Global headcount stood at 108,648 at the end of last year, UBS said on Tuesday. That’s down from a peak of 119,100 at the end of June 2023, when UBS first absorbed Credit Suisse after agreeing to buy it in a historic deal earlier that year. UBS Chief Executive Officer Sergio Ermotti reiterated Tuesday that he plans to effectively complete the integration of Credit Suisse by the end of next year. That’s expected to cost a total of about $14 billion.
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UBS beats market expectations with bumper Q4 profit
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The Swiss bank UBS has reported a fourth-quarter net profit that surpasses analysts’ expectations.
UBS made the deepest job cuts in the immediate aftermath of the takeover, with headcount dropping by more than 3,000 in the third quarter of 2023. That pace has slowed since and the workforce declined only by 748 staff in the final three months of last year.
Bloomberg News has reported that several hundred UBS employees in Switzerland received their notice in recent weeks.
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UBS releases ‘hundreds’ of staff in fresh wave of job cuts
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Swiss bank UBS has begun a wave of job cuts in its home market Switzerland, with hundreds of employees receiving notice in recent weeks.
The bank has said it has achieved $7.5 billion of the $13 billion in total savings it’s seeking to extract from the acquisition, with much of the remainder to come from ultimately switching off Credit Suisse’s old IT systems.
Council of Europe warns against excluding Ukraine and Europe from peace talks
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The Secretary General of the Council of Europe, Alain Berset, has warned against the exclusion of Ukraine and Europe from peace negotiations.
Switzerland records fewer illegal medicine imports
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Last year, the Federal Office for Customs and Border Security seized 15% fewer illegal imports of medicine than the previous year.
Swiss president reacts to US vice president’s speech in Munich
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For Swiss President Karin Keller-Sutter, the Munich Security Conference was marked by uncertainty over the course of US foreign policy.
Swiss ‘Covid leaks’ scandal: court keeps gagging order
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Swiss prosecutors, investigating a leak of confidential government information during Covid-19, remain blocked from seeing sensitive communication.
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