UBS will begin trialing everyday banking services for its US employees as early as December 2026, with plans to launch a full-service bank for wealthy American clients by mid-2027. This move follows UBS securing a national banking license in the US earlier this year, allowing it to offer services such as checking, savings accounts, mortgages, and other lending products alongside its investment advice. This expansion aims to compete more directly with Wall Street rivals like Morgan Stanley and Bank of America, which have more profitable wealth management divisions due to their integrated banking operations. UBS traditionally has not been the primary bank for its US wealth management clients, who often use other lenders for their daily banking needs.
The strategic push is central to the growth strategy of UBS's wealth management co-heads, Iqbal Khan and Rob Karofsky. Despite its Americas wealth management unit generating $12.2 billion in revenue last year, it was the least profitable region for UBS with a pre-tax profit margin of less than 13%, significantly lower than Morgan Stanley's 29% in its wealth management division. UBS intends to broaden its client base beyond its traditional ultra-wealthy clientele to include affluent individuals with $2 million to $10 million in investable assets. The bank hopes that offering a full suite of services will prevent clients from defecting to competitors that already provide integrated banking.
This US expansion comes amidst a standoff between UBS and the Swiss government over proposed stricter bank capital requirements in the wake of the Credit Suisse collapse. Swiss Finance Minister Karin Keller-Sutter has suggested these reforms would make UBS's US growth more expensive, though CEO Sergio Ermotti insists that "shrinking is not an option." In 2025, UBS's Americas unit experienced nearly $6 billion in net asset outflows and a departure of financial advisors due to compensation model changes, but it rebounded with $5.3 billion in net inflows during the first quarter of 2026. The internal trial with employees will help fine-tune pricing and products before the wider rollout to external clients.
