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Thousands more UBS jobs could be cut, newspaper reports

Published on August 18, 2024

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Thousands more UBS jobs could be cut, newspaper reports — UBS has completed the acquisition of the failed Credit Suisse bank Keystone / Michael Buholzer

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Swiss banking giant UBS could shed a further 18,000 jobs by the end of 2026 to meet its post-Credit Suisse takeover cost savings targets, according to a media report.

This content was published on August 18, 2024 - 11:50

NZZ am Sonntag/SWI swissinfo

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On Wednesday, UBS posted a net profit of $1.14 billion (CHF985 million) for the months of April to June 2024, which were better results than analysts had expected.

The combined banking group has shed 9,000 jobs in the last 12 months, achieving CHF6 billion in costs so far.

+ Credit Suisse no longer exists as legal entity in Switzerland

The NZZ am Sonntag newspaper believes a further 18,000 posts will have to be shed to achieve the final cost savings target of CHF13 billion by the end of 2026.

The newspaper arrived at this estimate after analysing the bank’s stated financial targets and by speaking to two experts who did not want to be named in the article.

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UBS has already said it plans to cut 3,000 positions within Switzerland after the merger with Credit Suisse.

Analysts told the newspaper that the bank is ahead of schedule in reducing the amount of risky assets on its books.

NZZ am Sonntag/SWI swissinfo/mga

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