Swiss Bank Employees Association (SBPV) has warned up to 12,000 UBS jobs in Switzerland could be affected if tougher capital requirements lead the bank to move its headquarters.
In a letter to the WAK, the SBPV called for a “viable compromise” on capital rules.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
“Investors are demanding that UBS relocate, sell, or merge,” the letter to the commission members, which was obtained by the Swiss daily NZZ am Sonntag.
The employee body said that relocating UBS could threaten 10,000 to 12,000 of the bank’s current 34,000 jobs in Switzerland.
This would be additional to cuts already being made as UBS integrates Credit Suisse.
“The employment consequences have not yet been investigated,” wrote SBPV president Michael von Felten in a letter.
UBS has cut about 20,000 roles worldwide since acquiring Credit Suisse.
UBS chief executive Sergio Ermotti has consistently said that the integration would result in around 3,000 redundancies in Switzerland.
The bank said its workforce reduction would take place over several years, largely through natural attrition, early retirement, and internal transfers. It also said it would bring previously outsourced functions back in-house.
Employees facing redundancy enter a coaching programme under UBS’s social plan. Notice periods may be extended to 12 months, depending on the employee’s age.
Staff in the programme receive priority for internal vacancies over external candidates.
UBS intends to complete the Credit Suisse integration by the end of the year. That deadline could bring forward further job reductions, contributing to reports of larger cuts.
The last group of employees is now entering the coaching programme, which is due to end in autumn 2027.
Those who do not find another position will move to regional employment centres.
The WAK is due to assess capital requirements for UBS’s foreign subsidiaries.
Last month, the upper house proposed that the bank should support those entities with 90% Common Equity Tier 1 capital.
Some UBS shareholders have urged the bank to leave Switzerland.
UBS is considering contingency options, including moving its headquarters or merging with another lender.
