Secret talks with the Trump administration Is UBS moving its headquarters from Zurich to the USA?
Following the CS debacle, the Federal Council is planning stricter capital adequacy rules. Now UBS boss Kelleher is apparently countering with an explosive means of exerting pressure: the possible withdrawal from Zurich.
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- According to a media report, UBS Chairman Colm Kelleher is said to have spoken to US Treasury Secretary Scott Bessent about a possible relocation of the bank's headquarters to the USA.
- The aim of the talks is to exert pressure on Switzerland over planned, stricter capital adequacy rules.
- The US government under Trump is said to support such a move.
UBS Chairman of the Board of Directors Colm Kelleher has apparently met with US Treasury Secretary Scott Bessent several times in recent months. The subject of a possible relocation of the headquarters of the major Swiss bank from Zurich to the USA is said to have been discussed, as reported by the Financial Times.
The newspaper cites insiders. According to the report, the talks were part of Kelleher's efforts to exert pressure on the Swiss government regarding capital requirements.
The Federal Council is planning significantly stricter capital requirements following the Credit Suisse rescue. These rules could force UBS to hold more than 20 billion dollars in additional capital. UBS argues that this puts it at a competitive disadvantage compared to international banks.
According to the report, the Trump administration should welcome a UBS relocation and signal its willingness to support a possible move by UBS.
