Senator Warren Questions Potential UBS Move to Redomicile in the U.S.

Senate Banking Committee Ranking Member Elizabeth Warren questioned UBS Group AG Chair Colm Kelleher and Treasury Secretary Scott Bessent about reports they discussed moving the bank's headquarters to the U.S. to avoid stricter capital requirements in Switzerland.

In letters to each, Senator Warren warned that American taxpayers would be at greater risk should the bank redomicile in the United States and fail. She asserted that UBS continues to face significant regulatory, legal, financial, and operational challenges related to its 2023 acquisition of Credit Suisse, which increased UBS's assets by more than 50 percent. The Senator claimed that U.S. banking regulators under President Trump have proven willing to roll back safeguards on megabanks. She emphasized that as a global systemically important bank, a UBS failure could have catastrophic consequences for the global financial system.

Senator Warren requested answers to questions about UBS's plans to relocate its headquarters to the U.S. and its interactions with the Trump Administration by December 19, 2025.