As part of that effort, the bank is months away from trying out everyday banking for its employees in the United States, according to a report Thursday. a report From the Financial Times (FT).
UBS is set to set up bank accounts for US employees as early as December to test rates and products before offering them wealth management clients from mid-2027, sources familiar with the matter told the Financial Times. UBS declined to comment when contacted by PYMNTS.
The move is the first step in UBS’s longer journey to become a full-service bank for wealthy clients in the United States, the Financial Times report said. The bank received a national charter from United States Office of the Comptroller of the Currency In March.
Before that, UBS was a state-chartered bank, Brian CarlinThe head of global banking and wealth management in the United States said: video Shared by UBS on LinkedIn. The national charter allows UBS to expand the range of clients it serves and the types of products and services it can offer, he said.
“So, we’re now going to start face-to-face with day-to-day banking, you know, the key capabilities that our clients have today, many of which are implemented in a competitor, giving them the ability to bring those to our platform to really engage with those financial advisors and their teams that they know and trust today and use that as a way to consolidate their assets and expand what they can do at UBS,” Carlin said.
The Financial Times report noted that the charter would allow UBS to compete more directly with Wall Street rivals such as Morgan Stanley and Bank of Americawhile also allowing the bank to offer services such as checking accounts, savings accounts, mortgages, and other lending products.
The newspaper added that before now, UBS wealth management clients in the United States usually had to go to other banks for daily banking services, even if they trusted UBS with their investments.
The plans are being implemented at a time when many other US banks are courting wealthier clients. For example, JPMorgan Chase said last year that it was Speed up the offering process One of its financial centers is JPMorgan – geared towards wealthier clients – with a goal of operating 31 centers by the end of this year.
More recently, City said it was changing its focus Consumer cards business For wealthy clients. Pam HabnerBanks’ share of customers earning more than $150,000 has increased more than 600 basis points since 2022, the head of U.S. Consumer Cards said during a recent Investor Day presentation.
