Speaking of big banks, we have reported before that UBS is thinking of bolting if Switzerland imposes bank capital requirements similar to what our own Federal Reserve floated under Biden appointee Vice Chairman Michael Barr.

Now, the Financial Times reports that Treasury Secretary Scott Bessent is laying out the red carpet:

UBS chair Colm Kelleher and US Treasury secretary Scott Bessent have privately discussed moving the bank’s headquarters to the US, as the Zurich-based lender explores contingency plans to leave Switzerland if the government does not back down on new capital rules.

Kelleher and Bessent held talks in recent months about what a move to the US would look like for the lender, with the Trump administration receptive to welcoming one of Switzerland’s most prized assets, according to three people familiar with the conversation.

It’s pretty sad when banks have to come to the U.S. for regulatory relief. We assume the Swiss will ultimately be smart enough to avoid this scenario. But if not, our advice to UBS: yes, come to the USA, but stay away from New York and California!