Banking and financial services firm, UBS Group AG has begun a series of job cuts in Switzerland, impacting both senior management and lower-level employees, according to a Bloomberg report, citing sources familiar with the matter.
These layoffs are part of UBS's ongoing effort to streamline its workforce following the integration of its former competitor, Credit Suisse, which UBS acquired during an emergency rescue in 2023. Employees who have received notices in recent weeks can join a program that provides up to a year to secure a new role within the bank, reveals the report
UBS acquired Credit Suisse in an emergency rescue in 2023 and had previously announced plans to cut nearly 3,000 jobs in Switzerland as part of the integration process. However, the bank is making efforts to minimise the impact of these job cuts both domestically and globally, according to a UBS spokesperson, states the report.
At the end of 2023, UBS Group AG and Credit Suisse together employed nearly 35,000 people in Switzerland, as per the report.
Affected employees have been offered the option to join a program that provides up to a year to secure a new position within the bank. UBS is also offering additional support for those seeking opportunities outside the organisation. Additionally, the bank is providing a comprehensive social plan that combines the best elements of both UBS and Credit Suisse’s previous plans, the spokesperson added in the report.
The job cuts are taking place as UBS works on removing Credit Suisse’s logo from its Zurich headquarters and migrating domestic client data to its own IT systems.
CEO Sergio Ermotti told Bloomberg that the headcount reduction will continue following the acquisition, stating that the layoffs are "inevitable." He added that the bank is striving to rely on voluntary departures whenever possible.
Also Read: Domestic Airlines Flew 16 Million Passengers In 2024, SpiceJet Had Maximum Rate Of Cancellations