UBS is trimming jobs as Credit Suisse merger reaches conclusion
Keystone / Gaetan Bally
Swiss bank UBS has slashed about 200 positions in London in recent weeks as its integration with former rival Credit Suisse nears its end.
The cuts were announced internally in recent weeks, according to people familiar with the matter. The reductions were carried out across the bank’s units, including wealth management and investment banking, they said. A spokesperson for UBS declined to comment.
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Some employees are being offered new roles within the bank as UBS is trying to cushion the impact on staff, the people said, asking not to be identified discussing private information.
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UBS’s combined workforce swelled to just under 120,000 following its historic rescue acquisition of Credit Suisse more than three years ago and has dropped by about 18% since the takeover. While Bloomberg reported in 2023 that UBS ultimately intends to reduce the combined headcount by about 30%, UBS has not spelled out what its plans are.
The latest cuts come as junior investment bankers at UBS across EMEA (Europe, the Middle East and Africa) received a smaller pay increase upon promotion to the first rung of associate this year, following changes to the Swiss lender’s compensation structures.
The round of cuts is a critical juncture for UBS, which has large operations in London at 5 Broadgate.
The Swiss wealth-management giant agreed to buy Credit Suisse in early 2023 as its rival neared collapse. UBS’s Chief Executive Officer Sergio Ermotti has since led the integration of Credit Suisse and signalled in recent months it should be finalised by year end.
While the integration, which includes migrating large amounts of data and cutting redundant jobs, seems on track, UBS is fighting with the Swiss government over its future capital requirements for its foreign units.
The Swiss government and regulators want UBS to increase the capital it holds in its foreign businesses which would reduce the bank’s return on equity. UBS is heavily opposing the package which is now moving through the Swiss legislative process.
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Jobless Swiss bankers hits record high
–With assistance from Steven Arons.
(Updates with chart on UK headcount)
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