UBS gains U.S. banking license amid expansion and workforce cuts
UBS has secured a national banking license in the U.S., marking a key step in its expansion plans. The move allows the Swiss bank to offer a wider range of services to American customers.
The license comes at a time when UBS has faced challenges in the region, including significant outflows and a reduction in its advisor workforce.
The new license enables UBS to provide more everyday banking services, such as demand deposits and additional credit products. Previously, the bank focused primarily on ultra-high-net-worth clients. Now, it aims to serve a broader segment of affluent customers.
Rob Karofsky, president of UBS Americas, described the license as a major milestone. He believes it will support the bank's growth strategy by expanding its lending and deposit operations. Despite this progress, UBS has seen net outflows of $14.1 billion in the Americas during the fourth quarter of 2025.
The bank has also reduced its U.S.-based advisor team. By the end of 2025, it employed 5,772 financial advisorsâa drop of 196 from the previous year. Globally, UBS and Credit Suisse staff numbers fell from over 120,000 at the end of 2022 to just over 103,000 by the close of 2025.
The national banking license strengthens UBS's position in the U.S. market. It allows the bank to broaden its customer base and offer more services. However, the expansion follows a period of financial outflows and workforce reductions in the region.
