UBS Group has initiated a significant wave of layoffs in Switzerland, affecting both senior management and lower-level employees. According to insiders, hundreds of employees have received layoff notices in recent weeks. Affected employees are offered a program to find new positions within the company for up to a year.
This move comes as UBS continues to integrate its former competitor, Credit Suisse. The bank had previously announced plans to reduce its workforce in Switzerland by approximately 3,000 positions. A spokesperson for UBS stated that the company aims to minimize job cuts both in Switzerland and globally as part of the integration process.
Following the merger with Credit Suisse, UBS had around 35,000 employees in Switzerland by the end of 2023.
