Representational image. (Freepik)
Switzerland’s largest bank, UBS, is reportedly planning significant job cuts in the coming years. According to Swiss newspaper SonntagsBlick, the bank may reduce its workforce by up to 10,000 employees by 2027. However, UBS did not confirm the exact number and stressed that it aims to keep job losses in Switzerland and globally as low as possible.
A UBS spokesperson said any workforce reductions would happen gradually and be carefully managed. “The role reductions will take place over several years and will mostly happen through natural attrition, early retirement, internal mobility, and in-housing of external roles,” the bank added.
The potential job cuts are linked to UBS’s acquisition of Credit Suisse in 2023. The merger prompted a review of overlapping positions and operational redundancies, with UBS restructuring to streamline its operations and improve efficiency.
If the reported figure of 10,000 job cuts is accurate, it would account for nearly 9 per cent of UBS’s total workforce of around 1,10,000 employees at the end of 2024. UBS has indicated that these reductions would be gradual rather than through immediate layoffs, prioritising voluntary departures and natural attrition.
UBS faces pressure to consolidate after acquiring Credit Suisse, but the bank has emphasized its intention to minimise the impact on employees. Analysts and staff are closely watching the bank for more clarity on long-term staffing plans.
The potential layoffs at UBS reflect a broader trend across multiple industries. In 2025, major firms in sectors like technology, telecommunications, automotive, and banking, including companies such as Amazon and Meta, have also announced workforce reductions. Employees across these sectors are navigating challenging times as companies adjust to economic pressures and restructure operations.
Shivam Verma is a journalist with over three years of experience in digital newsrooms. He currently works at NewsX, having previously worked for Firstpost and DNA India. A postgraduate diploma holder in Integrated Journalism from the Asian College of Journalism, Chennai, Shivam focuses on international affairs, diplomacy, defence, and politics. Beyond the newsroom, he is passionate about football—both playing and watching—and enjoys travelling to explore new places and cuisines.
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