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.
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.
Thieves steal precious metals from Swiss watchmaker
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Thieves raided the factory of the Swiss watch supplier Werthanor in Le Locle in northwestern Switzerland on Thursday morning. They fled across the border to France with precious metals.
Swiss court confirms guilty verdicts against Hells Angels and Bandidos bikers
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Bern's High Court on Thursday confirmed guilty verdicts against six Hells Angels and Bandidos bikers involved in a violent clash outside the Swiss capital in 2019.
China rejects report on Tibetans and Uyghurs in Switzerland
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The Chinese foreign ministry on Thursday rejected a Swiss government report suggesting that China has been cracking down on Tibetans and Uighurs living in Switzerland.
Fleur Jaeggy wins 2025 Grand Prix for Swiss Literature award
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Zurich-born writer Fleur Jaeggy is the 2025 winner of the Grand Prix for Swiss Literature, the Federal Office of Culture (FOC) announced on Thursday.
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