In Switzerland: UBS competes with a number of cantonal banks, such as Zürcher Kantonalbank, Banque Cantonale Vaudoise and other cantonal banks, as well as Raiffeisen, PostFinance, and the Migros Bank. In Europe: UBS competes with several larger banks, such as Deutsche Bank, HSBC, Crédit agricole, BNP Paribas, Natixis, Royal Bank of Scotland, Santander and UniCredit. In the United States: UBS competes with the largest American banks, such as Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley.