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Fax: (212) 713-4889 View Additional Phone Numbers 1285 Avenue of the Americas, New York, NY 10019
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Reason for Rating
BBB rating is based on 13 factors. Get the details about the factors considered.
Factors that raised the rating for UBS Financial Services Inc. include:
- Length of time business has been operating
- Complaint volume filed with BBB for business of this size
- Response to 1 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||0|
|Total Closed Complaints||1|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||1|
Business ManagementMr. Joseph J. Grano Jr., Chairman
Alternate Business NamesUBS Asset Management UBS Warburg
On December 19, 2012, two former UBS traders face criminal charges as part of a sweeping case in which the Swiss bank agreed to pay $1.5 billion after admitting to manipulating global benchmark interest rates.The settlement follows an investigation by regulators and law enforcement officials around the world into the setting of the London Interbank Offered Rate, or Libor, and related interest rates. U.S. Assistant Attorney General Lanny Breuer called it "one of the most significant scandals ever to hit the global banking industry." The payment settles government claims in the United States, the United Kingdom and Switzerland. The bank has agreed to a non-prosecution deal with the U.S. Department of Justice covering all its subsidiaries except UBS Securities Japan, which pleaded guilty to one count of wire fraud. The investigation revealed extensive misconduct stretching from 2001 to 2010 involving at least 45 UBS staff, including senior managers, who sought to influence rates to benefit the bank's trading positions and make it look stronger during the financial crisis. Together with approximately $1 billion in regulatory penalties and disgorgement – $700 million as a result of the Commodity Futures Trading Commission (CFTC) action; $259.2 million as a result of the U.K. Financial Services Authority (FSA) action; and $64.3 million as a result of the Swiss Financial Markets Authority (FINMA) action – the Justice Department’s criminal penalties bring the total amount of the resolution to more than $1.5 billion.
Additional Tradenames, Addresses & Phone Numbers
This firm is owned by Swiss banking corporation, UBS AG which bought Paine Webber in 2000. The company offers full-service securities, investment and brokerage services through its financial advisors, asset and wealth managers and investment bankers located in 40 countries worldwide.