UBS poised for fresh job cuts? Report flags 10,000 layoffs by 2027 in next phase of restructuring

UBS could cut 10,000 jobs by 2027 as part of its ongoing integration with Credit Suisse, Swiss newspaper SonntagsBlick reported Sunday. The report stated that the layoffs will target employees in Switzerland and abroad. Responding to the allegations, UBS did not confirm the figure but said it would “keep the number of layoffs in Switzerland and globally as low as possible.”

Reducing 10,000 positions would mean a roughly 9 percent reduction in the Swiss bank’s workforce, which numbered approximately 110,000 employees by the end of 2024.

Why is the company cutting jobs?

UBS, one of the leading global asset management firms, is reducing business roles as a cost-cutting measure following the integration of former rival Credit Suisse, which it acquired in 2023.

“Role reductions will occur over several years and will mostly be achieved through natural attrition, early retirement, internal mobility and placement of external roles,” UBS told Blick.

Regarding the situation in its domestic market, the company said that, as previously mentioned, it estimates that around 3,000 people will be laid off in Switzerland as part of the integration process, and these figures remain unchanged.

Repeated layoffs?

The newly merged entity employed approximately 119,100 people in summer 2023. However, by the end of September 2025, this figure had fallen to 104,427, indicating a decrease of about 15,000 jobs, the newspaper said.

On average, UBS cuts about 1,250 positions each quarter. Larger waves of layoffs, totaling up to 2,000, are expected over the next four to five quarters, depending on how the integration of Credit Suisse progresses.

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 largest banking merger since the 2008 global financial crisis. CNN reported.

The merger 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 great uncertainty.