A Swiss banking giant has held talks about switching its headquarters to the US.
Colm Kelleher, chairman of Zurich-based UBS, discussed a move with US Treasury Secretary Scott Bessent, according to the Financial Times.
Such a move would send shockwaves through Swiss banking and the wider industry – and further shake the country’s reputation for its stable financial system.
Swiss banking was shaken by the near-collapse of Credit Suisse in 2023 and its state-orchestrated rescue by UBS.
But UBS is now exploring contingency plans, including a move away from Switzerland, after the government imposed tough rules on the industry.
While Donald Trump is said to be receptive to welcoming one of Switzerland’s prized assets, UBS’s threat to leave is seen by some in the industry as a negotiating tactic in a bid to convince the government to back down.
UBS insisted it wanted to remain in Switzerland.
Talks: UBS is reportedly considering a move to the US, after the Swiss government imposed tough rules on the banking industry following the near-collapse of Credit Suisse in 2023
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