Warren Requests UBS Chairman Divulge Details of Bessent Talks

US Senator Elizabeth Warren has written to UBS Group AG Chairman Colm Kelleher asking for details of any discussions he may have had with Treasury Secretary Scott Bessent over a potential relocation of the bank to the US.

In a letter dated Dec. 9 and seen by Bloomberg News, Warren requested Kelleher provide a summary of interactions with Bessent and any other officials with whom he may have interacted in recent months on the topic — including if he’d been offered incentives to relocate the global wealth manager amid its standoff with the Swiss government on capital.

“Have you asked for, or has Secretary Bessent or any other senior Trump Administration official promised, favorable regulatory or supervisory treatment upon UBS’s move to the United States?,” Warren, who is the top Democrat on the Senate Banking Committee, wrote. “If so, please describe the nature of such commitments.”

Kelleher reportedly held talks with Bessent earlier this year as UBS continues to explore its options amid uncertainty over Switzerland’s upcoming capital reforms. The two privately discussed what a move could look like with the Trump administration “receptive” to welcoming UBS, the Financial Times reported.

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