UBS Job Cuts "Not Imminent"

UBS Job Cuts “Not Imminent”

Mar, May 7th 2024

UBS outlines a gradual approach to job reductions following the merger with Credit Suisse.

The majority of job cuts at UBS as part of the integration of Credit Suisse are still pending. This is also not imminent, said CEO Sergio Ermotti in a telephone conference with journalists on Tuesday.

In the coming months and quarters, the bank will need many, and in some cases more, resources than before in order to manage the integration.

Following the CS takeover, the bank announced a total of 3000 redundancies in Switzerland. 1000 are to fall victim to the integration of CS Switzerland into the banking group, while a further 2000 would affect other business areas based here.

These plans have not changed, said Ermotti. However, the majority of the redundancies are not expected until the end of 2024 and in 2025 and 2026.

UBS still does not want to officially announce how large the global headcount reduction will be by 2026. According to recent media speculation, UBS plans to have a total headcount of 85,000 employees at the end of the integration.

At the end of March 2024, the headcount stood at 111,549 full-time positions, around 30 percent of which were in Switzerland. Before the takeover at the end of 2022, this figure was around 123,000 for the two banks combined.

The restructuring is not expected to really get underway until after the merger of the legal entities UBS AG and CS AG at the end of May and the subsequent integration of the Swiss country organizations (UBS Switzerland and CS Switzerland), which is still planned for the third quarter of this year. CS Switzerland is to be gradually transferred to the UBS systems in 2025.

©Keystone/SDA

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