UBS may cut 10,000 jobs by 2027 – report

Swiss concern slope UBS is acceptable to chopped 10,000 jobs by 2027, reported Swiss paper SonntagsBlick.

UBS did not corroborate the reported fig of employees to beryllium affected but stated it aims to minimise occupation cuts some successful Switzerland and crossed the globe.

The Swiss lender told Blick: “The relation reductions volition instrumentality spot implicit the people of respective years and volition beryllium mostly achieved done earthy attrition, aboriginal retirement, interior mobility and in-housing of outer roles.”

UBS has been implementing occupation cuts arsenic portion of the ongoing integration of Credit Suisse, which the slope acquired aft its illness successful 2023.

This simplification would correspond astir 9% of the bank’s full workforce, which stood astatine astir 110,000 employees by 2024-end.

According to the Mint report, UBS expects astir 3,000 occupation reductions successful Switzerland arsenic portion of the integration of Credit Suisse.

UBS has been reducing its workforce by astir 1,250 roles each quarter.

The slope anticipates larger rounds of redundancies successful the future, with up to 2,000 positions perchance affected, taxable to the advancement of the Credit Suisse integration, the study said.

In May this year, UBS established a caller portion wrong its Global Wealth Management part arsenic portion of broader organisational changes.

In September, the slope settled a historical ineligible lawsuit with the French authorities, agreeing to wage €730m successful fines and €105m successful civilian damages.

The colony resolves allegations of amerciable lawsuit solicitation and wealth laundering related to UBS’ cross-border activities successful France betwixt 2004 and 2012.

In October, UBS applied for a banking licence successful the US, with plans to connection existent and savings accounts, on with owe products successful the country.

UBS expects to person regulatory support successful 2026.

"UBS whitethorn chopped 10,000 jobs by 2027 – study " was primitively created and published by Private Banker International, a GlobalData owned brand.

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