UBS Cuts France Jobs Amid Credit Suisse Integration
(Bloomberg) — UBS Group AG is cutting jobs in France as part of a plan to restructure some of its business activities in the country following the integration of Credit Suisse.
The number of staff made redundant will be below 50 and the bank will provide support to the affected employees, a spokesperson for UBS told Bloomberg in response to questions. France continues to be a strategic growth market, the spokesperson said.
The cuts will affect different units in the Swiss bank’s Paris office, including private banking. In December, UBS said it was considering restructuring some of its business activities in France due to a less favorable market environment as well as the process of absorbing its former rival.
UBS has been cutting jobs globally following the takeover of its former rival. Total headcount stood at 106,789 at the end of March, according to the bank’s first quarter earnings report. That’s down from a peak of 119,100 at the end of June 2023, after UBS agreed to buy Credit Suisse in a historic rescue deal earlier that year. It hasn’t defined a target headcount
UBS has been making cuts in Europe as it moves along with the integration. Last month the bank informed Italian unions of plans to cut 180 jobs as part of its reorganization, with most being taken at UBS Europe SE’s Italian business.
In January, hundreds of employees received notice after UBS began another wave of job cuts in the bank’s home market. UBS has previously said there would ultimately be around 3,000 redundancies in Switzerland.
(Adds background on UBS job cuts)
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