UBS, the Swiss banking firm, is implementing cost-cutting measures. As part of this exercise, it will lay off people from its workforce in five phases over a year, as per media reports—in June, August, September, October and November.
In September 2023, after finalising the merger of Credit Suisse into UBS, the latter had revealed that it was going to completely absorb Credit Suisse’s 100 year-old Swiss division. This absorption was to involve axing about 3,000 jobs across the country. This is part of UBS’ redressal strategy for Credit Suisse, which was taken over by UBS in March 2023.
While specific numbers are yet to be officially revealed by UBS, analysts believe that about 30,000 to 35,000 jobs may be axed worldwide, which will result in huge savings. About 50 to 60 per cent of former Credit Suisse employees will be impacted by these layoffs reports SonntagsZeitung.
Earlier, in August 2023, UBS announced its intention to do away with one in 12 jobs in Switzerland, which would cut costs by over $10 billion.
The first wave will impact about 25 to 30 per cent of former Credit Suisse employees as their roles may no longer be required.
