UBS job cuts to start late ’24 – CEO

UBS’s CEO announced on Tuesday that the bulk of job reductions in Switzerland, the bank’s home market, would commence at the end of the year and extend into 2025 and 2026, according to Reuters.

During a press call, Sergio Ermotti clarified that the bank does not view these cuts as “imminent.” He further added that in the coming months, the bank would require “more resources to effectively manage the highly intricate integration process.”

Earlier, UBS declared in August its intention to eliminate 3,000 positions in Switzerland following the acquisition of its distressed competitor, Credit Suisse. This strategy is anticipated to result in substantial cost savings for the bank.