UBS reportedly prepares for further job reductions in mid-January

UBS Group is preparing to instrumentality a caller circular of occupation cuts starting successful mid-January, reported Bloomberg, citing acquainted sources.

Another signifier of redundancies is expected adjacent year, coinciding with the bank’s volition of switching disconnected the machine systems purchased during the takeover of Credit Suisse successful 2023, the sources said.

UBS is said to beryllium approaching the last twelvemonth of its Credit Suisse integration, which was acquired successful a government-brokered exigency woody successful 2023.

The merger is said to person accrued UBS’s workforce to conscionable beneath 120,000 employees overnight.

Since then, unit numbers person declined by astir 15,000, which remains beneath an interior people of 35,000 according to Bloomberg.

UBS has not publically confirmed immoderate broader targets for occupation reductions, reported Bloomberg.

Earlier this month, Swiss paper SonntagsBlick reported that UBS plans to chopped 10,000 jobs by 2027.

UBS antecedently announced intentions to trim its Swiss workforce by astir 3,000 roles implicit the coming years, pursuing a uncommon disclosure of planned reductions successful 2023, according to Bloomberg.

A spokesperson for UBS noted that galore of the unit cuts volition hap implicit respective years, with immoderate achieved done aboriginal status oregon by not replacing employees who leave. The slope besides intends to reassign unit whose roles are impacted by the changes, the spokesperson added.

At present, UBS is undertaking a important IT migration for Credit Suisse clients, with the wide integration scheduled for completion by the extremity of adjacent year.

Last month, Reuters reported, citing sources, that UBS had delayed the migration of definite ultra-high nett worthy Credit Suisse clients to its platforms by respective months.

A 2nd circular of occupation cuts is anticipated station the IT migration, expected to hap successful the mediate of adjacent year, according to sources.

Some IT and operations unit are apt to stay successful their roles temporarily to guarantee a creaseless transition.

For the 3rd 4th of 2025, UBS reported a nett net attributable to shareholders of $2.4bn, reflecting a 74% year-on-year increase.

"UBS reportedly prepares for further occupation reductions successful mid-January" was primitively created and published by Private Banker International, a GlobalData owned brand.

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