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UBS AG is a Swiss global financial services company, incorporated in the Canton of Zurich, and co-headquartered in Zurich and Basel. The company provides wealth management, asset management, and investment banking services for private, corporate, and institutional clients worldwide, and is generally considered to be a bulge bracket bank. In Switzerland, these services are also offered to retail clients. The name UBS was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank's merger with Swiss Bank Corporation in 1998. The company traces its origins to 1856, when the earliest of its predecessor banks was founded. UBS is considered the world's largest manager of private wealth assets, with over CHF 2.2 trillion in invested assets, and remains a leading provider of retail banking and commercial banking services in Switzerland. In 2014, UBS' assets under management (AuM) amounted to US$1,966.9 billion, representing a 15.4% increase in AuM compared to the equivalent data of 2013. It is the biggest bank in Switzerland, operating in more than 50 countries with about 60,000 employees around the world, as of 2014. In comparison to other European banks, UBS suffered among the largest losses during the subprime mortgage crisis, and the bank was required to raise large amounts of outside capital. In 2007, the bank received a US$9.7 billion capital injection from the Government of Singapore Investment Corporation (currently GIC Private Limited effective from July 2013), which remains one of the bank's largest shareholders. The bank also received capital from the Swiss government, further complemented by a series of equity offerings in 2007, 2008, and 2009.