UBS Expands US Banking Push for Affluent Wealth Clients

UBS is launching a broader range of banking services for affluent US clients as it moves to strengthen its American wealth management business.

The Swiss bank plans to begin testing checking accounts, savings accounts, mortgages and other lending products with its US employees as early as December 2026, before rolling the offering out to wealth management clients from the middle of 2027, according to the Financial Times.

This latest initiative follows UBS having secured a national US banking charter earlier this year, which allows it to provide everyday banking services alongside investment advice. Previously, many of the firm's US wealth clients were obliged to use other banks for routine banking needs despite holding investment assets with UBS.

The expanded offering is aimed at clients with between $2 million and $10 million in investable assets, a segment UBS sees as a key opportunity for growth.

Another key factor behind the move is to improve client retention and build broader relationships with US clients by reducing the need for them to split their financial business across multiple institutions.

The move comes against the backdrop of UBS attempting to rebuild momentum in its Americas wealth management division. The business generated $12.2 billion in revenue last year but reported a pre-tax profit margin of less than 13%, well below the 29% margin posted by Morgan Stanley's wealth management business.

After recording nearly $6 billion of net asset outflows during 2025, the division returned to growth in the first quarter of this year with $5.3 billion in net new assets.