Swiss investment bank UBS is reportedly planning to cut 10,000 jobs by the year 2027, as per a recent article in the Swiss newspaper SonntagsBlick. While UBS has not confirmed the exact number of employees to be affected, the bank has stated that it aims to minimize job cuts in both Switzerland and globally.
The bank mentioned that the role reductions will be implemented gradually over several years and will primarily be achieved through natural attrition, early retirement, internal mobility, and in-housing of external roles. These measures are part of the ongoing integration of Credit Suisse, which UBS acquired after its collapse in 2023.
The anticipated job cuts would represent approximately 9% of UBS’s total workforce, which stood at around 110,000 employees by the end of 2024. According to reports, UBS expects about 3,000 job reductions in Switzerland as part of the integration process with Credit Suisse.
UBS has been steadily reducing its workforce by approximately 1,250 roles each quarter. The bank foresees larger rounds of redundancies in the future, with up to 2,000 positions potentially affected, depending on the progress of the Credit Suisse integration.
In recent months, UBS has made significant organizational changes, including establishing a new unit within its Global Wealth Management division and settling a historic legal case with French authorities, agreeing to pay substantial fines and damages related to illegal client solicitation and money laundering allegations.
Furthermore, UBS has applied for a banking license in the US, with plans to offer current and savings accounts, as well as mortgage products in the country. Regulatory approval for this expansion is expected in 2026.
The news about UBS potentially cutting 10,000 jobs by 2027 has sparked discussions within the financial industry. It will be interesting to see how the bank navigates these changes while continuing to provide quality services to its clients.
This updated content has been rewritten based on the original information sourced from Private Banker International, a GlobalData owned brand. For more updates and details on this topic, please refer to the original article.
