UBS Chairman Eyes US Headquarters Move Amid Swiss Banking Regs Dispute

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{ "title": "UBS Chairman Eyes US Headquarters Move Amid Swiss Banking Regs Dispute", "article": UBS Chairman Colm Kelleher has reportedly discussed the possibility of relocating the Swiss banking giant's headquarters to the United States with US Treasury Secretary Scott Bessent. The talks, according to the Financial Times, have been ongoing in recent months. The move comes amidst a standoff between UBS and the Swiss government over stricter banking regulations. The government is seeking to impose capital requirements on UBS's overseas subsidiaries, a measure the bank has deemed "extreme." This includes setting aside an additional $26 billion in capital to prevent a potential collapse that could destabilize the global economy. UBS's reluctance to comply has sparked rumors of a possible relocation. The administration of former US President Donald Trump is reportedly receptive to welcoming the Swiss banking giant, citing three sources familiar with the conversation. The move has been in the works for months, with the New York Post previously reporting on a meeting between UBS representatives and the Trump administration regarding a possible relocation. UBS has declined to comment on the Financial Times report, reiterating its stance on maintaining its operations in Switzerland. The bank's takeover of Credit Suisse in March 2023 created a massive entity that the Swiss government is struggling to regulate. While UBS has agreed to most proposed measures, it strongly opposes the one concerning its foreign subsidiaries, fearing it would severely undermine its competitiveness. }