UBS announced that its U.S. subsidiary has received first conditional approval from the Office of the Comptroller of the Currency, bringing the Swiss bank a major step closer to securing a full national bank charter. Approval is contingent on UBS meeting capital requirements and governance commitments, including maintaining a Tier 1 capital ratio above 12% and implementing specific risk-management protocols for its growing wealth-management business in the United States. A national charter would streamline UBS’s deposit-taking and lending operations, potentially reducing funding costs by an estimated 25 basis points and bolstering its competitive position against domestic peers.

In a new research report, UBS reiterated its bullish stance on gold, forecasting a further 10% upside by year-end. The bank highlighted that bullion has already gained approximately 7% so far this year, building on a near 65% rally in 2025, driven by persistent inflationary pressures and renewed geopolitical uncertainty. UBS analysts pointed to central bank purchases—up nearly 20% year-on-year—and a weakening U.S. dollar as key drivers. They now peg gold’s fair value at $2,200 per ounce, up from $2,000 in their prior forecast, citing sustained real yields below zero and robust demand from Asia’s private investors.

UBS analysts raised their price target on Novo Nordisk shares by almost one-third following regulatory approval of the company’s oral obesity therapy, but cautioned that initial prescription figures may understate eventual demand. The note warned that early launch data will only capture a fraction of the target patient population, given the multi-month titration schedule and complex reimbursement negotiations in key markets such as the U.S. and Germany. UBS projects that full uptake will ramp over 12 to 18 months, estimating peak annual sales of $8 billion to $10 billion by 2028, but advised investors to look past initial prescription volumes.

In a recent interview with Swiss newspaper Tages-Anzeiger, UBS Chief Executive Sergio Ermotti reaffirmed his intention to appoint a successor from within the bank’s existing leadership team. Ermotti highlighted the importance of continuity in the group’s strategic priorities—integrated wealth management, disciplined cost control and further digital investment—and signaled that potential candidates will be evaluated on their track record in executing the 2024–2026 three-year plan. Shareholders will be watching closely, as UBS seeks to maintain momentum in its core businesses while navigating regulatory transitions in the United States and Europe.