UBS cuts several hundred jobs across EMEA – report

UBS Group has removed respective 100 roles crossed its businesses successful Europe, the Middle East and Africa, successful the latest circular of cuts linked to its takeover of Credit Suisse 3 years ago, reported Bloomberg.

According to sources, the reductions were concentrated successful enactment areas, though immoderate front-office bankers were besides affected.

Some unit whose positions were abolished were offered alternate posts wrong the slope arsenic UBS sought to soften the effect connected employees, the radical said.

A UBS spokesperson said the lender would support integration-related occupation losses “as debased arsenic possible” successful Switzerland and worldwide.

The spokesperson said the slope is besides trying to trim redundancies by bringing enactment handled by outer providers backmost wrong the group.

UBS has been moving to trim its worker basal since the Credit Suisse woody successful 2023 accrued headcount by astir 45,000, taking the full to astir 120,000, the quality work added.

Since then, the slope has sold definite businesses and removed overlapping roles.

It besides precocious completed the transportation of lawsuit information from Credit Suisse’s bequest IT platforms to UBS systems, leaving astatine slightest immoderate task roles nary longer needed.

Further reductions are anticipated successful the 2nd fractional of the year, the radical said.

The spokesperson said UBS offers assistance to affected workers, including enactment successful uncovering different interior positions.

They added that the reductions would beryllium dispersed implicit respective years and would chiefly travel done earthy attrition, aboriginal retirement, interior mobility and internalisation of outsourced roles.

Swiss paper SonntagsBlick reported successful December that UBS is preparing to chopped 10,000 jobs by 2027.

UBS did not verify that figure, but said it is seeking to bounds occupation losses successful Switzerland and internationally.

"UBS cuts respective 100 jobs crossed EMEA – study " was primitively created and published by Private Banker International, a GlobalData owned brand.

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