The British government under Keir Starmer campaigned for UBS to choose London as its new headquarters in the event of a departure from Switzerland, according to a media report. Citing sources, the Financial Times reported that Chancellor Rachel Reeves advocated for the major bank to move its headquarters and stock listing to London under the former Prime Minister, should the bank decide to abandon its Swiss location.
Reeves brought up London as a potential new location for UBS during discussions with Chairman Colm Kelleher while she was finance minister. The talks explored possibilities for transferring the legal domicile and stock exchange listing of UBS to the United Kingdom if the bank were to relocate its seat to another country. The most recent meeting took place earlier this year. Reeves served as Chancellor from July 2024 to July 2026, losing her office under the new Labour government of Andy Burnham.
A relocation of UBS to London would represent a significant achievement for Britain, according to the report. With a valuation of 129 billion Swiss francs (118 billion British pounds), the bank would rank as the fourth-largest company in the FTSE 100, behind HSBC, Shell, and AstraZeneca.
UBS already maintains a substantial presence in the United Kingdom, employing approximately 8,000 staff there across investment banking, wealth management, and asset management operations.
While UBS has stated its intention to continue operating from Switzerland, Kelleher publicly acknowledged last month that the bank might reconsider its Swiss location if heightened regulatory demands prove overly burdensome.
The discussions between Reeves and Kelleher also illustrate how the Starner administration has sought to attract international companies to Britain since taking office in 2024. Reeves earned praise from the banking sector after sparing the industry from tax increases in the budget last year.
