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Banking License · Deposit Growth · UBS Strategy · US Wealth Management
UBS secured a national banking license in the US, allowing it to convert UBS Bank USA and offer a full suite of retail banking products, aiming to capture more of the estimated $150 billion in client deposits currently held at rivals.
This regulatory approval positions UBS to broaden its wealth push beyond its traditional ultra-wealthy base, directly competing for clients’ day-to-day cash with large US lenders like JPMorgan and Morgan Stanley. The firm plans to introduce checking and savings products by late 2027, with a broader platform rollout in the second half of next year, according to Reuters and The Wall Street Journal.
This move is critical for UBS, which has experienced an exodus of advisors and net new asset outflows of $14.1 billion in the Americas in Q4 and $6 billion for the year, as reported by Reuters. Morgan Stanley analyst Giulia Miotto states the market requires proof of a reversing trend in US flows to gain confidence in the division's turnaround.
