UBS May Consider Acquisitions to Boost U.S. Wealth Unit

Speaking at a conference in St. Gallen on Wednesday, UBS Chief Executive Sergio Ermotti said the bank “cannot rule out” acquisitions as it seeks to grow its U.S. wealth business while the integration of Credit Suisse moves toward completion.

Ermotti told attendees, “We may want to do an acquisition. I don’t know about any big organizations that can rule out acquisitions.” He added the bank does not require a deal to meet its expansion targets and aims to raise wallet share among American clients.

UBS reported $5.3 billion in client inflows for the Americas in the first quarter, reversing three consecutive quarters of withdrawals. In March the bank secured a full U.S. banking license, allowing it to offer payments, checking and savings accounts and a broader set of products to U.S. customers.

The bank has also changed how it pays U.S. financial advisors, increasing payouts and benefits to improve retention and recruitment. UBS Chairman Colm Kelleher has previously said the bank would consider buying another U.S. wealth manager once work to integrate Credit Suisse is finished. UBS began integrating Credit Suisse after its 2023 rescue of the rival bank, and executives say that consolidation is now in its final stages.

Ermotti was asked about succession plans and said he was pleased with the internal pool of potential successors. When asked whether he would move to the chairmanship, he replied, “I’m focused on my current role.” UBS has indicated he will remain CEO at least until early next year, and any successor could come from inside or outside the bank.

Ermotti’s remarks leave mergers and acquisitions on the table as one option for growing the U.S. business while the bank rolls out new retail banking services and adjusts advisor incentives.