UBS may cut a further 10,000 jobs by 2027: Swiss report
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A reduction of 10,000 jobs would equate to a 9 per cent cut in total jobs for the Swiss bank, which had around 110,000 employees at the end of 2024.
PHOTO: REUTERS
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- UBS may cut 10,000 more jobs by 2027 due to Credit Suisse integration, according to SonntagsBlick, a Swiss paper.
- UBS responded that job cuts will be minimised, using methods like attrition and early retirement over several years.
- A 10,000 job reduction would mean a 9% decrease from UBS's 110,000 employees at the end of 2024.
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VIENNA - UBS may cut an additional 10,000 jobs by 2027, Swiss paper SonntagsBlick reported on Dec 7, without citing where it obtained the information.
Responding to the report, UBS did not confirm this number, but said it would “keep the number of jobs cuts in Switzerland and globally as low as possible”.
“The role reductions will take place over the course of several years and will be mostly achieved through natural attrition, early retirement, internal mobility and inhousing of external roles,” UBS said.
UBS has been cutting jobs as a result of the integration of former rival Credit Suisse, which it bought in 2023.
A reduction of 10,000 jobs would equate to a 9 per cent cut in total jobs for the Swiss bank, which had around 110,000 employees at the end of 2024. REUTERS
