UBS, the Swiss banking firm, is planning to cut costs by implementing cost-cutting measures. Reports suggest that the company will lay off people from its workforce in five phases over a year, starting from June and ending in November, in order to achieve these savings.
In September 2023, UBS revealed that it was going to completely absorb Credit Suisse’s Swiss division as part of its redressal strategy for the company, which it had taken over in March of the same year. This absorption was expected to result in the loss of about 3,000 jobs across the country.
While the specific number of jobs to be cut by UBS has not yet been confirmed, industry analysts predict that approximately 30,000 to 35,000 jobs may be affected worldwide. Reports from Sonntags Zeitung suggest that 50% to 60% of former Credit Suisse employees will be impacted by these layoffs.
Earlier in August 2023, UBS had announced its plan to eliminate one in every 12 jobs in Switzerland, which would save the company over $10 billion. The first wave of layoffs is expected to affect around 25% to 30% of former Credit Suisse employees as their roles may no longer be necessary.
