UBS mulls moving headquarters from Switzerland if capital rules tighten: WSJ

Published Thu, Oct 15, 2026 · 03:33 PM

[ZURICH] UBS is preparing contingency plans that could include moving its headquarters out of Switzerland if lawmakers tighten capital requirements for the bank, the Wall Street Journal reported on Wednesday (Oct 14), citing people familiar with the matter.

The options include acquiring a US financial institution and relocating, merging with a European rival, or selling itself to a US bank, the report said.

Reuters could not immediately verify the report. UBS declined to comment.

The European lending giant’s plans come as Switzerland considers tougher “too-big-to-fail” capital rules following UBS’s 2023 rescue of Credit Suisse.

Under the government plan, UBS would need to hold an extra US$20 billion in Common Equity Tier 1 capital, mainly by requiring its foreign units to be 100 per cent backed by CET1 capital. Currently, they have to be at least 60 per cent backed, largely with CET1 capital.

UBS has pushed back against the proposal, saying the 100 per cent requirement is excessive and would hurt its international competitiveness.

Earlier this month, US investor Artisan Partners urged UBS to leave Switzerland, arguing that the planned capital requirements were “punitive” and that Switzerland was “no longer an attractive or desirable location” for the bank.

Artisan estimated that proposed changes could require UBS to hold an additional US$16 billion in common equity capital.

However, UBS has been fending off the idea of leaving Switzerland, with chief executive Sergio Ermotti telling CNBC last week that staying in Switzerland was good for both the economy and shareholders.

Last month, chairman Colm Kelleher warned that UBS would need to carefully consider its future in Switzerland if new banking rules became too stringent, but said the preferred outcome was to have a “Swiss compromise that allows us to stay in Switzerland”. REUTERS