a preeminent player in investment banking and private services before becoming embroiled in insider trading scandals in the 1980s and suffering major trading losses in 1994. 2000 Operating as PaineWebber Group Inc., by 2000 PaineWebber had emerged as the fourth largest private client firm in the United States with 385 offices employing 8554 stockbrokers. In April 2000, PaineWebber acquired southeastern brokerage firm J.C. Bradford & Co. for US$620 million. The deal was not profitable for PaineWebber, as a great number of brokers left the firm due to corporate cultural differences, taking their clients with them. The Bradford unit which had been "purchased by PaineWebber mainly for its network of 900 brokers" was closed. Merger with UBS On November 3, 2000, under the leadership of Chairman and CEO, Donald Marron, the company completed a US$10.8 billion cash and stock merger with UBS, a banking conglomerate headquartered in Zurich, Switzerland. Initially the business was given the divisional name "UBS PaineWebber", but in 2003, the 123-year-old name Paine Webber disappeared when it was renamed "UBS Wealth Management USA". See also Kidder, Peabody & Co. (acquired) Blyth, Eastman Dillon & Co. (acquired) References Paine Webber's New Role. The New York Times, June 4, 1999 After $43 Billion in Write-Downs, UBS to Split Main Businesses. The New York Times, August 13, 2008 UBS Defunct financial services companies of the United States Financial services companies established in 1880 Financial services companies disestablished in 2000 2000 mergers and acquisitions Former investment banks of the United States 1880 establishments in New York (state)