UBS looks to axe 3,000 jobs in $10bn cost-cutting attempt
<img width="250" height="192" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-250×192.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-250×192.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-700×538.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-768×590.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-120×92.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-245×188.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329-500×384.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-UBS-looks-to-axe-3000-jobs-in-10bn-cost-cutting-attempt-5090259648iStock-458081329.jpg 1168w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">The bank, however, indicated these earnings were mostly assets acquired after the Credit Suisse takeover. The planned job cuts reflect the magnitude of the reshuffling needed after anxious clients withdrew billions when the Credit Suisse writing appeared on the wall.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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<p><span data-contrast="auto">As workforce reductions create the most savings, this action will ripple to UBS’s global operations and can see a loss of up to 35,000 jobs worldwide. The initial 3,000 Swiss jobs will not be a once-off reduction, but will occur over the next few years. In a memorandum to staff, Sergio Ermotti, the UBS CEO, stated:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">The vast majority of cost reductions will come from natural attrition, retirements and internal mobility.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="auto">In the report detailing the bank’s Q2 financials, Ermotti also indicated that, after careful consideration, full integration of Credit Suisse appears to be the best for all involved, including the Swiss economy. He said:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">Our decision on Credit Suisse (Schweiz) AG follows a thorough evaluation of all available options. Our analysis clearly shows that full integration is the best outcome for UBS, our stakeholders and the Swiss economy. Clients will continue to receive the premium level of service they expect, benefiting from enhanced offerings, expert capabilities and global reach. Our stronger capital base will enable us to keep the combined lending exposures unchanged, while maintaining our risk discipline.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p></blockquote>
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