Connect with us

Hi, what are you looking for?


UBS Outlines Plan to Cut 3,000 Jobs in Switzerland

A Credit Suisse Group AG bank branch beyond a UBS Group AG office building walkway in Zurich. Photographer: Stefan Wermuth/Bloomberg

BNR – UBS Group has revealed its plans to streamline its work and accomplish cost savings of over $10 billion.

The bank is set to dismiss around 3,000 employees in Switzerland over the next few years. This is part of its endeavour to optimise efficiency and enhance profitability.

Credit Suisse’s Domestic Bank Retention

UBS has confirmed its decision to retain Credit Suisse’s domestic bank. According to experts, the announcement may stir discussions due to the impending job cuts associated with the move.

UBS said merging the domestic bank will result in a solid outcome for the bank, stakeholders, and the Swiss economy.

Sergio Ermotti, UBS’s Chief Executive, highlighted the compelling rationale behind this integration strategy.

He said that a comprehensive analysis has confirmed that a full-scale integration is the best action for UBS. It aligns with the stakeholders’ interests and bolsters the Swiss economy, according to Ermotti.

Ermotti outlined the allocation of the job reductions, indicating that around 1,000 positions would be affected by the merger. Furthermore, the remaining 2,000 roles may be impacted by the extensive restructuring process within Credit Suisse.

Strategic Shift Boosts UBS Stock

This strategic shift has already had an impact on UBS’s stock performance, driving shares up by 5% in morning trade.

The anticipation of saving over $10 billion by the end of 2026 contrasts UBS’s previous $8 billion projection by 2027.

During this historic merger between UBS and Credit Suisse, experts emphasised the importance of retaining existing Credit Suisse clients. While Credit Suisse reported net asset outflows, UBS indicated that these outflows have decelerated and turned positive in June. This potentially signals a positive trend in client sentiment.

Also, UBS’s performance showcased solid results, with global wealth management registering net new money of $16 billion for Q2.

As UBS navigates the sensitive post-merger integration, analysts recognise the strategic advantages of the deal, including the acquisition of valuable assets and talent. However, they also caution against the complexity and potential challenges posed by the rapid consolidation process.


In an interview with ET Now, Dabur India Director Mohit Burm..


The 147th Open championship will be at Carnoustie Golf Club in Scotland. Jan Kruger/R&A Golfers ..


Enlarge Oliver Morris/Getty Images) In response to an Ars re..


Enlarge/ You wouldn't really want to use Nvidia's ..