All levels affected Cutbacks at UBS continue - hundreds of jobs lost again
UBS is said to have cut hundreds of jobs again. This affects both the rank and file and the management.
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- Hundreds of jobs are being cut at UBS.
- This affects both the base and the management.
- The bank emphasizes that it is providing intensive support to the employees affected.
UBS is continuing its job cuts following the takeover of Credit Suisse (CS). According to a report by Bloomberg, the big bank has once again made hundreds of employees in Switzerland redundant, both at management and grassroots level.
In total, around 3,000 jobs are to be cut in Switzerland, as UBS had already announced earlier.
The bank emphasizes that it is providing intensive support to the employees affected. "We will help them to find a new job for up to a year and offer a social plan," UBS explained.
Further update expected in February
In addition to redundancies, the bank is also relying on natural fluctuation, internal mobility, early retirement and the internalization of external roles to reduce headcount.
Following the takeover of Credit Suisse, UBS's workforce grew from around 75,000 to around 120,000 employees. This figure has since fallen again by around 10,000.
A further update on the planned redundancies is expected on February 4, when UBS presents its annual results for 2024.
