Swiss banking major, UBS is expected to trim as many as 10,000 additional jobs by 2027, according to a report in SonntagsBlick cited by Reuters. If the projected cuts materialise, nearly nine per cent of UBS’s global workforce—about 1,10,000 employees at the end of 2024—could be affected.
While the bank has not confirmed the exact figure, it has indicated that further workforce reductions are part of its long-term plan following the acquisition of Credit Suisse in 2023.
Responding to the report, UBS stated that job cuts would be implemented gradually and kept “as low as possible.” The bank said most reductions would come through less disruptive measures such as natural attrition, early retirement, internal transfers and shifting outsourced work back to in-house teams. Even with this softer approach, several thousand roles could disappear steadily over the next two years.
The potential cuts stem directly from the ongoing restructuring triggered by UBS’s emergency takeover of Credit Suisse, a move designed to prevent wider financial instability in 2023. The merger created overlapping functions across core areas—including wealth management, investment banking, risk, compliance and support operations—forcing UBS to streamline teams and eliminate redundancies. The possibility of an additional 10,000 job losses signals that consolidation efforts remain extensive.
The situation reflects wider pressures in the banking sector: weaker deal-making activity, rising operational costs, technological automation and efficiency demands following large mergers. For banking professionals in Europe and major financial hubs, it underscores continued job uncertainty even within leading global institutions.
UBS now faces the delicate task of balancing cost-cutting with employee morale, client service and long-term stability. The full effects of the Credit Suisse integration are expected to reshape the bank—and the broader Swiss financial sector—well beyond the next few years.
