On Tuesday, UBS reported cost savings in the billions and is therefore already ahead of its own plan following the Swiss government orchestrated takeover of Credit Suisse.
When compared to the total number of people employed at the end of 2022 for the then still separate companies UBS and Credit Suisse, the total reduction in headcount is more than 13,000. This figure also includes outsourced jobs and consultants.
On the basis of full-time equivalents, UBS now reports 115,981 jobs at the end of September, after last estimating the number of full-time equivalents at the end of June 2023 at 119,100.
Big losses
UBS Group also posted its first quarterly loss in almost six years, as the integration of Credit Suisse drags on the Swiss lender’s performance.
The Zurich-based bank said it had a net loss of $785 million (CHF707 million) for the three months to September, after including total integration-related expenses of $2 billion.
UBS Chief Executive Officer Sergio Ermotti is seeking to chart a path through the biggest merger in finance in decades, cutting more than $10 billion in costs and readying the combined bank for a strategic revamp due to be announced in February.
“We are optimistic about our future as we build an even stronger and safer version of the UBS,” Ermotti said in a statement Tuesday.
The key wealth management unit saw pre-tax profit of $1.01 billion, lower than estimates. The unit saw $22 billion in net new client funds, and Credit Suisse’s wealth management business saw positive flows for the first time in a year and a half. Profit at the asset management unit also came in lower than expected.
The Swiss bank has said it will give an outline of its three-year growth strategy as well as an update on its share buyback program in February 2024, around the same time as full-year results.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Workplace Switzerland
Meet the foreigners who make up a quarter of the Swiss population
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
Bodycams: essential for good law enforcement, or a privacy risk?
Did you ever come across bodycams in your place of residence and if so, how do you think the use of bodycams alter the relationship between the public and (transport) police?
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
Swiss politician resigns after firing shots at Jesus picture
This content was published on
Zurich politician Sanija Ameti has been heavily criticised and reported to the police after firing shots at a picture with a Christian motif.
Thousands of signatures for Bern initiative disappear
This content was published on
A package containing signatures to be certified for the city's minimum wage initiative has gone missing from the Bern City Chancellery.
Swiss Federal Railways reports lower profit, higher punctuality
This content was published on
Swiss Federal Railways made only half as much profit in the first half of 2024 as in the same period of the previous year.
Swiss Re sees demand for reinsurance rise amid natural disasters
This content was published on
Swiss Re anticipates an increase in demand for reinsurance coverage in response to growing environmental and political risks.
New labour agreement for Edelweiss pilots to come into force this year
This content was published on
The newly negotiated collective labor agreement (CLA) for cockpit staff at the airline Edelweiss is to be signed this year. According to the pilots' association, the original aim was for the new CLA to come into force in fall 2024.
This content was published on
The head of the group of experts for the Swiss government's savings proposals sees his work vindicated by the criticism coming from the right and the left.
Hotel rates already spiking ahead of 2025 Eurovision in Basel
This content was published on
A week after Basel was chosen to host the Eurovision Song Contest next year, hotel prices are soaring in neighboring cities.
This content was published on
The dramatic takeover of Credit Suisse by its rival UBS under a government-backed deal has Swiss citizens hot under the collar, a survey shows.
US steps up probe of Credit Suisse and UBS over sanctions breaches
This content was published on
The US Department of Justice has stepped up a probe into Credit Suisse and UBS over suspected compliance failures involving Russian clients.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.