UBS cut hundreds of jobs in reduction phase, media reports
UBS has cut a further several hundred jobs across Europe, the Middle East and Africa as part of its takeover of Credit Suisse, according to the Bloomberg news agency.
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UBS cut hundreds of jobs in reduction phase, media reports
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The latest round of reductions reportedly affects mainly employees in support roles, but in some cases also client advisors, Bloomberg reported, citing sources with knowledge of the events. UBS declined to comment on the information to the news agency AWP.
However, a UBS spokeswoman said the bank will cut as few staff as possible, in Switzerland and globally, as part of the Credit Suisse integration. As announced in 2023, the reductions will be spread over several years and will mainly happen through natural fluctuations, early retirements, internal mobility and the internalisation of external roles.
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UBS: the bank that outgrew a country
UBS already said shortly after purchasing Credit Suisse in 2023 that it would aim to eliminate duplicate functions. According to latest quarterly figures, the number of direct employees fell to 101,594 full-time positions at the end of March 2026, down from 103,177 at the end of 2025. Industry circles have long believed the number of employees could drop to around 80,000 in the long term. Overall, according to Bloomberg, the workforce has already shrunk by about 17,500 positions since the Credit Suisse purchase.
UBS itself has not indicated a numerical target. But for Switzerland, the bank confirmed in February its expectation of around 3,000 redundancies as part of the integration. CEO Sergio Ermotti stated at the time that most of these cuts will take place in the second half of 2026 and early 2027. The context is in particular the now largely completed migration of former Credit Suisse clients to UBS systems.
Adapted from Italian by AI/dos
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