In an ongoing restructuring effort, UBS has announced the lay off of about 50 per cent of its workforce in Spain. The affected employees will be the ones who came from Credit Suisse when UBS acquired the Swiss bank earlier this year.
The recent round of job cuts will impact 147 job roles from the total of 350 employees previously working for Credit Suisse in Spain. The majority of these job cuts will come from the investment banking division, the company stated on Wednesday, October 25, 2023.
Additionally, the company stated that a few positions will be eliminated in the wealth-management sector.
All the remaining employees from the Credit Suisse investment banking team in Spain will transition to UBS in the upcoming months. The merger is believed to lead to significant growth in UBS’s operations. Currently, the company employs about 100 employees in the country. Additionally, the company will focus on specific areas such as wealth management, investment banking, and asset management.
The company is yet to release an official statement on exact numbers affected. However, the media reports suggest that the move will affect as many as 35,000 positions from the total workforce of 120,000 employees in the merged bank following the 3 billion Swiss franc ($3.35 billion) acquisition of Credit Suisse.
UBS is a major global financial institution based in Switzerland. It operates as a diversified bank, offering a wide range of financial services to clients worldwide. The bank has a significant international presence and provides financial solutions to individuals, businesses, and institutions.