UBS Plans New Job Cuts Starting Mid-January 2026

Core Viewpoint - UBS Group AG is initiating a series of job cuts starting in mid-January, with further reductions planned for 2026 as part of its integration of Credit Suisse and the shutdown of acquired computer systems [1][2]. Group 1: Job Cuts and Workforce Changes - UBS is in the final year of integrating Credit Suisse, which increased its workforce to nearly 120,000, but has since reduced it by approximately 15,000, falling short of an internal target of 35,000 [2]. - The bank plans to cut around 3,000 jobs in Switzerland over the coming years, with reductions occurring through early retirements and not filling vacancies [3]. - Job cuts have been ongoing globally, particularly affecting the investment banking sector, while wealth management employees have been retained to maintain key relationships with Credit Suisse clients [5]. Group 2: Financial and Operational Context - UBS shares rose by 1.12% following the announcement of job cuts, although the stock has underperformed compared to regional peers amid regulatory uncertainties in Switzerland [4]. - The government has proposed new capital requirements that could increase by up to $26 billion, but recent signs indicate a potential compromise [4]. - UBS is currently undergoing a significant IT migration for Credit Suisse clients, aiming to complete the integration by the end of 2026, with a second wave of job cuts expected post-migration [4].