before being acquired and dismembered by a pan-European consortium. The Swiss bank UBS-SBC acquired S. G. Warburg in London in 1995. In 1997 it followed this with the purchase of Dillon, Read & Co., an investment bank in New York. After abortive merger talks with Merrill Lynch in 1999, UBS bought out the asset manager PaineWebber. With its fixed-income and currency businesses booming, in June 2004 UBS’s CEO, Marcel Ospel, announced that his ambition was to make the Swiss bank into not only the premier wealth manager but the leading investment bank in the world.32 UBS never reached that
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