Location: Switzerland.
Based on news reporting.
UBS Group has announced that it will not meet its workforce reduction goals following the acquisition of Credit Suisse. The company had aimed to cut 5,000 jobs but has only managed to reduce its workforce by 1,500 employees so far. This shortfall comes as UBS integrates Credit Suisse's operations and faces challenges in streamlining its workforce. The layoffs are part of a broader restructuring effort aimed at improving efficiency and reducing costs. UBS is currently navigating the complexities of merging two large financial institutions, which has impacted its ability to achieve the planned reductions.
UBS cut 3,500 jobs as of October 1, 2023.
That is roughly 4.8% of the 73,000 people UBS employs.
LayoffTalk has tracked 25 layoff events at UBS since October 2023, affecting a combined 18,077 employees.
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