UBS Headcount Poised to Fall Below 100,000 in Post-Merger Cuts

Swiss banking giant UBS is reportedly preparing for a new, sweeping wave of workforce reductions, with internal plans suggesting the elimination of up to 10,000 additional jobs worldwide by 2027.

This move signals a significant escalation in the bank’s efforts to streamline operations and realize cost efficiencies following the historic emergency takeover of rival Credit Suisse in 2023.

The reported figure, initially cited by the Swiss newspaper SonntagsBlick, represents approximately nine percent of UBS’s total workforce, which stood at around 110,000 employees at the end of 2024.

If realized, this reduction would bring the combined workforce close to 95,000 positions, down dramatically from the 119,100 employees counted immediately after the merger’s completion in mid-2023.

Phase Two: Deepening Consolidation

The latest round of potential cuts is described by analysts as the “second phase” of restructuring.

The initial phase, which saw the elimination of about 15,000 jobs by late 2025, primarily focused on removing clear operational overlaps and redundancies, particularly in the Investment Banking division and international hubs.

This new phase, however, is expected to cut closer to UBS’s core operations, targeting deeper structural consolidation within the combined entity itself.

Sources suggest that the current quarterly reduction rate of approximately 1,250 positions may accelerate over the next year, potentially reaching waves of up to 2,000 layoffs per quarter.

This aggressive timeline is necessary to meet the demanding cost-saving targets set by CEO Sergio Ermotti, aimed at closing the efficiency gap with global peers.

UBS Response and Strategy

While UBS has not officially confirmed the 10,000-job figure, the bank acknowledged that workforce adjustments are ongoing as the integration progresses toward its 2027 horizon.

A spokesperson for UBS stated the bank’s commitment to “keep the number of job cuts in Switzerland and globally as low as possible.”

Crucially, the bank reiterated that it will manage the bulk of these role reductions over several years and achieve them through non-compulsory means wherever possible.

The preferred methods include natural attrition, early retirement programs, internal mobility to fill open roles, and the in-housing of positions currently held by external contractors.

Despite these assurances, the prospect of such a large-scale reduction generates significant uncertainty among employees across the merged firm’s global footprint.

The next several quarters will be critical in determining the final shape and size of the new Swiss banking powerhouse.

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