SKN | UBS Steps Up U.S. Capital Markets Push as Bank Targets Bulge-Bracket Deals

Key Points

• UBS says it is now ready to compete “toe-to-toe” with U.S. bulge-bracket banks in equity capital markets.

• A multi-year hiring push in North America has shifted into execution mode, backed by $1bn-plus deal credentials.

• Management is targeting market-share gains in U.S. ECM through 2026 despite softer trading revenue forecasts.

UBS is sharpening its ambition in U.S. equity capital markets, with senior leadership signaling that the bank is now structurally prepared to compete directly with Wall Street’s largest investment banks on major transactions. The shift follows two years of intensive hiring and platform build-out aimed at deepening North American coverage and strengthening senior client relationships.

The message from UBS leadership is that the groundwork phase is complete, and the focus has turned decisively toward execution and consistency.

From Hiring to Execution in U.S. ECM

Over the past two years, UBS prioritized recruiting experienced bankers across key U.S. equity capital markets roles, creating what management describes as a “broad, deep, and complete” global ECM bench. With personnel now in place, the strategy has evolved from capability-building to delivering repeatable results on large, complex transactions.

The bank argues that its ECM franchise is no longer defined by isolated, high-profile mandates, but by a growing track record of recurring leadership roles on sizable IPOs and block trades.

Deal Track Record Builds Credibility

UBS’s confidence is underpinned by its role on multiple billion-dollar equity transactions during 2025, where it acted as lead-left or sole bookrunner. These mandates have been used internally and with clients as proof points that the bank can originate, price, and distribute large U.S. equity deals at scale.

This shift is strategically important as UBS looks to embed itself more deeply in client decision-making rather than being viewed as a secondary or opportunistic participant.

Integrated Global Model as a Differentiator

Management continues to position UBS’s global footprint as a competitive advantage versus U.S.-only rivals. The bank emphasizes its ability to combine North American execution strength with international distribution, European sector expertise, and a large wealth management platform.

This integrated model is being pitched as particularly attractive to issuers seeking global investor reach alongside strong U.S. capital markets execution.

Market Environment and 2026 Revenue Outlook

While equity trading revenues across the industry are expected to normalize in 2026 following an exceptional 2025, UBS believes advisory and capital markets origination can help offset softer trading conditions. The bank is targeting continued momentum in large-cap deals, even as overall fee pools become more competitive.

Leadership also highlighted that liquidity, rather than geopolitics, remains the dominant driver of capital markets activity—supporting cautious optimism for issuance despite ongoing macro and policy uncertainty.

Forward-Looking Outlook

UBS’s push to challenge U.S. bulge brackets represents a strategic inflection point for its investment bank. Success will ultimately be measured by sustained market-share gains, repeat mandates, and consistency through varying market cycles.

For a confidential discussion on how global investment banking repositioning and capital markets exposure can be evaluated within a diversified financial allocation, contact our senior advisory team.