Free Cyprus Classified Ads – buy, sell and advertise online
New releases, author news, and bestsellers, delivered straight to your inbox. News, reviews, updates and more for fans and developers alike. Why, what's app wit you?
Latest sales news and updates to help you thrive in this competitive industry. Share via Tell a friend. Inside Cloud Cloud computing, enterprise storage, big data, and more. Inside Beer A publication for professionals who make, sell, or distribute beer. Inside Real Estate For those in the business of buying, selling, and developing real estate. Inside Streaming News, reviews and updates for those who've cut the cord. Inside Facebook Facebook's mission is to connect the world's people.
Inside Automotive The best source of in-depth news about 21st century transportation. Inside Snap The best source of news, developments, and analysis about Snap, Inc. No BS, no frills, no fluff. Inside Deals A hand-picked selection of products, deals, and ways to save money.
ReadThisThing One link to a fascinating piece of journalism, in your inbox daily. Inside Retail Tracking the latest trends in consumer goods and services. Interested in sponsoring a newsletter? Inside Blockchain Get the most important news and headlines about blockchain, bitcoin and the future of payments industry.
Inside Fashion The hottest new looks and the latest styles from the designers that matter to you. Inside Movies Reviews, what to watch, commentary, and more. Inside Media The business of news. These represented seven breeds including cross breeds , with both dairy and beef breeds represented. Twelve animals had an octapeptide repeat profile of 6: ORF polymorphism was present at codon 78 seven animals were heterozygous and one was homozygous for Q , codon , where one animal was heterozygous for P, and codon , where four animals were heterozygous for N.
In summary, there was no indication of any consistent genetic feature in these animals that could be linked to the presence of disease. In terms of production, DE is the leading compound feed producer with Direct imports from third countries of industrial compound feed are limited in the EU to ,—, tonnes per year; all species combined. However, a variety of feeding stuffs, destined as animal feed ingredients, are imported each year from third countries, totalling approximately This does not include the volume of as cereals or dairy products materials imported from third countries, as it is difficult to differentiate food from feed destinations in commodity tracking systems.
According to point 2. Member States should pay special attention to the definition of criteria that can be related to a risk. The weighting given to each criterion should be proportional to the risk.
Sampling should be targeted on batches or events where cross-contamination with prohibited processed proteins is most likely first batch after the transport of feeding stuffs containing animal protein prohibited in this batch, technical problems or changes in production lines, changes in storage bunkers or silos for bulk material.
The Commission Recommendation states that the minimum number of inspections per year in a MS should be 10 per , tonnes of compound feed produced and the minimum number of official samples per year in a MS should be 20 per , tonnes of compound feed produced. The hypothesis of the feed source for the BARB cases has been articulated into two possible routes of introduction into the feed chain: Despite the large number of safeguards for the manufacturing of feed, the persistence of infectivity in pockets of residual contamination, particularly chunks where historically contaminated material was stored and handled cannot be excluded.
If these scenarios are plausible, some reflections on the monitoring system are pertinent. The importance of the role of sampling to ensure representativeness in food and feed materials collected for testing in hazard identification has been acknowledged elsewhere Kuiper and Paoletti, It should be based on a risk-based strategy where all stages of production and all types of premises where feed is produced, handled and administered are included.
MS should define the number of samples weighted according to the risk assessed in each criterion and type of premises: When the Animal by-products Regulation 10 entered into force in , processed animal protein was defined as feed material entirely produced from category 3 animal by-products, i. Given the size of the sampling frame million tonnes of livestock feed from which samples are to be taken, the heterogeneity of the distribution of the processed animal protein in sampling material can be expected to be very large for the reasons above explained.
Despite targeting sampling in high-risk instances previous history, or suspicion of non-compliance, use of derogated processed animal protein, high throughput, etc. A large number of feed samples are tested in the EU approx. However, in the context of the huge amount of ingredients used for the production of livestock feed and despite the high analytical sensitivity of the laboratory methods in place not so high in the early years.
There is no centralised data collection with regard to feed testing, so information on the actual number of samples tested and the proportions that have been found positive is not available. However, the feed testing EURL still receives test-positive samples for diagnostic second opinion each year, as summarised in their annual reports.
Examples include the lack of supporting documentation with evidence of the tracing, recall and safe disposal of all contaminated feed with processed animal proteins from the last positive sample of ruminant feed identified, the lack of targeting high-risk steps in the feed chain, insufficient coverage of the feed chain or limited implementation of the sampling programme.
However, it is important to note that during the first years of implementation there were a larger number of deficiencies reported that could have compromised the feed ban, and that increased the risk that contaminated processed animal proteins PAP could have entered the feed chain. After the first year of the implementation of the total feed ban, progress was observed with respect to deficiencies detected in the inspections that involved the majority of the BARB MS, with the exception of countries I 12 and M.
There was only one exception, in which multiple deficiencies were also identified in the following years. In fact, the national control programmes of this MS were not yet able to demonstrate a fully satisfactory level of compliance with the total feed ban due to a limited official inspection and sampling programme for the feed chain up to Nevertheless, deficiencies in other MS continued to be identified by FVO auditors in subsequent years that could have led to the risk of contaminated processed animal protein entering the feed chain not being completely eliminated, as described below.
Some of these deficiencies were related to the logistics and arrangements by the CA required to implement the ban, which was a demanding operation requiring interaction and collaboration between multiple contractors and stakeholders. A lack of coordination between authorities and different departments was reported for different MS and years F as well as the unequal implementation of the ban among the different regions within the same MS C, G, H.
Cyprus Credit Union - Utah's Mortgage Loan Experts
Significant delays in the transposition of certain aspects of the legislation like the controls in importation of processed animal proteins, the withdrawal of processed animal proteins produced before 1 January G and F , and the authorisation and registration of establishments using fishmeal E were highlighted in some audit reports.
The monitoring programme for the feed ban has, as a strong component, the design and implementation of an appropriate risk-based sampling programme for the monitoring of the presence of processed animal proteins along the feed chain. The lack of targeting of high-risk steps in the feed chain feed mills and intermediate contractors G , insufficient coverage of the feed chain I , limited implementation of the sampling programme F and deficiencies in the documentation, protocols, information technology IT systems, harmonisation and co-operation among responsible services G were all highlighted in early audits.
Other important aspects that hampered the monitoring of compliance with the feed ban in the early years were the issues related to the analysis of the feed samples.
Trivia Quiz | Revolvy
In subsequent years, there were shortcomings in the performance and supervision of laboratories H, , and a lack of audits in the diagnostic laboratories D, , despite the significant progress in the laboratory testing performed within the framework of the feed ban controls.
Some breaches directly posed a risk of introduction of contaminated processed animal proteins into the feed chain. The most immediate one was the delay in the implementation of the feed ban F, K allowing the introduction of processed animal proteins in non-ruminant feed without any conditions, and increasing the risk of cross-contamination.
In , there was still a high proportion of cross-contamination and feedstuffs, displaying a persistent source of contamination J. The degree of contamination of ruminant feeds with prohibited processed animal proteins was unclear in in A. In cases of positive feed samples for MBM, the delay in delivering laboratory results continued in J, H , and the lack of proper action after confirmation of a positive result was also reported in L , or insufficient efforts to fully avoid cross-contamination of ruminant feed with processed animal proteins B, Difficulty in tracing the origin of contamination detected in feedstuffs was still observed in G.
The separation of production lines for processed animal protein ruminant feed and fishmeal mixed was not always ensured or assessed in the early years C, D, L.
Equally the methods for the transition of plants that were using MBM before the ban were unclear. In several MS at that time the risk-based sampling programme for monitoring the presence of processed animal protein was not clearly implemented or was poorly designed, not covering the whole feed chain. A lack of supporting documentation with evidence of the tracing, recall and safe disposal of all contaminated feed with processed animal protein from the last positive sample of ruminant feed identified the previous year was also observed G.
Deficiencies related to the transport of processed animal protein and other products were also observed in later years as well, for example, the lack of protocols for the cleaning and disinfection of vehicles used for the transportation of feeding stuffs and containing fishmeal and other products D. These limited the capability of the CA to ensure that processed animal protein destined for aquaculture did not contain proteins of ruminant origin C, , or to effectively monitor the risk of cross-contamination during transport G, Accidental cross-species feeding, using fishmeal, in premises keeping ruminants and non-ruminants was also identified as a potential risk L, H.
During the first years of the feed ban, and according to Annex IV of the TSE Regulation, certain processed animal protein was authorised to be fed to non-ruminant farmed animals, by way of derogations.
For example, fishmeal could be fed to monogastric animals under certain conditions. This made it difficult for fishmeal to be tracked to authorised feed mills or stores, with full documentation, thereby posing an increasing risk of cross-contamination of ruminant feed with fishmeal.
The inspection at ports on checks of importation of processed animal protein from third countries was not always fully operational when the ban was first implemented G and C. Deficiencies and non-compliances with the implementation of the derogations continued during the subsequent years G , with the importation of fishmeal C, A , the discrimination of samples from ruminants and monogastric species, and in the correct separation in livestock farms keeping ruminant and non-ruminants and using fishmeal E.
Similar findings were reported in MS joining the EU in later years. For example, a lack of systematic supervision of the implementation of the planned and additional controls for the feed ban, and delays in taking action in the event that non-authorised processed animal protein was found in feed, were noted one year after accession in I. The number of samples where breaches of the feed ban were detected demonstrates that official controls could not always ensure compliance with the feed ban I, The low sensitivity of the analytical method applied by the laboratories and the unequal implementation of the feed ban in regions of M were conclusions of the first audit conducted in this MS in In later years, the objectives of the FVO audit missions shifted following changes in the legislation and new identified risks: These materials of animal origin include organic manure, non-mineralised guano, digestive tract content, compost and digestion residues.
Historically, using the exponential distribution to model the trend in BSE cases by birth cohort has been an appropriate choice at the tail end of the epidemic. The declining exponential trend was compared between groups using a likelihood ratio test, which showed that there was no significant difference in the rate of decline of BSE prevalence between the groups with a P-value of 0. The rate of decline was estimated to be The authors suggest that this demonstrates that the control measures have been equally effective across the EU.
That means that the best fitting model was one where the birth cohort prevalence was ultimately declining to zero for all the MS groups. The exponential decay is consistent with a progressive decay of the exposure to relevant risk factors, and argues against a spontaneous origin of BARB cases.
In the course of the development of the risk assessment, the main sources of uncertainty identified were:. Due to the nature of the questions included in the mandate and the difficulty to provide conclusive scientific evidence to exclude any potential source of BARB cases. It has been clearly stated in the answers to the ToRs whenever uncertainty has affected the assessment.
Neither overall assessment of uncertainty nor specific quantification has been performed. Using the limited qualitative data provided for the individual BARB cases by the CA, and all other gathered evidence, a number of biologically plausible potential sources of infections feed, maternal, environmental, genetic, iatrogenic have been considered. This conclusion has a low 13 uncertainty and is supported by the following:.
Bovine animals sent for normal slaughter but the slaughter of which was deferred because they were: Sixty BSE cases of classical or unknown type born after the date of entry into force of EU total feed ban. Bovine animals reported as TSE suspects clinically suspected cases , as defined in Article 3 of the TSE Regulation, and subject to the measures described in Articles 12 and Clinically suspected animals are normally obtained via passive surveillance.
Bovine animals that have died or been killed on the farm or in transport, but not slaughtered for human consumption nor killed in the framework of an epidemic.
Healthy bovine animals submitted to regular slaughtering for human consumption or slaughtered in the context of a disease eradication campaign other than BSE, without clinical signs of disease. Product of the rendering industry with high protein content produced from category 1 and 2 animal by-products, which are not fit for human consumption. Processed animal proteins PAP.
Meat-and-bone meal MBM , meat meal, bone meal, blood meal, dried plasma and other blood products, hydrolysed proteins, hoof meal, horn meal, poultry offal meal, feather meal, dry greaves, fishmeal, dicalcium phosphate, gelatine and any other similar products including mixtures, feeding stuffs, feed additives and premixtures, containing these products.
In the context of this mandate submitted by the European Commission, and in order to address the terms of reference, EFSA has been kindly invited to contact at least the concerned Member States MS countries in which cases of BSE born after the total feed ban have been confirmed in order to obtain all necessary information for this assessment, in particular information gathered during the epidemiological investigations on these cases.
Please provide answers to the following questions if the answers are different for each of the three cases confirmed in your country, please fill as many questionnaires as necessary: By continuing to browse this site you agree to us using cookies as described in About Cookies Remove maintenance message.
Open Figure Download Powerpoint slide. Summary of the results of the application of the decision rules on the BARB cases included in the mandate. Ante mortem Bovine animals sent for normal slaughter but the slaughter of which was deferred because they were: Summary of the results of the questionnaire survey. Publication History Issue online: A quantitative assessment of the prion risk associated with wastewater from carcass-handling facilities.
Risk Analysis , 33 , — Assessing the sensitivity of European surveillance for detecting BSE in cattle according to international standards. Preventive Veterinary Medicine , , — Scrapie agent unlike viruses in size and susceptibility to inactivation by ionizing or ultraviolet radiation. Nature , , Radiation Research , , — Is there a decline in bovine spongiform encephalopathy cases born after reinforced feed bans? A modelling study in EU member states.
Molecular analysis of the protease-resistant prion protein in scrapie and bovine spongiform encephalopathy transmitted to ovine transgenic and wild-type mice. Journal of Virology , 78 , — A relevant long-term impact of the circulation of a potentially contaminated vaccine on the distribution of scrapie in Italy.
Results from a retrospective cohort study. Veterinary Research , 43 , Epidemiology and control of bovine spongiform encephalopathy BSE. British Medical Bulletin , 49 , — Allele, genotype, and haplotype data for bovine spongiform encephalopathy-resistance polymorphisms from healthy US Holstein cattle. Journal of Dairy Science , 91 , — Veterinary Record , , — Berliner und Munchener Tierarztliche Wochenschrift , , — PLoS Pathogens , 3 , e Ten-year follow-up of two cohorts with an increased risk of variant CJD: Vox Sanguinis , , — The origin of bovine spongiform encephalopathy: Lancet , , — Intracerebral transmission of scrapie to cattle.
Journal of Infectious Diseases , , — Reflections on scrapie and related disorders, with consideration of the possibility of a viral aetiology.
Veterinary Research Communications , 19 , — Report to the Environment Agency. Analysis of dam-calf pairs of BSE cases: Proc Biol Sci , , — A spatio-temporal analysis of BSE cases born before and after the reinforced feed ban in France. Veterinary research , 36 , — Review on the epidemiology and dynamics of BSE epidemics. Veterinary Research , 39 , Bovine spongiform encephalopathy, multiple sclerosis, and Creutzfeldt-Jakob disease are probably autoimmune diseases evoked by Acinetobacter bacteria.
Annals of the New York Academy of Sciences , , — From rabies to transmissible spongiform encephalopathies: Medical Hypotheses , 68 , — Veterinary Record , , Request for scientific and technical assistance on the minimum sample size to test should an annual BSE statistical testing regime be authorised in healthy slaughtered cattle. EFSA Journal ; 10 Revision of the Norwegian annual monitoring programme for BSE.
EFSA Journal ; 11 2: Updated revision of the Norwegian annual monitoring programme for BSE. EFSA Journal ; 11 9: Protocol for further laboratory investigations into the distribution of infectivity of Atypical BSE, EFSA Journal ; 12 7: Scientific report on the evaluation of the revision of the BSE monitoring regime in Croatia. EFSA Journal ; 14 2: Scientific opinion on chronic wasting disease CWD in cervids.
EFSA Journal ; 15 1: Epidemiology and pathological findings. Phillips report and the origin of BSE. Frey J , Clinical Chemistry and Laboratory Medicine , 40 , — Gale P and Stanfield G , Towards a quantitative risk assessment for BSE in sewage sludge. Journal of Applied Microbiology , 91 , — Direct detection of soil-bound prions. Link between feed bind and BSE cases born after July Veterinary Record , December 10, Different forms of the bovine PrP gene have five or six copies of a short, G-C-rich element within the protein-coding exon.
Journal of General Virology , 72 , — Advances in veterinary research. Veterinary Record , 58 , — Phosmet induces up-regulation of surface levels of the cellular prion protein. NeuroReport , 9 , — Inactivation of transmissible spongiform encephalopathy agents during the manufacture of dicalcium phosphate from bone. Polymorphism of the prion protein gene in Belgian cattle. Separating the environmental and genetic factors that may be causes of bovine spongiform encephalopathy.
Persistence of ovine scrapie infectivity in a farm environment following cleaning and decontamination. Identification of the characteristics and risk factors of the BSE epidemic in the Netherlands. Risk Analysis , 27 , — Soil Ingestion in Farm Animals. BSE infectivity in jejunum, ileum and ileocaecal junction of incubating cattle. Veterinary Research , 42 , Review of the origin of BSE. Prions in humans and animals. Walter de Gruyter, Berlin, New York. Case-control study on feed risk factors for BSE cases born after the feed ban in France.
Veterinary Research , 38 , — Differential diagnosis of infections with the bovine spongiform encephalopathy BSE and scrapie agents in sheep. Journal of Comparative Pathology , , — Meat and bone meal and mineral feed additives may increase the risk of oral prion disease transmission. A major genetic component of BSE susceptibility. BMC Biology , 4 , Functional relevance of DNA polymorphisms within the promoter region of the prion protein gene and their association to BSE infection.
Different prion disease phenotypes result from inoculation of cattle with two temporally separated sources of sheep scrapie from Great Britain. BMC Veterinary Research , 2 , Pruritus is a common feature in sheep infected with the BSE agent.
BMC Veterinary Research , 4 , BMC Research Notes , 5 , Further characterisation of transmissible spongiform encephalopathy phenotypes after inoculation of cattle with two temporally separated sources of sheep scrapie from Great Britain.
UBS - Wikipedia
BMC Research Notes , 8 , Evidence of scrapie transmission to sheep via goat milk. BMC Veterinary Research , 12 , Food and feed safety assessment: The importance of proper sampling.
Milk yield, age at first calving, and the risk of BSE: Preventive Veterinary Medicine , 78 , 67 — Estimating the trend of the French BSE epidemic over six birth cohorts through the analysis of abattoir screening in and Veterinary research , 35 , — Distinction of scrapie phenotypes in sheep by lesion profiling. Journal of Comparative Pathology , , 45 — The impact of Creutzfeldt-Jakob disease on surgical practice. Annals of the Royal College of Surgeons of England , 90 , 91 — The interaction of ruminant PrPSc with soils is influenced by prion source and soil type.
Environmental Science and Technology , , — Environmental sources of scrapie prions. Journal of Virology , 84 , — Assessing the presence of BSE and scrapie in slaughterhouse wastewater.
Journal of Applied Microbiology , , — Persistence of the bovine spongiform encephalopathy infectious agent in sewage. Environmental Research , , 1 — 7. Journal of Cellular Biochemistry , , — An assessment of the long-term persistence of prion infectivity in aquatic environments.
Environmental Research , , — PrP gene variability in the US cattle population. Investigation of variant Creutzfeldt-Jakob disease implicated organ or tissue transplantation in the United Kingdom. Transplantation , 98 , — Genetics of prion disease in Cattle.
Comedy Central Official Site - TV Show Full Episodes & Funny Video Clips
Bioinformatics and biology insights , 9 Suppl 4 , 1. Evidence that homologous ssDNA is present in scrapie, Creutzfeldt-Jakob disease, and bovine spongiform encephalopathy.
A critical review of atypical cerebellum-type Creutzfeldt-Jakob disease: Exp Biol Med Maywood , , — A critical review of the nature of the spongiform encephalopathy agent: Exp Biol Med Maywood , , 4 — Preventive veterinary medicine , 83 , — A quantitative assessment of the risk of transmission of bovine spongiform encephalopathy by tallow-based calf milk-replacer.
Preventive veterinary medicine , 63 , — Paoletti C and Esbensen KH , Distributional assumptions in food and feed commodities—development of fit-for-purpose sampling protocols.
Bovine spongiform encephalopathy and spatial analysis of the feed industry. Emerging Infectious Diseases , 13 , — The nature and cause of BSE. Potential risk factors associated with bovine spongiform encephalopathy in cattle from Schleswig-Holstein, Germany. Journal of Veterinary Medicine. Grass plants bind, retain, uptake, and transport infectious prions.
Cell Reports , 11 , — Cows and warble flies: The Ecologist , 22 , 52 — Purdey M , a. Medical Hypotheses , 46 , — High-dose exposure to systemic phosmet insecticide modifies the phosphatidylinositol anchor on the prion protein: Medical Hypotheses , 50 , 91 — Ecosystems supporting clusters of sporadic TSEs demonstrate excesses of the radical-generating divalent cation manganese and deficiencies of antioxidant co factors Cu, Se, Fe, Zn.
Does a foreign cation substitution at prion protein's Cu domain initiate TSE? Medical Hypotheses , 54 , — Medical Hypotheses , 57 , 29 — The Priority position paper: Protecting Europe's food chain from prions.
In Switzerland, these services are also offered to retail clients. It is the biggest bank in Switzerland, operating in more than 50 countries with 59, employees around the world, as of In comparison to other European banks, UBS suffered among the largest losses during the subprime mortgage crisis , and it was required to raise large amounts of outside capital. UBS is a joint-stock company "Aktiengesellschaft" pursuant to Swiss laws.
The bank has its major presence in the United States. The company's global business groups are i wealth management , ii investment banking and iii asset management.
Additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in UBS' structure includes five divisions in total: Corporate Center focuses on the Group's control functions, which include technology, finance, risk control and legal. All logistics and support services are also located with this division and include operations, human resources, communications, physical security and information security.
UBS's wealth management division offers high-net-worth individuals around the world with the exception of those served by the division of Wealth Management Americas  a range of advisory and investment products and services. UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services. The business is further divided geographically with separate businesses focused on the U.
With its headquarters in Switzerland, UBS Wealth Management is present in more than 40 countries with approximately offices of which are in Switzerland. In Switzerland, UBS Swiss Bank provides a complete set of retail banking services that includes checking , savings , credit cards , and mortgage products for individuals. UBS Europe will operate in markets through a network of its branches.
The step is said to help the bank simplifying its governance structure and increase operational efficiency and therefore lead to cost savings. The division offers a fully integrated set of wealth management solutions for ultra-high net worth and high net worth clients. The products that this UBS division offers range from cash accounts , payments, savings and retirement solutions to investment fund products, residential mortgages and advisory services.
The retail and corporate distribution network comprises not only customer service centers, but 1, teller machines and self-service terminals, as well as digital banking services. 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 UBS-SBC merger and subsequent restructuring resulted in the combination of three major asset management operations: The investment teams were merged in and in the brands were consolidated to become UBS Global Asset Management. 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 the local markets and into one of the ten global leaders in the sector.
At the end of the transaction, expected for the second half of , the American company will administrate a total of CHF billion in assets. UBS Investment Bank provides services covering securities, other financial products, and research in equities , rates, credit , foreign exchange, precious metals and derivatives. 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 the private placement of equity , debt , and derivatives.
Since the early s, UBS Investment Bank has been among the top fee-generating investment banks globally. On a global scale, UBS competes with the large global investment banks , and it is regularly compared against its fellow Swiss banking giant, Credit Suisse. According to The Times , UBS has edged out Goldman Sachs to advise Sir David and Sir Frederick Barclay , the twin brothers who own Shop Direct , a former catalogue retail business which has been enjoying stellar sales and growth since becoming a "pure play" online retailer.
UBS is one of the major providers of young professional training in Switzerland, offering various programs, depending on applicants' level of education. Although the merged company's new name was originally supposed to be the "United Bank of Switzerland," the officials opted to call it simply UBS because of 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 also comprises a number of well-known securities firms that have been acquired by the bank and its predecessors. UBS, through Swiss Bank Corporation , traces its history to when six private banking firms in Basel, Switzerland pooled their resources to form the Bankverein , a consortium that acted as an underwriting syndicate for its member banks.
SBC subsequently experienced a period of growth, which was only interrupted by the onset of World War I , in which the bank lost investments in a number of large industrial companies. The impact of the stock market crash of and the Great Depression was severe, particularly as the Swiss franc suffered major devaluation in The bank saw its assets fall from a peak of CHF 1. In , 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.
SBC remained among the Swiss government's leading underwriters of debt in the post-war years. The acquisition of S.
The activities of the Union Bank of Switzerland during World War II were not publicly known until decades after 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 mids, and a series of revelations in brought the issue to the forefront of national attention in and UBS confirmed that a large number of accounts had gone unclaimed as a result of the bank's policy of requiring death certificates from family members to claim the contents of the account. UBS came under significant pressure, particularly from American politicians, to compensate Holocaust survivors who were making claims against the bank.
In January , Christoph Meili , a night watchman at the Union Bank of Switzerland, found employees shredding archives compiled by a subsidiary that had extensive dealings with Nazi Germany. The shredding was in direct violation of a then-recent Swiss law adopted in December protecting such material.
UBS acknowledged that it had "made a deplorable mistake", but an internal historian maintained that the destroyed archives were unrelated to the Holocaust. Both proceedings were discontinued by the District Attorney in September Meili was suspended from his job at the security company that served UBS, following a criminal investigation.
UBS opened branches and acquired a series of banks in Switzerland in the following years, growing from 31 offices in to 81 offices by the early s. Chemie , which made UBS one of the strongest banks in Europe. By the s, Union Bank of Switzerland established a position as a leading European underwriter of eurobonds. Union Bank of Switzerland entered the s as the largest and most conservative of the three large Swiss Banks.
In , Credit Suisse outbid Union Bank of Switzerland for Switzerland's Swiss Volksbank , the fifth largest bank in Switzerland which had run into financial difficulties in the early s. During the mids, 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 a major restructuring of the bank's operations.
At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively.
Also 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.
Union Bank of Switzerland had a stronger retail and commercial banking business in Switzerland, while both banks had strong asset management capabilities. Its collapse in led to a bailout by major banks and investment houses, and resulted in massive losses for UBS at a time when it had merged with Swiss Bank Corporation.
UBS, suffering criticism for its conservative business model, was looking for ways to catch up to its key Swiss rivals and viewed LTCM as the type of client that could help accelerate the bank's growth. The acquisition pushed UBS to the top wealth and asset management firm in the world. However, by the end of , UBS began to experience changing fortunes. After Moelis, other notable departures included investment banking co-head Jeff McDermott in early and, as the financial crisis set in, other high-profile bankers such as Oliver Sarkozy in early and Ben Lorello in At the beginning of , 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.
Before that time, there was little understanding of the troubles at DRCM or the massive expansion of risk engineered by the investment banking division under the leadership of the newly placed CEO Huw Jenkins. DRCM, which was a large internal hedge fund , had been started with much publicity in and invested money both on behalf of UBS and some of its clients.
DRCM had been formed in large part to keep some of the bank's traders from defecting to hedge funds , as well as to create a position for John Costas , who had been instrumental in creating UBS's successful investment banking business in the U. DRCM hired a large team of professionals, many of whom were attracted from the investment bank with large compensation packages. In response to the growing series of problems at UBS, and possibly his role in spearheading Costas' departure from the bank, Peter Wuffli unexpectedly stepped down as CEO of the firm during the second quarter of However, the bank's problems continued through the end of , when the bank reported its first quarterly loss in over five years.
UBS cut its dividend in order to protect its traditionally high Tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company. This ultimately proved very costly to UBS. By the spring of , UBS announced another management restructuring and initiated a plan to return to profitability.
Jerker Johansson , the head of the investment bank division, resigned in April and was replaced by Alex Wilmot-Sitwell and Carsten Kengeter. Additionally, the bank's chairman, Peter Kurer , would no longer receive any extra variable compensation, only a cash salary and a fixed allotment of shares that could not be sold for four years.
By the summer of , UBS was showing increased signs of stabilization. In August , UBS launched a new advertising campaign featuring the slogan: After the elimination of almost 5, jobs, UBS announced on 23 August that it was further cutting another 3, positions in order to "improve operating efficiency" and save CHF 1. The firm has seen profits fall due to the rise of the Swiss franc.
On 30 October , UBS announced that it was cutting 10, jobs worldwide in an effort to slim down its investment banking operations, of which 2, would be in Switzerland , followed by the United States and Great Britain. This percent staff cut would make overall staff count come down from 63, to 54, For comparison, the peak employment level in before the financial crisis was 83, In May , media reports revealed UBS is planning to sell its Australian private banking division to some of its management after a review of underperforming businesses was conducted at the company.
In June , Hubertus Kuelps, group head of communications and branding, announced a new branding campaign. The new campaign is called "it's time" and was launched in September The campaign featured portrait photography by photographer Annie Leibovitz. As it exists today, UBS represents a conglomeration of dozens of individual firms, many of which date back to the 19th century.
The following is a visual illustration of the company's major mergers and acquisitions and historical predecessors, although this is not necessarily a comprehensive list: Bank in Winterthur est. Chase Investors Management Corporation est.
The Board of directors is the most senior corporate body with ultimate responsibility for the strategy and the management of the company and for the appointment and supervision of its executive management. As of 26 May , its members were: Chairman Marcel Ospel did not apply for re-election at the annual general meeting of shareholders held on 23 April , and was succeeded by Peter Kurer , who was general counsel. Former Bundesbank president Axel A. Weber was nominated in mid for election to the board at the annual meeting and, at that time, intended to be elected as a chairman of the board after Villiger's retirement in Scully and Dieter Wemmer were elected as new members of the Board.