{"text":[[{"start":12.2,"text":"UBS will start trialling everyday banking services for its US employees within months, as it gears up to launch a full-service bank for wealthy Americans by the middle of next year."}],[{"start":23.2,"text":"The Swiss lender is set to open bank accounts for US staff as early as December to test pricing and products before rolling them out to wealth management clients from the middle of 2027, according to people familiar with the matter."}],[{"start":37.6,"text":"The move marks the first phase of UBS’s push to become a full-service bank for wealthy Americans after securing a national banking licence in the country earlier this year."}],[{"start":48,"text":"It will allow the Swiss lender to compete more directly with Wall Street rivals, such as Morgan Stanley and Bank of America, whose banking operations have helped drive more profitable wealth management divisions in the US."}],[{"start":60.4,"text":"Holding a national banking charter will enable UBS to offer services including cheque and savings accounts, mortgages and other lending products alongside investment advice in the US."}],[{"start":72.3,"text":"Until now, UBS’s US wealth management clients have typically had to turn to other lenders for everyday banking services, even if they entrusted the Swiss lender with their investments."}],[{"start":82.45,"text":"UBS’s US expansion has been central to the growth strategy of wealth management co-heads Iqbal Khan and Rob Karofsky. "}],[{"start":90.8,"text":"UBS’s Americas wealth management business generated $12.2bn in revenue last year but was its least profitable region, with a pre-tax profit margin of less than 13 per cent."}],[{"start":103.1,"text":"Market leader Morgan Stanley posted a pre-tax profit margin of 29 per cent in its wealth management division last year."}],[{"start":110.89999999999999,"text":"UBS’s Americas unit also suffered nearly $6bn of net asset outflows in 2025, while a raft of financial advisers departed amid disquiet over changes to their remuneration model. However, the division returned to net inflows in the first quarter of this year, attracting $5.3bn of net new money."}],[{"start":131.75,"text":"The Swiss lender, which has historically catered for wealthy clients, is looking to broaden its client base by targeting affluent clients with between $2mn and $10mn of investable assets."}],[{"start":143.4,"text":"Executives also hope that offering a full suite of banking services will make its wealth management clients less likely to defect to rivals that already provide their day-to-day banking, according to people familiar with the matter."}],[{"start":156.05,"text":"Banks often trial new consumer products with employees to iron out operational issues and test technology, pricing and offerings before launching them to external clients."}],[{"start":166.9,"text":"UBS’s US expansion comes despite a stand-off between the lender and the Swiss government over tougher bank capital requirements proposed in the wake of Credit Suisse’s collapse."}],[{"start":177.8,"text":"The Swiss government has proposed forcing UBS to significantly increase the capital it must have to back its foreign subsidiaries, including its US operations. "}],[{"start":188.45000000000002,"text":"Karin Keller-Sutter, the Swiss finance minister, has said the reforms would make it more expensive for UBS to grow in the US. However, the bank’s chief executive Sergio Ermotti has insisted that “shrinking is not an option”. "}],[{"start":202.05,"text":"UBS declined to comment."}],[{"start":211.5,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782972961_4751.mp3"}