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UBS to Cut Hundreds of Jobs Across Units in Next Round of Layoffs Following Credit Suisse Takeover

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UBS plans next round of job cuts after Credit Suisse takeover, hundreds of jobs across units to be affected

UBS Group AG is gearing up to implement a significant round of job cuts following its acquisition of Credit Suisse. The job cuts are expected to affect over a hundred roles within UBS’s global investment bank, as well as impacting the wealth management and markets sectors. These layoffs are not performance-based adjustments but are part of the ongoing efforts to streamline the workforce.

The emergency acquisition of Credit Suisse led to a considerable increase in UBS’s global staff, prompting the need for cost-saving measures. CEO Sergio Ermotti has not disclosed the total number of job losses but aims to achieve approximately $6 billion in staff cost savings in the coming years. This move is part of a series of reductions at UBS, with previous layoffs in senior investment banking and wealth management sectors.

The market response to UBS’s restructuring has been mixed, with shares dipping amid reports of Swiss government proposals to increase regulatory capital requirements for the bank. These regulatory challenges coincide with UBS’s integration and restructuring efforts after acquiring Credit Suisse. Chairman Colm Kelleher has warned of a challenging year in 2024 as the bank navigates legal consolidation and major subsidiary changes.

UBS’s decision to slash jobs reflects the ongoing changes in the banking industry and the bank’s efforts to adapt to a shifting market landscape. As the financial sector continues to evolve, UBS is taking steps to streamline its operations and cut costs to remain competitive in the global market.

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