According to the latest figures released, UBS recorded $14.1 billion in net new asset outflows (net new money) in the Americas in Q4 2025 — the worst quarterly figure since the compensation structure changes implemented at the end of 2024. For the full year 2025, the division saw $6 billion in net outflows across the Americas. Close to 200 financial advisors left the firm over the past twelve months, often taking substantial client assets with them. CFO Todd Tuckner had already warned during the Q4 results call in early February: “We are certainly not satisfied with the net movement we have seen around our advisors. We expect further pressure on net flows in the first half of 2026.”
CEO Sergio Ermotti remains optimistic for the full year, forecasting a return to positive net new money in the US in 2026, with an increasingly meaningful contribution expected in 2027 and 2028. In February, the bank promoted Lisa Golia specifically to lead advisor recruiting, retention, and compensation efforts in the region. Why this setback?
The large-scale departures are widely attributed to post-merger compensation adjustments and cost-cutting measures following the Credit Suisse acquisition. Many advisors have moved to more generous US competitors — Morgan Stanley, Wells Fargo, Bank of America, Charles Schwab, RBC Wealth Management — while others have chosen the independent broker-dealer route, where they retain a significantly higher share of revenue.
These movements directly threaten UBS’s target of reaching a 15% pre-tax profit margin in its US wealth management business in 2026 (currently around 13%, up from just 9.3% two years ago). By comparison, margins stand at 30% in Europe/Middle East and 35% in Asia-Pacific. A serious obstacle to the US turnaround Analysts and industry sources agree: these outflows are jeopardizing the “US turnaround” that Sergio Ermotti described as “on track” in February. Giulia Miotto of Morgan Stanley sums it up: “The market will want to see a clear inflection in US flows before regaining confidence in the recovery of this division. That is unlikely to materialize before Q3.”
Thomas Hallett of KBW adds that “there is no silver bullet” to the persistent challenges facing UBS’s US wealth management franchise. Despite the difficulties, UBS is making progress on other fronts: in January it secured a national banking license in the United States, allowing it to offer more lending and banking products to its high-net-worth clients. The group also targets $125 billion in global net new money in 2026 (up from $101 billion in 2025).
Market reaction
The February results announcement already triggered a more than 5% drop in the UBS share price. Year-to-date, the stock is down nearly 21%, weighed down by both Swiss regulatory uncertainty around capital requirements and ongoing doubts about US performance. In summary: UBS is paying the price for a necessary restructuring after the historic Credit Suisse acquisition, but the American market — critical to future profitability — remains the main pain point. The next few quarters will be decisive: if flows turn positive as promised in the second half of 2026, the turnaround story will gain credibility. Otherwise, pressure on management and the share price is likely to intensify.