UBS may cut 10,000 jobs by 2027 – report

Core Viewpoint - UBS is planning to cut approximately 10,000 jobs by 2027 as part of the integration of Credit Suisse, which it acquired after its collapse in 2023 [1][2] Group 1: Job Cuts and Workforce Impact - The job cuts will represent around 9% of UBS's total workforce, which is expected to be about 110,000 employees by the end of 2024 [2] - UBS anticipates around 3,000 job reductions in Switzerland as part of the Credit Suisse integration [2] - The bank has been reducing its workforce by approximately 1,250 roles each quarter [2] Group 2: Future Redundancies and Organizational Changes - UBS expects larger rounds of redundancies in the future, with up to 2,000 positions potentially affected, depending on the progress of the Credit Suisse integration [3] - In May 2023, UBS established a new unit within its Global Wealth Management division as part of broader organizational changes [3] Group 3: Legal and Regulatory Developments - UBS settled a historic legal case with French authorities, agreeing to pay €730 million in fines and €105 million in civil damages related to allegations of illegal client solicitation and money laundering from 2004 to 2012 [4] - In October 2023, UBS applied for a banking license in the US, planning to offer current and savings accounts, along with mortgage products, expecting regulatory approval in 2026 [4]