The layoffs primarily impacted support staff, although some client-facing bankers were also let go, according to sources familiar with the situation. Some employees affected by the cuts were offered new positions within the company as part of UBS’s strategy to soften the blow for staff, the sources mentioned, requesting anonymity to discuss private matters.
A UBS spokesperson stated that the bank aims to limit job cuts resulting from the integration both in Switzerland and globally. To reduce redundancies, the bank is concentrating on transitioning roles currently held by third-party providers in-house, the spokesperson noted.
UBS’s workforce has decreased by approximately 17,500 since the acquisition, according to recent figures. Following the deal, the bank had intended to ultimately eliminate around 35,000 positions, as reported by Bloomberg News.
Since the Credit Suisse acquisition in 2023, which increased its headcount by roughly 45,000 to nearly 120,000 almost overnight, UBS has been working to reduce its workforce. It has divested some units and streamlined roles viewed as redundant. The bank has also recently completed the migration of data from Credit Suisse’s outdated IT systems to its own, rendering certain roles associated with the project unnecessary.
Further job reductions are anticipated in the latter half of the year, the sources indicated.
UBS offers support to affected employees, such as assistance in securing different internal roles, the spokesperson mentioned. Job reductions will unfold over several years, primarily via natural attrition, early retirement, internal mobility, and the internalization of external roles.
