UBS, the Swiss banking giant with roots tracing back to 1862, has a reputation as polished as its Zurich headquarters, though not without a few cracks. The 1998 merger of Union Bank of Switzerland and Swiss Bank Corporation created a financial behemoth that soon found itself entangled in global controversies, from tax evasion scandals in the U.S. to rogue trading losses that wiped out $2.3 billion in 2011. The firm’s revolving door of CEOs has only added to the drama, with Sergio Ermotti’s long tenure marked by a focus on wealth management after years of volatility. Despite its scandals, UBS remains a powerhouse in global finance, managing trillions in assets and serving as a reminder that even in the pristine world of Swiss banking, the pursuit of profit can get a little dirty. UBS’s legacy? A masterclass in surviving the storm, albeit with its pristine facade a bit more tarnished.
