UBS informs Italian unions of plans to cut one third of jobs in the country

Reuters

Tue, Apr 1, 2025, 9:18 AM 1 min read

MILAN (Reuters) -Swiss slope UBS informed unions successful Italy connected Tuesday of plans to chopped 180 jobs, oregon astir a 3rd of the total, successful the country, documents reviewed by Reuters showed.

One of the letters to unions seen by Reuters showed that UBS planned to shed 18 jobs retired of 34 astatine UBS Fiduciaria, an plus custody services institution that, according to its website, merged with Credit Suisse Servizi Fiduciari.

The bulk of the reductions, 162 retired of 568 people, affects the Italian limb of UBS Europe SE, different missive showed.

With immoderate functions being centralised, the cuts impact immoderate radical functions, the missive said, portion the remainder of the reductions are successful planetary wealthiness management, excluding firm advisory and beforehand bureau positions.

Investment banking volition besides not beryllium affected, the missive added.

It was not instantly imaginable to person a remark from UBS.

(Reporting by Valentina Za, editing by Giulia Segreti)