UBS is preparing to launch a pilot program offering everyday banking products to its own US employees as soon as December, according to the Financial Times. The internal rollout will allow the Swiss lender to refine pricing and product design before extending a full-service banking offering to its wealth management clients, with a target launch date of mid-2027.
The initiative builds on UBS's acquisition of a national banking charter earlier this year, when US regulators approved the conversion of UBS Bank USA to a nationally chartered bank. This charter enables UBS to offer checking and savings accounts, mortgages, and other credit products alongside investment advice—a capability it previously lacked in the US market.
Wealth management co-heads Iqbal Khan and Karofsky have made the US banking push a central pillar of their growth strategy. Karofsky is overseeing day-to-day US operations, while the firm aims to compete directly with Morgan Stanley and Bank of America, both of which have leveraged their banking arms to enhance wealth management returns.
UBS's Americas wealth management division generated $12.2 billion in revenue last year, but its pre-tax margin of under 13% lags behind Morgan Stanley's 29% margin in wealth management. The division also experienced nearly $6 billion in net asset outflows during 2025, driven by advisor departures related to compensation changes. However, momentum has improved, with $5.3 billion in net new money in the first quarter of 2026.
Group-wide, UBS reported a strong start to 2026. First-quarter net profit attributable to shareholders rose 80% year over year to $3.04 billion, with group revenue up 13% to $14.24 billion. Global wealth management alone contributed $7.1 billion in revenue, up 11%, and pre-tax profit climbed 32% to $1.79 billion. Net new assets for the quarter reached $37.4 billion. CEO Sergio Ermotti stated the bank remains "on track to deliver on our financial objectives for 2026."
The new banking push targets clients with $2 million to $10 million in investable assets, a segment slightly below UBS's traditional ultra-wealthy base. The bank estimates it serves roughly 700,000 US households, with about $150 billion currently held in deposits at competitors like JPMorgan and Morgan Stanley—cash UBS hopes to capture through its new charter.
Beyond banking, UBS is exploring digital asset offerings. The bank has been considering opening crypto trading to private banking clients in Switzerland, working for months to select partners for a digital asset platform that would initially allow select Swiss clients to buy and sell bitcoin and ether. A potential later rollout to markets including the US is under consideration.
The US expansion proceeds amid ongoing cost-cutting elsewhere. UBS has trimmed several hundred support staff jobs across Europe, the Middle East, and Africa as part of the Credit Suisse integration. The reductions did not affect the US, where UBS employs roughly 5,700 financial advisors. The bank expects to eliminate around 3,000 roles in Switzerland as integration continues. Cumulative integration-related cost savings have reached $11.5 billion, with a target run rate of $13.5 billion by the end of 2026.
UBS also remains in a dispute with the Swiss government over proposed increases to capital requirements, introduced after the 2023 collapse of Credit Suisse. Despite these challenges, the firm is pushing forward with its US banking ambitions, aiming to close the profitability gap with domestic rivals.
