UBS is pushing to fix its underperforming US wealth business, which generates nearly half of global wealth revenues but only 30% of pre-tax profit. The Americas division's 13% margin trails Morgan Stanley's by more than half, despite improvement from 2024.

The Swiss bank plans to add everyday banking — deposits and loans — to its US investment-advice platform, hoping stickier relationships stem client departures triggered by a pay overhaul. Chair Colm Kelleher, a Morgan Stanley veteran, targets an 18% margin by 2028, matching Wells Fargo and Citigroup.

Analysts already price in ~20% margins, per Visible Alpha, so merely hitting targets could disappoint. UBS's best lever is its global network: Credit Suisse's former international clients, who already bank with US rivals, are ripe for capture. But Swiss regulatory proposals threatening cross-border growth complicate any acquisition strategy.

The board is fighting those rules, and clarity may arrive just as current self-help measures finish. That convergence could finally let UBS move beyond mediocrity — if it acts decisively.