According to a report by the Financial Times on Monday, November 17th, 2025, UBS Chairman Colm Kelleher and US Treasury Secretary Scott Bessent have privately discussed the possibility of moving the bank’s headquarters to the United States.
The Zurich-based bank is studying contingency plans to relocate out of Switzerland in response to the possibility of the Swiss government not compromising on new capital rules. The proposed new regulations would require UBS to hold an additional $26 billion in capital, a move the bank deems “excessive” and not proportional.
Sources revealed that Kelleher and Bessent have been exploring specific arrangements for UBS to move its operations to the United States over the past few months, and the Trump administration welcomes the bank to set up in the US. UBS is considered one of Switzerland’s most iconic banks.
The discussions with the US Treasury Secretary are seen as part of Kelleher’s ongoing pressure on the Swiss government.
UBS argues that the new requirements by the Swiss government are stricter compared to global peers, which would undermine the bank’s international competitiveness.
The Swiss government, on the other hand, states that there is a need to strengthen the country’s banking system to prevent events similar to the collapse of Swiss Credit. In 2023, UBS acquired Swiss Credit as part of a government-led rescue operation.
Sources indicate that if UBS executives can persuade the parliament to reduce the impact of the proposed measures, they hope to keep the bank’s headquarters in Switzerland.
At the same time, sources add that UBS executives also feel a fiduciary responsibility to review all potential scenarios. However, if the parliamentary proposals remain unchanged, they are willing to consider the possibility of leaving Switzerland.
Cevian Capital, a major investor holding a significant stake in UBS, stated in September that the proposed capital reforms in Switzerland would force UBS to operate a large international bank in the country, which is deemed “infeasible”. The company stated that if these proposals are not amended, UBS may have “no choice” but to leave Switzerland.
Some industry insiders believe that this is just a negotiation strategy by UBS and is unlikely to materialize in practice.
In contrast to Switzerland, the United States is relaxing regulations across various economic sectors to promote economic growth and encourage businesses to expand their operations in the US.
The Trump administration has indicated its intention to ease regulations on banks. The Treasury Secretary has repeatedly highlighted that the restrictions placed on lending institutions were “overly stringent” in the past and advocates for reducing capital and liquidity rules to allow for more lending space.