Paine Webber & Co. ranked as one of the top stock brokerage firms in the United States. In the year 2000, Paine Webber & Co was purchased by UBS AG, which is a leading financial and banking services provider in Switzerland.
Paine Webber & Co was incorporated in the year 1880 in Boston, Massachusetts. The founders of this reputed financial services provider are Wallace G. Webber and William Alfred Paine. The operations of the company began with only two employees. The premises of the company office were taken as lease at 48 Congress Street in the month of May, 1881.
The name of the company was changed to Paine, Webber & Co. at the time when Charles Hamilton Paine joined as a partner. The company was a member of the Boston Stock Exchange. The company received the membership of the New York Stock Exchange in the year 1890.
The company faced a downfall in the year 1893 due to stock market fluctuations and it resulted in the retirement of Wallace G. Webber.
In the decade of 1920s, Paine, Webber & Co. ventured into the business of investment banking. At that time, the company was regulated by the Paine family. After a successful stint of almost fifty years as the head of the organization, William A. Paine died in the year 1929. After his death, the son of William A. Paine, F. Ward Paine took over as the head of the organization.
In 1942, there was a merger between Paine Webber and a stock brokerage firm, and the owners of this firm were Laurence Curtis and Charles Cabot Johnson. The name of the company was again changed to Paine, Webber, Jackson, & Curtis. They operated with the help of 23 branch offices and they were a dominant force in the New England Financial Market.
The name of the company was again changed to Paine, Webber & Co. and in the year 1955, the last family member of the Paine family for running the organization died. During that period, Paine Webber ranked as the fourth biggest stock brokerage firm in the United States of America.
Due to the growing significance of the Wall Street, the corporate headquarters of the company were shifted to New York City in the year 1963 according to a decision taken by the board of directors. Paine Webber took the form of a publicly traded company in the year 1972. Their shares were registered on the New York Stock Exchange (NYSE).
In the 1980s, there were 161 branches of Paine Webber present across 42 states of the US. There were 6 overseas offices of Paine Webber in Europe and Asia. In 1995, the company acquired Kidder, Peabody & Co., which was a leading stock brokerage firm.
After the acquisition of Paine Webber & Co. by UBS AG in 2000, the name of the company was changed to UBS Wealth Management USA. Presently, the Chief Executive Officer (CEO) of the firm is Joseph J. Grano, Jr.
Last Updated on : 27th June 2013