UBS Group AG Chairman Colm Kelleher held talks with US Treasury Secretary Scott Bessent about potentially moving the bank's headquarters to the US amid uncertainty over Switzerland's upcoming capital reforms, according to the Financial Times. President Donald Trump was said to be "receptive" to the idea.

Zürich

UBS Chairman Cullen Kelleher has engaged in private discussions with U.S. Treasury Secretary Scott Besson regarding the potential relocation of the bank's headquarters to the United States, according to reports from the Financial Times. The talks come as Switzerland considers implementing tougher capital requirements that could require UBS to hold an additional $26 billion in capital, potentially affecting its international competitiveness.

The Trump administration is said to be receptive to the idea, as such a move would allow UBS to operate under looser U.S. regulations and pursue acquisitions in the American wealth management sector. However, skepticism remains about the likelihood of UBS leaving Switzerland, given the country's low tax rates and the bank's deep historical ties to the Swiss economy. The discussions are seen as part of a broader pressure campaign by UBS against Swiss regulators.

UBS spoke to Bessent about moving Headquarters to U.S.

Trading the Alps for Uncle Sam. UBS Chairman Cullen Kelleher has held private talks with Treasury Secretary Scott Besson about moving the bank's headquarters to America. That's according to the Financial Times. The Trump administration is said to be receptive as Switzerland pushes ahead with tougher capital rules that could cost UBS $26 billion, in a way. I don't, it wouldn't really cost them that, but we're gonna explain. A relocation would let the world's biggest wealth manager tap looser U.S. regulations and deepen its ambitions to buy a U.S. wealth firm. Dani, how on earth did these private talks become part of the news? Was it leaked, perhaps? It just might have been. And I think the FT might be behind that, and I wonder why it would be leaked. Let's get more on this story. Bloomberg Chief Wall Street Correspondent, Sridhar Natarajan, joins us now. I mean, Sri, is this anything other than UBS sending a big old signal to Swiss regulators? Look, that is the cynical perspective here. That is the thing that we should look at, and that's probably true. It is a pressure campaign. But the drumbeat of the relocation threat has been growing louder through the course of the year. This is not the first that we've heard of it. This is the first that we've heard of a senior U.S. government official named in such a conversation, the Treasury Secretary, Scott Besant. But over the course of the last year, we've been talking about this because UBS has been very clear that if Switzerland goes ahead with these new capital requirements, they will have to hold an extra $26 billion in capital, and that, they believe, will certainly make them uncompetitive internationally. Their capital requirements will go from anywhere from somewhere in the 14% region to 20% region, and they believe that is too punitive. I mean, come on. The top income tax rate in Switzerland is 15%. Those bankers are gonna give that up for what, 35% here? Sounds like it's never gonna happen. Look, I think it's fair to say it's highly unlikely because you can't even ignore the significance of such a move. UBS is the Union Bank of Switzerland. Goes back to 1862. It's synonymous with the expansion, the industrial expansion of Switzerland over the last century and a half, and what modern day Switzerland today is has been financed with banks like UBS and Credit Suisse, and UBS and Credit Suisse today are one bank, UBS. So if such a move were to happen, it would be dramatic. It would have a big impact on Switzerland because, don't forget, the crown jewel of Switzerland is A, their tourism economy, and their banking system. So if you have their last remaining global bank leave the country, that will certainly dent their reputation. So if you were to handicap this, I would still take the under than the over on UBS moving out of Switzerland, but you can't ignore the threat at this moment. I would say, to your point, if it's like the last big bank, isn't this, to some degree, a problem of Switzerland's own making? The fact that it initiated this forced marriage between Credit Suisse and UBS means that UBS has so much more punching power than perhaps it would have in the past. Yes, but you also have to remember why Switzerland had to step in in the first place. A government does not desire to orchestrate a merger like the UBS and CS merger that we saw in 2023. Credit Suisse was in real trouble. And remember, back in 2008, the Swiss government did inject some six billion francs in the UBS balance sheet to help UBS through the global financial crisis. So the government will say, when times have gotten dire, we've had to get involved. And that is why it makes sense for us to actually make the system more sound, make the capital requirements a little more harsh for the bank so that we don't have to come to a situation like this every 10 to 15 years.

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