Further job cuts at the big bank UBS could cut up to 10,000 jobs
According to "SonntagsBlick", UBS is anticipating further potential job cuts of up to 10,000. At the same time, the slow CS integration and high costs are delaying announced savings.
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- According to "SonntagsBlick", UBS is internally planning to cut up to 10,000 jobs by 2027, affecting both Switzerland and abroad.
- The bank has not officially confirmed the figure.
- The slow integration of Credit Suisse is causing high costs and delaying savings.
According to "SonntagsBlick", around 10,000 jobs could be cut at UBS by 2027. According to the newspaper, this figure is being circulated internally and would affect both Switzerland and abroad.
The bank is not officially commenting on any specific reduction plans and emphasizes that job cuts should be kept as low as possible and be achieved through natural fluctuation, early retirement, internal mobility and the internalization of external roles. UBS still expects around 3,000 redundancies in Switzerland.
15,000 jobs already gone since summer 2023
According to the report, the headcount would fall to around 95,000 full-time positions with a reduction of 10,000 jobs, after around 15,000 jobs have already disappeared since summer 2023.
The integration of Credit Suisse is progressing more slowly than planned, as numerous complex client relationships are still missing and old CS systems must continue to be operated. This is causing high costs and delaying the savings of 13 billion dollars announced by Group CEO Sergio Ermotti. The bank had achieved 10 billion or 77 percent of this by the end of September.
