The bank is reducing headcount following its 2023 acquisition, which added 45,000 employees and increased total staff to nearly 120,000.
UBS has cut several hundred jobs across Europe, the Middle East, and Africa as part of ongoing integration efforts tied to its 2023 takeover of Credit Suisse. The reductions primarily targeted support roles, though some front-office bankers were also affected, with some employees offered alternative positions within the bank.
The bank’s total headcount swelled to nearly 120,000 after absorbing Credit Suisse’s 45,000 employees. UBS has since sold certain businesses and eliminated overlapping roles, while completing the transfer of client data from Credit Suisse’s legacy IT systems, rendering some project roles redundant.
Further job cuts are expected in the second half of the year, though UBS stated it aims to minimize redundancies by reintegrating externally handled work and offering support to affected staff. The reductions will be spread over several years, primarily through natural attrition.