UBS CEO Serigio Ermotti has said that the majority of job cuts in its home market Switzerland will start late this year and will extend into 2025, 2026. As per Reuters, the UBS CEO said the cuts are not something the bank sees as “imminent” and that in the next months it will need “more resources to really manage the very complex integration process.”
Layoffs by UBS
In August, the bank had said that it would axe 3,000 jobs in Switzerland alone after swallowing up its stricken rival Credit Suisse. The bank expects that this move will help UBS make significant cost savings.
As per media reports, UBS is mulling to reduce the headcount via five rounds of job cuts from June to November this year. As UBS first quarter results, the bank employed 11,549 full time employees which was a net decrease of 1,293 compared to end-2023.
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