Market Chatter: UBS Reportedly Pressed by Senator Over Talks With Treasury Secretary on Possible US Move

MT Newswires Live12-10

UBS (UBS) Chairman Colm Kelleher has received a request from US Senator Elizabeth Warren to disclose details of any communications he may have had with US Treasury Secretary Scott Bessent over possibly moving the bank to the US from Switzerland, Bloomberg News reported Wednesday, citing the lawmaker's Dec. 9 letter.

Warren asked Kelleher to summarize his and Bessent's discussions, or with any other officials on the subject of redomiciling the bank, and whether he had been promised any benefits, the report said.

UBS has publicly criticized tighter capital controls to be imposed by Switzerland.

A UBS spokesperson said in response to an inquiry by MT Newswires that the company wants to stay in Switzerland. "UBS has a unique, sustainable, globally diversified business model, which has proven itself even in extraordinary situations and serves as an anchor of resilience, stability and prosperity," the company said.

Warren's office and the Treasury Department did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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