Important Events:
Switzerland and the World

Important Events:
Swiss Bank Corporation (SBC)
Union Bank of Switzerland (UBS)

German troops occupy the Netherlands, Belgium, Luxemburg and France. Switzerland is now totally surrounded by the Axis powers.

The average yearly salary of a SBC employee (excluding management) is 6360 Swiss francs.

UBS sets up the Union American Corporation (UACo) in New York for custodian purposes.

Nazi-Germany attacks the Sovietunion on June 22nd.

For national defence purposes Switzerland spends from 1939 to 1945 a total of 11.2 billion CHF (at today's value more than 100 billion), which amount to between 55% (1939) and 80% (1940/41) of the federal budget.

Switzerland introduces - for the first time in its history - a Federal Income Tax ("Wehrsteuer"), at that time primarily to finance the national defence effort.

Japan attacks Pearl Harbour in Hawaii. On December 7th, the United States enter WW2.

Dr. Paul Jaberg

Paul Jaberg succeeds Rudolf Ernst as Chairman of UBS.

UBS sells the wholly owned Banca Unione di Credito but keeps the Chiasso office of that bank and transforms it into a UBS branch.

The battle of Stalingrad, ending in February 1943 with the defeat of the 6th German army, marks the turning point of WW2.

	Maurice Golay

Maurice Golay is appointed Chief General Manager of SBC.

Switzerland introduces a Withholding Tax of 15 percent, to be paid on dividend and interest income and on lottery prizes, as of 1945 also on insurance payments. (Since 1976 the rate is 35 percent.)

D-Day: on June 6th Anglo-American forces land in France (Normandy) and start to free Western Europe from German occupation.

The Bretton Woods Conference sets up the International Monetary Fund (IMF) and the Worldbank (IBRD - International Bank for Reconstruction and Development).

Dr. Rudolf Speich

Rudolf Speich succeeds Max Staehelin as Chairman of SBC.

UBS acquires the Creditanstalt in Luzern and thus establishes a branch in Lucerne.