UBS Group has cut more than 10,000 roles since it bought Credit Suisse, marking a milestone in the lender’s efforts to integrate its former rival.
Global headcount stood at 108,648 at the end of last year, UBS said on Tuesday (Feb 4). That’s down from a peak of 119,100 at the end of June 2023, when UBS first absorbed Credit Suisse after agreeing to buy it in a historic deal earlier that year.
UBS chief executive officer Sergio Ermotti reiterated on Tuesday that he plans to effectively complete the integration of Credit Suisse by the end of next year. That’s expected to cost a total of about US$14 billion.
UBS made the deepest job cuts in the immediate aftermath of the takeover, with headcount dropping by more than 3,000 in the third quarter of 2023. That pace has slowed since and the workforce declined only by 748 staff in the final three months of last year.
Bloomberg News has reported that several hundred UBS employees in Switzerland received their notice in recent weeks.
The bank has said it has achieved US$7.5 billion of the US$13 billion in total savings it’s seeking to extract from the acquisition, with much of the remainder to come from ultimately switching off Credit Suisse’s old IT systems. BLOOMBERG
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