 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
|
|
|
|
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
|
|
|
|
|
||||
|
||||
|
||||
|
||||
|
|
|
|
|
|
||||
|
||||
|
||||
|
||||
|
|
|
|
|
|
||||
|
||||
|
||||
|
||||
UBS reporting structure 
Changes to reporting structure and presentation in 2008
Industrial Holdings reported in the Corporate Center
As UBS has continuously reduced its private equity business in Industrial Holdings over the last three years to a very low level, it was decided to report these activities under the Corporate Center from 2008 onwards.
Exiting of the municipal securities business by the Investment Bank
In June 2008, UBS announced the closure of its Investment Bank's institutional municipal securities business. This happened with immediate effect and the retail operations of the municipal securities business, including secondary market activities, were transferred to Wealth Management US. A goodwill impairment charge of CHF 341 million was recorded in second quarter 2008 in relation to the exiting of this business and was attributed to the Investment Bank.
Exiting of certain commodities businesses by the Investment Bank
In October 2008, UBS announced that the Investment Bank would exit the commodities business, with the exception of precious metals. This resulted in an expense of CHF 133 million in fourth quarter 2008.
| Changes to the reporting structure in 2009 |
Wealth Management & Swiss Bank and Wealth Management Americas On 10 February 2009, UBS announced with immediate effect the split of Global Wealth Management & Business Banking into two divisions: Wealth Management & Swiss Bank and Wealth Management Americas. UBS will start reporting results based on this new structure with the first quarter 2009 results. Investment Bank As announced on 3 October 2008 and reiterated on 10 February 2009, the Investment Bank is being repositioned to focus on its core franchises. The fixed income, currencies and commodities (FICC) business unit of the Investment Bank has exited several businesses including institutional municipal securities, proprietary trading, commodities (excluding precious metals, exchange-traded derivatives and indices) and real estate and securitization activities, as well as exotic structured products. The internal organization of the FICC business unit has changed to reflect this repositioning, but these changes are not expected to have an immediate impact on the Investment Bank's or UBS's reporting structure. |
TopTerms of Use | Privacy Statement
Products and services in these webpages may not be available for residents of certain nations. Please consult the sales restrictions relating to the service in question for further information.
© UBS 1998-2009. All rights reserved.
| ||||||
| | | | | | |
| ||||||
| | | | |||
| UBS has restated its annual report for 2008 on May 20, 2009, including the financial statements and other information. | | | | | |
| | | | |||
| | | | | ||
| | | | |||
| ||||||
| | | | | | |
| ||||||
| | | | |||
| | | | | ||
| | | | |||
