UBS Group is preparing to implement a new round of job cuts starting in mid-January, reported Bloomberg, citing familiar sources.
Another phase of redundancies is expected next year, coinciding with the bank’s intention of switching off the computer systems purchased during the takeover of Credit Suisse in 2023, the sources said.
UBS is said to be approaching the final year of its Credit Suisse integration, which was acquired in a government-brokered emergency deal in 2023.
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The merger is said to have increased UBS’s workforce to just below 120,000 employees overnight.
Since then, staff numbers have declined by approximately 15,000, which remains below an internal target of 35,000 according to Bloomberg.
UBS has not publicly confirmed any broader targets for job reductions, reported Bloomberg.
Earlier this month, Swiss newspaper SonntagsBlick reported that UBS plans to cut 10,000 jobs by 2027.
UBS previously announced intentions to reduce its Swiss workforce by nearly 3,000 roles over the coming years, following a rare disclosure of planned reductions in 2023, according to Bloomberg.
A spokesperson for UBS noted that many of the staff cuts will occur over several years, with some achieved through early retirement or by not replacing employees who leave. The bank also intends to reassign staff whose roles are impacted by the changes, the spokesperson added.
At present, UBS is undertaking a significant IT migration for Credit Suisse clients, with the overall integration scheduled for completion by the end of next year.
Last month, Reuters reported, citing sources, that UBS had delayed the migration of certain ultra-high net worth Credit Suisse clients to its platforms by several months.
A second round of job cuts is anticipated post the IT migration, expected to happen in the middle of next year, according to sources.
Some IT and operations staff are likely to remain in their roles temporarily to ensure a smooth transition.
For the third quarter of 2025, UBS reported a net profit attributable to shareholders of $2.4bn, reflecting a 74% year-on-year increase.
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