UBS may eliminate 10,000 jobs by 2027 as part of its ongoing integration of Credit Suisse, Swiss paper SonntagsBlick reported on Sunday. The report stated that the layoffs will target employees in Switzerland and abroad. Responding to the claims, UBS did not confirm the figure but said that it would “keep the number of jobs cuts in Switzerland and globally as low as possible.”
A reduction of 10,000 positions would amount to a roughly 9 per cent cut in Swiss bank's workforce, which stood at around 110,000 employees at the end of 2024.
Why is the company cutting jobs?
UBS, one of the leading global wealth management firm, has been reducing job roles as a cost-cutting measure following the integration of former rival Credit Suisse, which it bought in 2023.
“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 told Blick.
Regarding the situation in its home market, the company said that as it previously mentioned, the firm anticipates around 3,000 redundancies in Switzerland as part of the integration process, and these figures remain unchanged.
Repeated job cuts?
The newly merged entity employed around 119,100 people in the summer of 2023. However, by the end of September 2025, this figure had fallen to 104,427, indicating a decrease of approximately 15,000 jobs, the paper noted.
On average, UBS has been cutting around 1,250 positions each quarter. Over the next four to five quarters, larger waves of job cuts, up to 2,000 in total are expected, depending on how the integration of Credit Suisse moves forward.
UBS-Credit Suisse merger
UBS completed its emergency takeover of fallen rival Credit Suisse in 2023, creating a giant Swiss bank with nearly $1.7 trillion in assets in the biggest banking tie-up since the 2008 global financial crisis, CNN reported.
The combination also ended Credit Suisse’s 167-year history, dealing a blow to Switzerland’s reputation as a stable global financial center and leaving staff at both firms facing huge uncertainty.
