Published by Global Banking & Finance Review®
Posted on December 10, 2025
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleSenator Warren asks UBS for details on discussions with Treasury's Bessent about relocating its headquarters to the US, expressing concerns over economic risks.
ZURICH, Dec 10 (Reuters) - U.S. Democratic Senator Elizabeth Warren has written a letter to UBS requesting that it provide details on any discussions the Swiss bank may have had with Treasury Secretary Scott Bessent.
In a December 9 letter to UBS chairman Colm Kelleher, Warren asked for a summary of interactions with U.S. officials over a potential relocation of the bank's headquarters to the U.S. and any incentives the bank may have requested or been offered.
"If it re-domiciled in the United States, UBS would be the sixth largest bank in the country, putting the American economy, financial system, and taxpayers at even greater risk should UBS fail," Warren said in the letter to Kelleher.
Warren has also sent a letter to Bessent asking for details on any talks Treasury Department officials may have had with senior UBS executives.
UBS in November reaffirmed it is committed to its Swiss base in response to a report that Kelleher and Bessent had privately discussed moving the bank's headquarters to the United States.
"As we have said repeatedly, we want to continue to operate successfully as a global bank out of Switzerland," UBS said in a statement.
Bloomberg News reported the development earlier on Wednesday.
(Reporting by Ariane Luthi in Zurich and Arasu Kannagi Basil in Bengaluru; Editing by Jan Harvey and Maju Samuel)
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