Swiss investment bank UBS is set to cut 10,000 jobs by 2027, reported Swiss newspaper SonntagsBlick.
UBS did not confirm the reported number of employees to be affected but stated it aims to minimise job cuts both in Switzerland and across the globe.
The Swiss lender told Blick: “The role reductions will take place over the course of several years and will be mostly achieved through natural attrition, early retirement, internal mobility and in-housing of external roles.”
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UBS has been implementing job cuts as part of the ongoing integration of Credit Suisse, which the bank acquired after its collapse in 2023.
This reduction would represent around 9% of the bank’s total workforce, which stood at approximately 110,000 employees by 2024-end.
According to the Mint report, UBS expects approximately 3,000 job reductions in Switzerland as part of the integration of Credit Suisse.
UBS has been reducing its workforce by approximately 1,250 roles each quarter.
The bank anticipates larger rounds of redundancies in the future, with up to 2,000 positions potentially affected, subject to the progress of the Credit Suisse integration, the report said.
In May this year, UBS established a new unit within its Global Wealth Management division as part of broader organisational changes.
In September, the bank settled a historic legal case with the French authorities, agreeing to pay €730m in fines and €105m in civil damages.
The settlement resolves allegations of illegal client solicitation and money laundering related to UBS’ cross-border activities in France between 2004 and 2012.
In October, UBS applied for a banking licence in the US, with plans to offer current and savings accounts, along with mortgage products in the country.
UBS expects to receive regulatory approval in 2026.
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