INTERNATIONAL: UBS Cuts 10,000 Jobs in Major Global Shake-Up
Merger Roots in Crisis
UBS stepped in to rescue Credit Suisse during its 2023 financial turmoil, sealing the largest banking deal since the 2008 crisis.
This acquisition ended Credit Suisse’s 167-year legacy but sparked a tough integration process. Now, cost pressures are pushing deeper changes.
Workforce Trends So Far
The combined group started with about 119,100 staff in mid-2023. By the end of 2024, numbers dipped to roughly 110,000, and as of September 2025, they stand at 104,427. That marks a 15,000-job drop already, mainly through natural exits.
Next Wave of Cuts
A recent SonntagsBlick report highlights internal plans for up to 10,000 more reductions worldwide by 2027. This second-phase effort targets a 9% overall trim from current levels. While unconfirmed, it signals intensified restructuring.
Minimizing the Pain
UBS stresses keeping layoffs low, favoring attrition, early retirements, and internal shifts to fill gaps. The bank views these steps as essential for efficiency gains post-merger. Employees in various regions will feel the ripple effects.
Swiss Focus Unchanged
Earlier pledges hold steady: around 3,000 roles in Switzerland face elimination, with no upward revisions. This local cap reflects regulatory nods and labor market realities. Broader global moves aim to streamline operations without overhauling the home base.
Bigger Picture
This overhaul tests UBS’s ability to blend cultures and cut redundancies while sustaining growth. For workers, it underscores the human side of mega-deals in finance. As integration deepens, watch for updates on timelines and safeguards.