UBS: redundancies mainly in the second half of the year
Keystone-SDA
The next wave of job cuts at Swiss bank UBS will start in the coming months, with the bulk of the redundancies in Switzerland taking place in the second half of the year and in early 2027.
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This was indicated today by CEO Sergio Ermotti as the bank announced its 2025 annual results. Job cuts are related to the integration of Credit Suisse, which UBS acquired in 2023.
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redundancies are a painful process, which the bank is implementing as gently as possible, Ermotti said. Furthermore, where possible the company will try to retrain employees and hire them for vacant positions.
The bank gave no indication of the number of employees expected at the end of the integration. According to recent media reports, staff numbers are expected to be reduced from an initial figure of around 115,000 to around 80,000.
At the end of December 2025, the company had 103,200 full-time positions, which is 1,250 fewer than at the end of September.
In Switzerland, the bank still expects around 3,000 redundancies as part of the integration. This will mainly occur when the old IT systems are decommissioned after the migration.
In the meantime, around 85% of the 1.1 million registered accounts in Switzerland have been transferred to UBS platforms. The migration should be completed by the end of the first quarter of 2026.
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UBS plans January job cuts: media report
Adapted from Italian by AI/mga
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