[ZURICH] UBS Group is set to begin its latest wave of job cuts in mid-January, according to people familiar with the matter.
That step will be followed by another round later in 2026 as UBS intends to switch off computer systems it acquired when it took over its former competitor in 2023, the people said, asking not to be named discussing internal matters.
UBS is entering the final year of its historic integration of Credit Suisse, which it bought in an emergency government-brokered deal in 2023. The merger swelled the workforce to just under 120,000 overnight. The number has since shrunk by around 15,000, though that’s less than half of an internal target of 35,000 reported by Bloomberg. UBS has never confirmed its broader reduction plans.
UBS had previously said that it plans to cut about 3,000 jobs in Switzerland alone over the coming years, having taken the unusual step in 2023 of detailing planned reductions there.
A UBS spokesperson said in response to questions that many of the reductions in headcount will take place over the course of several years, with some coming through early retirement or by not filling vacancies when people decide to leave UBS. The bank will also seek to reassign staff whose current roles are eliminated, the spokesperson said.
The Zurich-based lender is currently in the middle of a major IT migration of Credit Suisse clients and aims to complete the overall integration by the end of 2026. A second wave of job cuts is expected after the IT migration has taken place mid-next year, the people said, adding that the bank will have to hold onto some of those IT and operations specialists even after the migration is completed to ensure a smooth transition.
UBS job cuts have been rolling across the world over the past two years, with the investment bank bearing much of the burden. Wealth management employees have fared better, as UBS seeks to retain key Credit Suisse private bankers and the clients they served. BLOOMBERG
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