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UBS Wins U.S. Bank Charter, Adds $375M Morgan Stanley Team in Texas
UBS has received approval to operate a full-service bank in the U.S., a move that could reshape how the firm competes for wealthy clients.
By David Roux
March 23, 2026
4 min read
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UBS has received approval to operate a full-service bank in the U.S., a move that could reshape how the firm competes for wealthy and mass affluent clients in its largest market.
U.S. regulators granted the Swiss firm a national bank charter on Friday, allowing UBS to expand beyond its traditional focus on ultra-wealthy clients and deepen its push into everyday banking services such as checking and savings accounts. The strategy is aimed at capturing more client assets and deposits while improving profitability in its Americas wealth business, which already accounts for roughly half of its global invested assets and revenue.
The bank charter also comes as UBS navigates pressure from Swiss regulators to increase capital following its government-backed acquisition of Credit Suisse in 2023. While the application for the U.S. license predates those discussions, the added flexibility could prove useful as the firm evaluates its global structure and capital requirements.
Separately, UBS continues to add talent in the U.S. wealth market. The firm recently recruited a three-advisor team from Morgan Stanley to form The RoseWest Group in Tyler, Texas. Advisors Alan Cumming, Les Loggins and Grant Wheat made the move along with client associates Melanie Vance and Gabby Manziel.
The team had been overseeing about $375 million in client assets and generated approximately $2.4 million in annual production, according to reports. They will operate within UBS's Central Market, under regional leadership that includes Jon Ramey and Thomas Stacy.
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