UBS Group has shed approximately 200 London-based staff in recent weeks, as it reaches the concluding stages of its Credit Suisse absorption, reported Bloomberg.
The dismissals, confirmed through internal announcements, touched several operating divisions, including wealth management and investment banking, the news publication said.
A spokesperson for the bank declined to comment on the figures.
To mitigate the fallout for staff, the lender has presented alternative internal vacancies to selected personnel, the people said on condition of anonymity.
London remains a primary operational hub for the Swiss institution, which houses major divisions at 5 Broadgate.
The staff reductions coincide with wider compensation adjustments at the group.
Following revisions to the bank’s remuneration frameworks, junior investment bankers across EMEA received diminished salary uplifts when stepping up to their initial associate level this year.
UBS acquired its competitor in early 2023 in a rescue deal negotiated as Credit Suisse faced collapse.
CEO Sergio Ermotti has overseen the operational consolidation since that point, indicating recently that the process should conclude before the year ends.
The operational phase has concentrated on transferring significant data systems and paring back duplicate positions.
Following the transaction around three years ago, the combined headcount reached nearly 120,000 employees. The workforce has since shrunk by roughly 18%.
Bloomberg reported in 2023 that UBS aimed for an ultimate staffing contraction of roughly 30%, though executive leadership has never publicly detailed formal targets.
Alongside the integration, UBS faces pushback in its domestic market over legal capital mandates.
Swiss regulators and government officials are seeking higher capital requirements for the bank’s international subsidiaries, a statutory constraint that would compress return on equity.
UBS strongly contests the regulatory draft, which is currently subject to scrutiny in the Swiss parliament.
