Paine Webber was a century-old Wall Street brokerage and investment bank that rose to popular prominence in 1994 by purchasing tainted rival brokerage Kidder Peabody. Paine Webber was itself subsumed by Swiss banking giant UBS AG in 2000, at the height of the tech-fueled investment boom.
Paine Webber was founded in 1880 and expanded rapidly over the next few decades until caught up in a securities fraud in the late 1930s. The firm survived an almost-fatal merger in the late 1970s and in 1994 purchased fellow Wall Street brokerage Kidder Peabody from owner General Electric (GE) for $670 million in stock, giving GE a 25% stake in Paine Webber. In 2000 Paine Webber purchased brokerage J. C. Bradford & Co. and a few months later was itself bought by Swiss bank and brokerage UBS for a massive $11.8 billion. In 2003 the Paine Webber name was dropped in favor of UBS Wealth Management USA.
- ↑ Companies that vanished: Paine Webber, proud family heritage. BloggingStocks.com.
- ↑ GE's Investment in Kidder Finally Pays Off. TheStreet.com.