In January Sir Edmund Hillary dies. In 1953, he and Sherpa Tenzing Norgay were the first to climb to the top of Mount Everest.
The cheapest car in the world, the Tata Nano, is presented in India.
A major fraud is uncovered at French bank Société Générale. An employee had defrauded the bank by 4.9 billion Euro.
In February Cuban head of state Fidel Castro retires from all his offices after a long period of illness.
At the end of February Kenyan president Mwai Kibaki and opposition leader Raila Odinga arrive at a power-sharing agreement.
In March US-Bank JP Morgan Chase takes over investment bank Bear Stearns.
Dmitry Medvedev is elected president of Russia succeeding Vladimir Putin.
By acquiring the Jaguar and Land Rover brands Indian company Tata becomes the first Indian car manufacturer to take over a western car company.
After winning the country's parliamentary elections Silvio Berlusconi becomes prime minister of Italy for the third time after 1994 and 2001. Physicist John Archibald Wheeler, creator of the term "black hole" in 1967, and meteorologist Edward Norton Lorenz, architect of the chaos theory in 1972, die in April.
In May Asia is hit by two natural catastrophes. Cyclone "Nargis" hits Burma leading to the death of at least 130,000 people and making up to one million people homeless. While a strong earthquake in the Chinese province of Sichuan leaves more than 69,000 people dead, nearly 400,000 injured and several million homeless.
Two-and-a-half months after its election Nepal's constitutional parliament abolish the monarchy.
Robert Rauschenberg, one of the best-known pop artists, dies.
 | Robert Rauschenberg: Untitled
© Robert Rauschenberg / VAGA, New York, ProLitteris 2004, Zurich |
In June Barack Obama becomes the first African American presidential candidate for a large US-party.
By rejecting the Treaty of Lisbon in a referendum on 12 June Ireland brings down this EU reform treaty.
Yves Saint Laurent, one of the most famous fashion designers, dies.
 |  | | | European soccer championships 2008 |
At the end of June Spain wins the final of the European soccer championships.
With the collapse of Californian savings and loans association IndyMac the US experiences the second worst bank failure in its history. After having been on the run for years Radovan Karadzic, former leader of the Bosnian Serbs, is arrested. The International Criminal Tribunal accuses him of genocide and crimes against humanity.
The WTO negotiations to further lower tariffs worldwide are broken off at the end of July.
Switzerland becomes part of the Schengen Information System SIS.
The conflict between Georgia and the autonomous province of South Ossetia, which had been smouldering for years, descends into war.
In Beijing, 8 August sees the opening of the Olympic Games. At the Games, Jamaican Usain Bolt achieves a remarkable new world record over the 100 meter distance in 9.69 seconds.
Succeeding Pervez Musharraf, Asif Ali Zardari, widower of slain former presidential candidate Benazir Bhutto, becomes president of Pakistan.
On 7 September the US government unveils a billion-dollar bailout plan for the ailing mortgage finance companies Freddie Mac and Fannie Mac.
Particle accelerator Large Hadron Collider (LHC), the largest research application in the world, is started up in Geneva.  | Large Hadron Collider
© CERN |
On 15 September the investment bank Lehman Brothers files for bankruptcy protection. This prompts a number of countries such as the US, the UK, Germany, France and the entire EU to launch substantial support programs for the financial sector. The US Federal Reserve Bank creates an $85 billion credit facility for insurance corporation AIG.
In the US, Merrill Lynch is taken over by Bank of America, UK’s HBOS by Lloyds TSB, Fortis is partly nationalized, Wells Fargo and Wachovia announce merger. The collapse of savings and loans association Washington Mutual Bank constitutes the largest bank failure in US history.
In September Ruanda becomes the first country ever with more female than male members of parliament.
According to the International Monetary Fund (IMF) total losses due to the financial crisis, which had amounted to USD 1 trillion in spring 2008, had risen to USD 1.4 trillion by the beginning of October.
In November, British racing driver Lewis Hamilton becomes the youngest Formula 1 world champion ever.
On 4 November Barack Obama, candidate of the Democratic Party, is elected 44th president of the US.
China announces a USD 586 billion economic stimulus plan.
Jacques Piccard, one of the most important explorers of the 20th century, dies.
In December, Swiss parliament elects Ueli Maurer into the Swiss Federal Council, the country's government. | | In February UBS announces the appointment of Jerker Johansson as Chairman and Chief Executive Officer of the Investment Bank. Three senior managers are appointed to the Group Executive Board (GEB):
Robert Wolf
, Alexander Wilmot–Sitwell and
Marten Hoekstra
.  | | Robert Wolf | |
 | | Marten Hoekstra | |
UBS reports a Group
net loss
of CHF 4,384 million in full-year 2007.
At the Extraordinary General Meeting on 27 February, the shareholders of UBS AG approve the proposal by the Board of Directors to
create conditional share capital for the issuance of mandatory convertible notes
.
On 1 April, UBS announces that Marcel Ospel will not stand for re-election to the Board of Directors at the firm's Annual General Meeting on 23 April.
UBS issues a summary for shareholders and the general public of the 700-page analysis previously submitted to the Swiss Federal Banking Commission. It details the key facts relating to the firm’s structuring, trading and investment activities in connection with positions and losses in US mortgage and asset-backed securities.
 | | David Sidwell | |
At the Annual General Meeting on 23 April, the shareholders of UBS AG approve a major capital increase proposed by the Board of Directors. Peter Kurer and
David Sidwell
are elected to the Board of Directors while board members Peter Voser and Lawrence A. Weinbach are re-elected. UBS appoints Sir David King, former Chief Scientific Advisor to the UK government, as Senior Scientific Advisor on all scientific matters, with particular emphasis on global climate change.
UBS reports a Group net loss of CHF 11,535 million for first quarter 2008.
UBS announces in May that it has closed on the sale of approximately USD 15 billion of primarily Subprime and Alt-A US residential mortgage-backed securities to a newly created distressed asset fund that will be managed by BlackRock, the global investment management firm.
In June UBS AG successfully completes its CHF 15.97 billion rights offering.
UBS is one of four "National Supporters" and exclusive title sponsor of the UBS Arenas (public viewing areas at 16 locations across Switzerland) for the 2008 European soccer championships.
UBS announces in June that it has signed an agreement with VermogensGroep, an independent Dutch Wealth Manager, to acquire VermogensGroep. On 1 July UBS establishes
new corporate governance guidelines
.
UBS unveils a number of key measures aimed at boosting the firm’s growth in the Middle East.
UBS announces on 17 July that, effective immediately, it would cease providing cross-border services to private banking clients domiciled in the US through non-US regulated entities.
UBS representative Mark Branson, CFO of Global WMBB, testifies at a US Senate Subcommittee hearing (title of the hearing: "Tax Haven Banks and US Tax Compliance").
In August, UBS announces a comprehensive settlement, in principle, for all clients holding auction rate securities.
UBS reports a Group net loss of CHF 358 million for second quarter 2008. UBS announces changes to its
strategic direction
and launches a comprehensive program to re-engineer its business.
With
Markus U. Diethelm
as Group General Counsel and
John Cryan
as Group CFO, UBS makes two new appointments to the Group Executive Board (GEB).  | | Markus U. Diethelm | |
 | | John Cryan | |
At the UBS Extraordinary General Meeting on 2 October 2008, shareholders elect
Sally Bott
,
Rainer-Marc Frey
,
Bruno Gehrig
and
William G. Parrett
to the Board of Directors.  | | Sally Bott | |
 | | Rainer-Marc Frey | |
 | | Bruno Gehrig | |
 | William G. Parrett |
On 16 October, the Swiss National Bank and UBS announce a comprehensive solution to materially de-risk and reduce
UBS’s balance sheet
.
Philip Lofts is appointed Group Chief Risk Officer and a member of the Group Executive Board.
UBS reports a Group net profit of CHF 296 million for third quarter 2008. In November UBS releases a report on the new compensation model for members of the Board of Directors and the Group Executive Board.
At the Extraordinary General Meeting on 27 November, the shareholders of UBS AG approve the creation of conditional share capital for the issuance of mandatory convertible notes in the amount of CHF 6 billion to the Swiss Confederation.
In December the Swiss Federal Banking Commission and UBS and Credit Suisse agree on new capital adequacy rules. |
