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.
Voters in Zurich reject pay rise for local politicians
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Local parliamentarians in Zurich will not receive a pay hike after 53.2% of voters in the city came out against the plan on Sunday.
Minimum wage narrowly rejected in canton Basel Country
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The Unia trade union initiative had called for a minimum wage of CHF22 ($24.20) per hour for all employees working in the canton.
Bernese voters accept counter-proposal to solar initiative
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In the Swiss canton of Bern, there will still be no solar obligation for roof renovations in the future, but there will be one for large car parks.
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Two-thirds of Swiss people feel that cohesion in the country is “rather weak”, according to a study. Some 83% of respondents even felt that the sense of community was declining.
Solothurn voters reject minimum wage of CHF23 per hour
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Employees in the Swiss canton of Solothurn will not receive a minimum wage of CHF23 ($25.30) per hour. Voters have clearly rejected a left-wing popular initiative for a minimum wage.
Europe is stronger than often claimed, says Alain Berset
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Alain Berset, Secretary General of the Council of Europe, sees the current international situation as a wake-up call for Europe.
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Solothurn and Basel Country will vote on minimum wage initiatives, and Lucerne is deciding on lowering the voting age to 16.
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The jury of the Prix de Lausanne dance prize has selected nine winners from 85 dancers aged 15 to 18. None was from Switzerland.
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