Question

UBS WAS FORMED in 1997 when Swiss Bank Corp merged with Union Bank of Switzerland. After acquir ing Paine Webber, a 120-year-old U.S. wealth man agement firm, in 2000, and aggressively hiring for its investment banking business, UBS soon became one of the top financial services companies in the world and the biggest bank in Switzerland. Between 2008 and 2015, however, its reputation was severely tar- nished by a series of ethics scandals. These scandals cost the bank billions of dollars in fines and lost prof its, not to mention a severely diminished reputation Even more important, they seem not to be isolated BS instances, but rather to suggest a troubling pattern OSEBASTIAN DERUNGS/AFP/Getty Images Ethics Scandal No. 1: U.S. Tax Evasion IRS. In addition, UBS aggressively marketed its "tax saving" schemes by sending its Swiss bankers to the United States to develop clientele, even though those bankers never acquired proper licenses from the U.S Securities and Exchange Commission (SEC) to do so Swiss banks have long enjoyed a competitive advantage conferred by Swiss banking privacy laws that make it a criminal offense to share clients' information with arn third parties. The exceptions are cases of criminal acts such as accounts being linked to terrorists or tax fraud Merely not declaring assets to tax authorities (tax eva ion), however, is not considered tax fraud. After the acquisition of Paine Webber, UBS entered into a quali fied intermediary (QI) agreement with the Internal Revenue Service (IRS), the federal tax agency of the U.S. government. Like other foreign financial institu tions under a QI agreement, UBS agreed to report and withhold taxes on accounts receiving U.S.-sourced income. This reporting is done on an aggregate basis The U.S. prosecutors pressed charges on UBS for conspiring to defraud the United States by impeding the IRS. In a separate suit, the U.S. government requested that UBS to reveal the names of 52,000 U.S. clients who were believed to be tax evaders. In February 2009 UBS paid $780 million in fines to settle the charges Although it initially resisted the pressure to turn ove clients' information, citing Swiss bank privacy law UBS eventually agreed to disclose some 5,000 accourt details, including individual names, after intense ne tiations involving officials from both countries. Client left UBS in droves: Operating profit from the bank's to protect the identity of the non-U.S. account holde In mid-2008, it came to light that since 2000, UBS had actively participated in helping its U.S. clients evade taxes. To avoid QI reporting requirements UBS' Switzerland-based bankers had assisted the we alth management division declined by 60 percent U.S. clients to structure their accounts by divesting Frank T. Rothaermel prepared this MiniCase from public sources. He gratefully acknowledges the contribution of Ling Yang on an earlier U.S. securities and setting up sham entities offshore version. This MiniCase is developed for the purpose of class discussion. It to acquire non-U.S. account holder status. Aided by is not intended to be used for any kind of endorsement, source of data, or Swiss bank privacy laws, UBS successfully helped its U.S. clients conceal billions of dollars from the depiction of efficient or inefficient management. All opinions expressed, all errors and omissions are entirely the author's. Revised and updated: May 27, 2017. OFrank T. Rothaermel.
According to Strategic Management 4e by Frank T. Rothaermel. Mini Case 22 UBS: A Pattern of Ethics Scandals (page 524). What is the business situation brief overall description of the business situation - is it a comfortable situation, failure of the product, planning for future, wrapping up a business?

Answer 1

A present business circumstance, or showcasing circumstance, is a segment incorporated into a promoting plan. A promoting plan covers somewhere around one year of organization data and may take a long time to compose. It depicts a portrayal of the organization, the promoting plans set up and objectives for what's to come. It likewise expresses the organization's statement of purpose. The present business circumstance is one segment in the arrangement portraying the organization's current condition of market
Different types of companies, as well as a Business Plan Tool that guides you through each step of creating a plan.
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planning for future
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failure of the product
Every business should have a business plan. Unfortunately, despite the fact that many of the underlying businesses are viable, the vast majority of plans are hardly worth the paper they're printed on. Most "bad" business plans share one or more of the following problems
Wrapping up a business
All good things must come to an end. And eventually, for one reason or another, it might be time to shut the doors on your business. Maybe it’s a matter of economics – the money just isn’t there to keep the business running. Or, perhaps you’ve moved on to another job or business venture. No matter your reasoning, you’ll need to take care of a few loose ends in order to close your business legally.