UBS Group gears up for fresh wave of job reductions

UBS Group is reportedly gearing up for another wave of workforce reductions following its acquisition of Credit Suisse. According to Reuters citing Bloomberg News, this move is anticipated to impact over a hundred positions across the global investment bank division.

The impending layoffs are said to be slated for the upcoming weeks, as per sources familiar with the situation cited in the report. It’s noted that the reductions are expected to primarily target roles within the wealth management and markets units.

UBS has refrained from offering any comment on the matter.

The acquisition of Credit Suisse, orchestrated in March 2023 by Swiss authorities, marked the largest bank merger since the 2008 global financial crisis, aiming to prevent Credit Suisse’s collapse.

Following the merger last year, UBS initiated a cost-cutting strategy exceeding $10 billion, eliminating over 3,000 jobs in Switzerland. Additionally, it streamlined Credit Suisse’s securities research unit by reducing approximately 70 per cent of its workforce based in Hong Kong.