryozoans . Starting about 100,000 years ago, the Wisconsin glaciation began lowering sea levels, exposing the floor of the lagoon. By 15,000 years ago, the sea level had dropped 300 to 350 feet (90 to 110 m) below the current level. The sea level rose quickly after that, stabilizing at the current level about 4,000 years ago, leaving
9576-477: The assets under administration were US$ 413 billion. With around 2,300 employees in 23 countries, UBS Asset Management is the largest mutual fund manager in Switzerland, a leading fund house in Europe, and one of the largest hedge funds and real estate investment managers in the world. It has main offices in Chicago , Hong Kong , London , New York , Singapore , Sydney , Tokyo , and Zürich . With
9709-402: The balance. Miami's Hispanic majority solidified itself in this period of time, and in 1985, Miami elected its first Cuban-born mayor, Xavier Suarez . The non-Hispanic Black population of the city of Miami peaked in 1990 at almost 90,000, making up nearly a quarter of the population of Miami. Since then, Miami's non-Hispanic Black population has experienced a precipitous and steady decline. In
9842-658: The bank reoriented itself around wealth management advisory services and limited its sell side operations. Capital ownership of UBS by country of origin as of 2014: UBS is a joint-stock company ( Aktiengesellschaft ) pursuant to Swiss laws. Its shares are listed at the SIX Swiss Exchange and the New York Stock Exchange (NYSE). As of December 2020, UBS is present in all major financial centres worldwide, having offices in 50 countries, with about 30% of its approx. 73,000 employees working in
9975-487: The bank's large positions in the Americas , EMEA and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank . Apart from private banking, UBS provides wealth management , asset management and investment banking services for private, corporate and institutional clients with international service. UBS manages the largest amount of private wealth in
10108-480: The bank's other major recruits during this period were Olivier Sarkozy , Ben Lorello, Blair Effron , and Jeff McDermott. By 2003, UBS had risen to fourth place from seventh in global investment banking fees, earning US$ 2.1 billion of the US$ 39 ;billion paid to investment banks that year, increasing 33%. Over the next four years, UBS consistently ranked in the top 4 in the global fee pool and established
10241-417: The build-out of UBS's investment banking operation in the United States. Within weeks of joining, Moelis brought over a team of 70 bankers from Donaldson, Lufkin & Jenrette. Costas and Moelis hired more than 30 senior U.S. bankers from 2001 through 2004. It was estimated that UBS spent as much as US$ 600 million to US$ 700 million hiring top bankers in the U.S. during this three-year period. Among
10374-489: The city to service a larger and increasingly international population. Miami developed new businesses and cultural amenities as part of the New South in the 1980s and 1990s. At the same time, South Florida weathered social problems related to drug wars , immigration from Haiti and Latin America, and the widespread destruction of Hurricane Andrew . Racial and cultural tensions sometimes sparked, but Miami developed in
10507-519: The city's total population, 1.7% were German, 1.6% Italian, 1.4% Irish, 1.0% English, 0.8% French, 0.6% Russian, and 0.5% were Polish. In 2010, those of Asian ancestry were 1.0% of Miami's population. Of the city's total population, 0.3% were Indian / Indo-Caribbean (1,206 people), 0.3% Chinese/ Chinese Caribbean (1,804 people), 0.2% Filipino (647 people), 0.1% were other Asian (433 people), 0.1% Japanese (245 people), 0.1% Korean (213 people), and 0.0% were Vietnamese (125 people). In 2010, 1.9% of
10640-693: The closure of its Dillon Read Capital Management (DRCM) division. Although in 2006, DCRM had generated a profit for the bank of US$ 720 million, after UBS took over DRCM's positions in May 2007, losses grew from the US$ 124 ;million recorded by DRCM, ultimately to "16% of the US$ 19 billion in losses UBS recorded." The UBS investment bank continued to expand subprime risk in the second quarter of 2007 while most market participants were reducing risk, resulting in not only expanding DRCM losses but creating 84% of
10773-421: The combination of three major asset management operations: UBS Asset Management, Phillips & Drew (owned by Union Bank of Switzerland ), and Brinson Partners (owned by SBC). The investment teams were merged in 2000 and in 2002 the brands were consolidated to become UBS Global Asset Management . At the end of December 2018, UBS Asset Management was responsible for US$ 781 billion of invested assets and
10906-645: The concerns of women lawyers in the community. While it was originally called the National Bar Association Women Lawyers Division Dade County Chapter, it was decided in 2005 to be renamed in Cherry's honor. [REDACTED] Media related to Gwen Cherry at Wikimedia Commons Miami, Florida Miami , officially the City of Miami , is a coastal city in the U.S. state of Florida and
11039-532: The continuous transformation of their platform is due to a major efficiency, effectiveness and geographical dislocation of the services offered by the bank. UBS's main competitors in this division are BlackRock , Vanguard Group , State Street Global Advisers (SSGA), Fidelity Investments and Allianz Asset Management (AAM). UBS Investment Bank provides services covering securities, other financial products, and research in equities , rates, credit , foreign exchange , precious metals and derivatives . As of
11172-501: The date summer ended ranged from September 24 to November 1, with a median date of October 17. During summer, temperatures range from the mid-80s to low 90s °F (29–35 °C) and are accompanied by high humidity. The heat is often relieved in the afternoon by thunderstorms or a sea breeze that develops off the Atlantic Ocean. Much of the year's 61.9 inches (1,572 mm) of rainfall occurs during this period. Dew points in
11305-556: The early 1960s. In 1960, Union Bank of Switzerland acquired an 80% stake in Argor SA, a Swiss precious metals refinery founded in 1951 in the canton of Ticino . UBS continues to issue gold bars via Argor-Heraeus which is famous for the unique kinebar holographic technology it uses to provide enhanced protection against bank gold bar counterfeiting . By 1962, Union Bank of Switzerland reached CHF 6.96 billion of assets, narrowly edging ahead of Swiss Bank Corporation to become
11438-511: The end of December 2018, the personnel employed at UBS Investment Bank totalled 5,205, present in 33 countries (with principal offices in Chicago, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Tokyo and Zurich). This business division also advises and provides access to capital markets for corporate and institutional clients, governments, financial intermediaries, alternative asset managers, and private investors. UBS Investment Bank
11571-500: The end of World War II, Union Bank of Switzerland completed the acquisition of the Eidgenössische Bank , a large Zürich-based bank that became insolvent . As a result of the merger, Union Bank of Switzerland exceeded CHF 1 billion in assets and moved its operations to Zürich. UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in 1950 to 81 offices by
11704-580: The end of the 1950s and doubled assets again in the mid-1960s, exceeding CHF 10 billion by 1965. In 1961, SBC acquired Banque Populaire Valaisanne , based in Sion, Switzerland , and the Banque Populaire de Sierre . The bank opened a full branch office in Tokyo in 1970. In 1992, SBC acquired O'Connor & Associates , a Chicago-based options trading firm and the largest market maker in
11837-530: The fifth largest bank in Switzerland which had run into financial difficulties in the early 1990s. The acquisition propelled Credit Suisse ahead of Union Bank of Switzerland as the largest bank in Switzerland for the first time. Prior to the merger with Swiss Bank Corporation, UBS purchased a group of smaller Swiss banks in 1994 including the Cantonal Bank of Appenzell-Ausserrhoden in 1996, and in 1997 Schröder, Münchmeyer, Hengst & Co. from Lloyds Bank
11970-796: The final third coming mainly from the Asia-Pacific region. With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately 190 offices (100 of which are in Switzerland). As of the end of 2018, around 23,600 people worldwide were employed by Global Wealth Management. In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes chequing , savings , credit cards , and mortgage products for individuals. They offer cash management and commercial banking services for small businesses and corporate clients as well. UBS global wealth management advisory operations in
12103-501: The financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early 2008 and Ben Lorello in 2009. UBS was fined $ 100 million by the FED in 2004 for trading in dollars with Iran and other sanctioned countries. At the beginning of 2007, UBS became the first Wall Street firm to announce a heavy loss in the subprime mortgage sector as the subprime mortgage crisis began to develop. In May 2007, UBS announced
12236-503: The financial options exchanges in the U.S. O'Connor was combined with SBC's money market , capital market , and currency market activities to form a globally integrated capital markets and treasury operation . In 1994, SBC acquired Brinson Partners , an asset management firm focused on providing access for U.S. institutions to global markets, for US$ 750 million. Following the acquisition, founder Gary P. Brinson ran SBC's asset management business and later when SBC merged with UBS
12369-418: The first day that occurs, or within a few days later. Daily rainfall in Miami decreases sharply when the average daily dew point falls to 70 °F (21 °C) or below. In some years, a stalled front to the south of the Florida peninsula may cause rains to continue for a few more days. From 1956 to 1997, the date summer began ranged from April 16 to June 3, with a median date of May 21. In those same years,
12502-528: The former Coconut Grove Playhouse , CocoWalk , and the Coconut Grove Convention Center . It is home to many nightclubs , bars, restaurants, and bohemian shops, which makes it very popular with local college students . Coconut Grove is known for its many parks and gardens, such as Vizcaya Museum , The Kampong , The Barnacle Historic State Park , and numerous other historic homes and estates. The western side of Miami includes
12635-1049: The highest number since the 1980s. The non-Hispanic White population of Miami surpassed the non-Hispanic Black population of Miami in the 2010s. In 2010, 34.4% of city residents were of Cuban origin, 15.8% had a Central American background (7.2% Nicaraguan , 5.8% Honduran , 1.2% Salvadoran , and 1.0% Guatemalan ), 8.7% were of South American descent (3.2% Colombian, 1.4% Venezuelan , 1.2% Peruvian , 1.2% Argentine , 1.0% Chilean and 0.7% Ecuadorian ), 4.0% had other Hispanic or Latino origins (0.5% Spaniard ), 3.2% descended from Puerto Ricans , 2.4% were Dominican , and 1.5% had Mexican ancestry. In 2010, 5.6% of city residents were West Indian or Afro-Caribbean American origin (4.4% Haitian , 0.4% Jamaican , 0.4% Bahamian , 0.1% British West Indian , and 0.1% Trinidadian and Tobagonian , 0.1% Other or Unspecified West Indian ), 3.0% were Black Hispanics , and 0.4% were Subsaharan African origin. In 2010, those of (non-Hispanic white) European ancestry were 11.9% of Miami's population. Of
12768-514: The increase in prices for real estate at a higher elevation within the city compared to real estate at a lower elevation. Miami is the largest city in South Florida , the second-largest city in Florida , and is the anchor of the largest metropolitan area in Florida: the Miami metropolitan area , which has over 6 million residents. Despite Miami being home to less than a fourteenth (1/14) of
12901-400: The largest bank in Switzerland. The rapid growth was punctuated by the 1967 acquisition of Interhandel , which made UBS one of the strongest banks in Europe. By the 1980s, Union Bank of Switzerland established a position as a leading European underwriter of Eurobonds . Following two major acquisitions in 1986 ( Phillips & Drew and Deutsche Länderbank ), UBS made its first purchase in
13034-507: The latter half of the 20th century as a major international, financial, and cultural center. It is the second-largest U.S. city with a Spanish-speaking majority (after El Paso, Texas ), and the largest city with a Cuban-American plurality. Miami and its suburbs are located on a broad plain between the Everglades to the west and Biscayne Bay to the east, which extends from Lake Okeechobee southward to Florida Bay . The elevation of
13167-544: The local markets and into one of the ten global leaders in the sector. At the end of the transaction, completed in October 2017, the American company will administrate a total of CHF 420 billion in assets. UBS Asset Management will continue anyway to offer Management Company, White Labelling and Representative Services to its clients. Ulrich Körner , president of the UBS Asset Management, affirms that
13300-408: The merger. On 3 November 2000, UBS merged with Paine Webber , an American stock brokerage and asset management firm led by chairman and CEO Donald Marron . At the time of its merger with UBS, Paine Webber had emerged as the fourth largest private client firm in the United States with 385 offices employing 8,554 brokers . The acquisition pushed UBS to the top wealth and asset management firm in
13433-423: The neighborhoods of Coral Way , The Roads , and Coconut Grove . Coral Way is a historic residential neighborhood built in 1922 between Downtown and Coral Gables , and is home to many old homes and tree-lined streets. Coconut Grove, settled in 1825, and annexed into Miami in 1925, is a historic neighborhood with narrow, winding roads and a heavy tree canopy. It is the location of Miami's City Hall at Dinner Key ,
13566-496: The neighborhoods of Little Havana , West Flagler , and Flagami . Although at one time a mostly Jewish neighborhood, today western Miami is home to immigrants from mostly Central America and Cuba . The west central neighborhood of Allapattah is a multicultural community of many ethnicities. The northern side of Miami includes Midtown , a district with a great mix of diversity ranging from West Indians to Hispanics to European Americans . The Edgewater neighborhood of Midtown
13699-430: The new bank while Swiss Bank's Marcel Ospel was named chief executive officer . Nearly 80% of the top management positions were filled by legacy Swiss Bank professionals. Prior to the merger, Swiss Bank Corporation was considered to be further along than Union Bank of Switzerland in developing its international investment banking business, particularly in the higher margin advisory businesses where Warburg Dillon Read
13832-482: The onset of World War I , in which the bank lost investments in a number of large industrial companies. By the end of 1918, the bank had recovered and surpassed CHF 1 billion in total assets and grew to 2,000 employees by 1920. The impact of the stock market crash of 1929 and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in 1936. The bank saw its assets fall from
13965-555: The outbreak of the war, SBC made the timely decision to open an office in New York City. The office, located in the Equitable Building , was able to begin operations a few weeks after the outbreak of the war and was intended as a safe place to store assets in the case of an invasion. During the war, the banks' traditional business fell off and the Swiss government became their largest client. In 1945, SBC acquired
14098-555: The population considered themselves to be of only American ancestry (regardless of race or ethnicity), while 0.5% were of Arab ancestry, in 2010. Religion in the Miami Metro Area (2014) In a 2014 Pew Research Center study, Christianity was the most-practiced religion in Miami (68%), with 39% professing attendance at a variety of churches that could be considered Protestant , and 27% professing Catholicism . Followed by Judaism (9%); Islam , Buddhism , Hinduism , and
14231-403: The population of the metro area, it is an outlier compared to its neighbors, being nearly twice the size of the next-largest city in the metro: Hialeah . Miami has approximately a sixth of the population of its own county, Miami-Dade , which is the state's largest. Miami had rapid growth in the first half of the twentieth century. Its population grew from 1,681 in the 1900 census to 249,276 in
14364-468: The region, for which she became known as "the mother of Miami". Miami was officially incorporated as a city on July 28, 1896, with a population of just over 300. During the early 20th century, migrants from the Bahamas and African-Americans constituted 40 percent of the city's population. When landlords began to rent homes to African-Americans around Avenue J, what would later become NW Fifth Avenue,
14497-449: The replacement of Union Bank of Switzerland's chairman, Robert Studer with Mathis Cabiallavetta, one of the key architects of the merger with Swiss Bank Corporation . On 8 December 1997, Union Bank of Switzerland and Swiss Bank Corporation announced an all-stock merger. At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively. Discussions between
14630-481: The rights of all people and a voice of reason and concern." She was inducted, posthumously, into the Florida Women's Hall of Fame in 1986. FAMU's College of Law dedicated a lecture hall in her name. Miami-Dade County, Florida named a park after her which dedicates itself to helping educate children and helping at-risk youths. The Gwen S. Cherry Black Women Lawyers Association (GSCBWLA) formed in 1985 to address
14763-569: The southern portion of Florida. Alligators that live in the marshes have ventured into Miami communities and onto major highways. Miami is split roughly into north, south, west, and Downtown areas. The heart of the city is Downtown Miami , which is on the eastern side and includes the neighborhoods of Brickell , Virginia Key , Watson Island , and PortMiami . Downtown Miami is Florida's largest and most influential central business district, with many major banks, courthouses, financial headquarters, cultural and tourist attractions, schools, parks, and
14896-402: The total belong to individuals with net worth between CHF 1 million and CHF 10 million and the last 10% of total assets belong to individuals with a net worth of less than CHF 1 million. UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services. Additionally, UBS provides
15029-521: The trading floor covers 9,600-square-metre (103,000 sq ft) with 12-metre (40 ft) arched ceilings. Over US$ 1 trillion in assets are traded here every trading day. In June 2011, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking for office spaces in Midtown and in the rebuilt World Trade Center . UBS's main competitors in this division are fellow members of
15162-441: The two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures. The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$ 590 billion (~$ 1.04 trillion in 2023), the largest of its kind. During the merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following
15295-429: The war, when it was demonstrated that UBS likely took active roles in trading stolen gold, securities , and other assets during World War II. The issue of "unclaimed property" of Holocaust victims became a major issue for UBS in the mid-1990s, and a series of revelations in 1997 brought the issue to the forefront of national attention in 1996 and 1997. UBS confirmed that a large number of accounts had gone unclaimed as
15428-570: The warm months range from 71.9 °F (22.2 °C) in June to 73.7 °F (23.2 °C) in August. Historical temperature extremes range from 27 °F (−2.8 °C) on February 3, 1917, to 100 °F (38 °C) on July 21, 1942. While Miami has never recorded snowfall at any official weather station since records have been kept, snow flurries fell in some parts of Miami on January 19, 1977. The coldest daytime maximum temperature on record
15561-410: The winter. There are two basic seasons in Miami, a hot and wet season from May to October, and a warm and dry season from November to April. During the hot and wet season, daily thundershowers occur in the humid unstable air masses. The wet season in Miami is defined as the period during which the average daily dew point temperature is above 70 °F (21 °C). The rainy season typically begins on
15694-405: The world in both passenger traffic and cruise lines. The Miami metropolitan area is the second-most visited city or metropolitan statistical area in the U.S. after New York City , with over four million visitors in 2022. Miami has sometimes been called the "Gateway to Latin America" because of the magnitude of its commercial and cultural ties to Latin America . In 2022, Miami ranked seventh in
15827-592: The world, counting approximately half of The World's Billionaires among its clients. UBS also maintains a global investment bank and is considered a primary market maker . The bank also maintains numerous underground bank vaults , bunkers and storage facilities for gold bars around the Swiss Alps and internationally. Partly due to its banking secrecy, it has been at the centre of numerous tax avoidance investigations undertaken by U.S., French, German, Israeli and Belgian authorities. UBS operations in Switzerland and
15960-470: The world. Initially, the business was given the divisional name UBS PaineWebber but in 2003 the 123-year-old name Paine Webber disappeared when it was renamed UBS Wealth Management USA . UBS took a CHF 1 billion write-down for the loss of goodwill associated with the retirement of the Paine Webber brand when it integrated its brands under the unified UBS name in 2003. John P. Costas ,
16093-618: The years 1885 and 1886, when the bank merged with the Zürcher Bankverein and acquired the Basler Depositenbank and the Schweizerische Unionbank, it changed its name to Schweizerischer Bankverein . The English name of the bank was originally Swiss Bankverein, but was changed to Swiss Bank Corporation (SBC) in 1917. SBC subsequently experienced a period of growth, which was only interrupted by
16226-586: Was 11.1%, followed by Goldman Sachs ' 9.35%, and JPMorgan Chase 's 9.456%. UBS acquired rival Credit Suisse in an emergency rescue deal brokered by the Swiss government and its Central bank in 2023, following which UBS' AUM increased to over $ 5 trillion along with an increased balanced sheet of $ 1.6 trillion. In late 2016, UBS established a blockchain technology research lab in London to advance its cyber security and encryption of client activities. Based on regional deal flow and political influence, UBS
16359-679: Was a Democrat. After careers as a teacher and a lawyer, Cherry was elected to the Florida House in 1970, becoming the first African-American woman to serve as a state legislator in Florida. During her four terms, she introduced the Equal Rights Amendment and the Martin Luther King Jr. Day state holiday, chaired the state's committee for International Women's Year in 1978, and co-authored Portraits in Color:
16492-481: Was a member of the Ku Klux Klan . Unsurprisingly, these officers enforced social codes far beyond the written law. Quigg, for example, "personally and publicly beat a colored bellboy to death for speaking directly to a white woman". The collapse of the Florida land boom of the 1920s , the 1926 Miami Hurricane , and the Great Depression in the 1930s slowed development. When World War II began, Miami became
16625-509: Was acquired to improve access to the German investment banking and private wealth management markets. During the mid-1990s, Union Bank of Switzerland came under fire from dissident shareholders critical of its conservative management and lower return on equity. Martin Ebner, through his investment trust, BK Vision, became the largest shareholder in Union Bank of Switzerland and attempted to force
16758-561: Was changed to Union Bank of Switzerland (UBS) to mirror its French name, Union de Banques Suisses . In German, the bank was known as the Schweizerische Bankgesellschaft (SBG). The combined bank had total assets of CHF 202 million and a total shareholders' equity of CHF 46 million. In 1917, UBS completed the construction of a new headquarters in Zurich on Bahnhofstrasse , considered to be
16891-415: Was considered to be the more established platform. Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities. After the merger was completed, it was speculated that a series of losses suffered by UBS on its equity derivative positions in late 1997 was a contributing factor in pushing UBS management to consummate
17024-580: Was establishing itself as a major player on Wall Street with the acquisition of Donaldson, Lufkin & Jenrette in 2000, Costas shifted the growth strategy from acquiring entire firms to hiring individual investment bankers or teams of bankers from rival firms. Costas had followed a similar approach in building out the UBS fixed income business, hiring over 500 sales and trading personnel and increasing revenues from US$ 300 million in 1998 to over US$ 3 billion by 2001. The arrival of former Drexel Burnham Lambert investment banker Ken Moelis marked
17157-630: Was formerly known as UBS Warburg and as Warburg Dillon Read , before the merger of the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). Within the UBS Investment Bank division, the Investment Banking Department (IBD) provides a range of advisory and underwriting services including mergers and acquisitions , restructuring , equity offerings , investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and
17290-682: Was leaving the company, and shortly thereafter founded a new business, Moelis & Company . As he had when joining UBS, Moelis took a large team of senior UBS investment bankers. Moelis's departure was caused primarily by repeated conflict over the availability of capital from the bank's balance sheet to pursue large transactions , particularly leveraged buyouts . The bank's apparent conservatism would be turned on its head when large losses were reported in various mortgage securities rather than corporate loans that generated investment banking fees. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early 2007 and, as
17423-435: Was named chief investment officer of UBS Asset Management. The acquisition of S.G. Warburg & Co. , a leading British investment banking firm, in 1995 for the price of US$ 1.4 billion (~$ 2.56 billion in 2023) signified a major push into investment banking. S.G. Warburg & Co. had established a reputation as a daring merchant bank that grew to be one of the most respected investment banks in London . However,
17556-585: Was named "Best Bank for Wealth Management in North America" at the Euromoney Awards for Excellence 2017. UBS's main competitors in this division are Bank of America , Morgan Stanley , JP Morgan Chase , Wells Fargo and Charles Schwab . UBS's Personal & Corporate Banking division delivers financial products and services to retail, corporate and institutional clients in Switzerland. It also provides stable and substantial profits for
17689-416: Was the third-richest city in the U.S. and the third-richest globally in purchasing power . Miami is a majority-minority city with a Hispanic and Latino population of 310,472, or 70.2 percent of the city's population, as of 2020. Downtown Miami has among the largest concentrations of international banks in the U.S. and is home to several large national and international companies. The Health District
#244755