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UBS says it wants to keep operating out of Switzerland
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UBS says it wants to keep operating out of Switzerland
Nov 17, 2025 5:22 AM

ZURICH, Nov 17 (Reuters) - UBS said on Monday it wants

to continue operating as a global bank from Switzerland in

response to a report that UBS chair Colm Kelleher and U.S.

Treasury Secretary Scott Bessent privately discussed moving the

bank's headquarters to the U.S.

The Financial Times reported that Kelleher and Bessent

discussed the matter as the Zurich-based lender continued to

explore contingency plans to leave Switzerland if the Swiss

government did not back down on incoming new capital rules.

Bank insiders say UBS has examined the possibility of moving

as part of contingency plans. In September, the New York Post

said the bank was considering a move to the United States in

response to the proposed Swiss capital requirements.

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