< PrevNext > 79. UBS Zurich Share 2019 U.S.-Booked Air Volume: $50 million2019 T&E Expenditures: $378 millionConsolidated Global TMC: BCDBTN estimates that investment bank and financial services firm UBS's U.S.-booked air volume declined 31.5 percent in 2019 from $73 million a year prior. Operating income dropped from $30.2 billion in 2018 to $28.9 billion in 2019, according to its annual report. The company's travel and entertainment expenses also declined, by 11 percent, to $378 million. This T&E decline follows the company's major focus on sophisticated travel business intelligence and investment a global data warehouse and reporting partner. The company also has consolidated to a single global booking tool as well as consolidated its 56 markets to a global TMC. That further streamlines the data coming into its reporting platform and allows UBS to provide T&E spend on a close-to-real-time basis, which enables it to make cost-saving adjustments more quickly than through previous reporting methods.UBS offsets 100 percent of its carbon emissions from air travel. Since 2012, it has reduced its business air travel 20 percent as of the end of 2019. The company reported 68,601 full-time employees across 50 countries as of Dec. 31, 2019—about 2,000 more than in 2018—but those numbers could be significantly impacted should the potential merger between UBS and Credit Suisse come to fruition in 2021.