Britain urged UBS to make London its headquarters

By the Editorial Team · Saturday, October 17, 2026

Britain’s Labour government has held talks with UBS about potentially moving its legal headquarters and stock listing to London in response to proposed stricter Swiss banking regulations that would require the bank to hold significantly more capital. Such a relocation would position UBS as one of the largest companies on the FTSE 100 and reflects the bank’s consideration of alternatives amid mounting regulatory pressures and strategic uncertainty.

Britain’s Labour government has engaged in discussions with UBS, Switzerland’s largest bank, to encourage the lender to consider relocating its legal headquarters and stock market listing to London amid a regulatory dispute in Switzerland. These talks reportedly took place between Rachel Reeves, during her tenure as chancellor, and UBS chairman Colm Kelleher, with the most recent meeting occurring earlier this year.

The potential move comes in response to new, stricter capital requirements proposed by Swiss lawmakers, which UBS estimates would compel the bank to hold approximately $16 billion of additional capital. The Swiss regulatory tightening, intended to bolster the banking sector and protect taxpayers following the Credit Suisse collapse, includes a proposal to increase the common equity tier 1 (CET1) capital backing of foreign units from 60% to 100%. UBS has pushed back on this, arguing that such demands would impair its international competitiveness.

UBS currently employs about 8,000 people in the UK across its investment banking, wealth management, and asset management operations. If it were to relocate its headquarters and list on the London Stock Exchange, UBS—with a market valuation of roughly CHF129 billion (£117 billion)—would become the fourth-largest company on the FTSE 100, behind HSBC, Shell, and AstraZeneca.

While UBS has so far maintained that it intends to remain headquartered in Switzerland, Kelleher acknowledged publicly that the bank may reconsider if the regulatory burden becomes unsustainable. Two major shareholders, including the US asset manager Artisan Partners, have urged the bank to evaluate relocating, with Artisan Partners describing Switzerland as “no longer an attractive or desirable location” due to the proposed capital rules.

In addition to relocating to the UK, UBS is reportedly considering other strategic options amid the uncertainty. These include acquiring a US financial institution, merging with a large European bank, or potentially being sold to an American firm. Industry analysts see the United States as a likely alternative given its comparatively lighter regulatory regime and UBS’s ambitions to compete more aggressively in wealth management against Wall Street rivals like Morgan Stanley. Executives at UBS have held talks with US officials about a possible move, though experts caution that complex legal issues and potential Swiss exit taxes could complicate such a relocation.

The Labour government’s outreach to UBS reflects its broader efforts to attract international businesses since taking office in 2024. Reeves received commendation from banking sector leaders last year after successfully advocating against planned tax increases for the financial industry. However, there remains apprehension among executives that her successor as chancellor, John Healey, might reintroduce tax hikes aimed at the sector in an upcoming Budget.

Neither UBS nor Rachel Reeves commented on the discussions, and the UK Treasury did not respond to requests for comment. The Swiss authorities continue to defend the tighter regulatory framework as necessary for financial stability, despite opposition from UBS and some investors.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.