UBS Group has removed several hundred roles across its businesses in Europe, the Middle East and Africa, in the latest round of cuts linked to its takeover of Credit Suisse three years ago, reported Bloomberg.
According to sources, the reductions were concentrated in support areas, though some front-office bankers were also affected.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Some staff whose positions were abolished were offered alternative posts within the bank as UBS sought to soften the effect on employees, the people said.
A UBS spokesperson said the lender would keep integration-related job losses “as low as possible” in Switzerland and worldwide.
The spokesperson said the bank is also trying to reduce redundancies by bringing work handled by external providers back inside the group.
UBS has been working to reduce its employee base since the Credit Suisse deal in 2023 increased headcount by about 45,000, taking the total to nearly 120,000, the news publication added.
Since then, the bank has sold certain businesses and removed overlapping roles.
It also recently completed the transfer of client data from Credit Suisse’s legacy IT platforms to UBS systems, leaving at least some project roles no longer needed.
Further reductions are anticipated in the second half of the year, the people said.
The spokesperson said UBS offers assistance to affected workers, including support in finding other internal positions.
They added that the reductions would be spread over several years and would mainly come through natural attrition, early retirement, internal mobility and internalisation of outsourced roles.
Swiss newspaper SonntagsBlick reported in December that UBS is preparing to cut 10,000 jobs by 2027.
UBS did not verify that figure, but said it is seeking to limit job losses in Switzerland and internationally.
