UBS Plans 10,000 Job Cuts

UBS is reportedly planning to cut an additional 10,000 jobs by 2027, primarily as a cost-cutting measure following its 2023 acquisition of UBS Group — Credit Suisse. These reductions, which would amount to a 9% cut in UBS's workforce, will affect employees in Switzerland and globally. UBS has already reduced approximately 15,000 jobs since mid-2023, and further waves of cuts are expected as the integration of UBS Group — Credit Suisse progresses. The emergency takeover of UBS Group — Credit Suisse by UBS created a banking giant but also dealt a blow to Switzerland's financial reputation and caused uncertainty for employees.