UBS’s CEO announced on Tuesday that the majority of job cuts in Switzerland, the bank’s domestic market, are slated to commence towards the end of this year and continue into 2025 and 2026, as reported by Reuters.
During a press call, Sergio Ermotti clarified that the bank does not consider these reductions as “imminent.” He elaborated that in the upcoming months, UBS would require “more resources to effectively manage the highly intricate integration process.”
UBS had previously stated its intention to eliminate 3,000 positions in Switzerland following the acquisition of its distressed competitor, Credit Suisse, in August. This strategic move is expected to yield significant cost savings for the bank.
