UBS Plans Five Waves of Layoffs From June to November — Financial News

UBS Group will roll out five waves of job cuts starting in June as it pushes through its takeover of Credit Suisse, which is expected to lead to thousands of layoffs.

The Swiss bank will start cutting roles in phases as it looks to strip out around $6 billion in employee costs through its integration with Credit Suisse, according to Swiss newspaper SonntagsZeitung.

Analysts have estimated that UBS could cut 30,000-35,000 jobs as it completes its acquisition of Credit Suisse this year. It has already rolled out various rounds of layoffs across its business including targeting managing directors within its investment bank in January.

A UBS spokesperson declined to comment.

In February, UBS announced that it planned to strip out $13 billion in costs over the next two years as it completes its acquisition of Credit Suisse, with around half of this coming from employees.

However, the bank has also been working to retain key Credit Suisse employees, particularly within its investment banking business, where it has increased its ambitions after taking on around 200 senior dealmakers through the acquisition.

The bank paid out around $736 million in retention awards for 2023 as it battled to keep hold of key employees. Rivals including Citigroup, Deutsche Bank and Santander hired scores of senior dealmakers last year.

SonntagsZeitung reported that "50% to 60%" of Credit Suisse employees could be laid off over the five rounds, which will take place in June, August, September, October and November.

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Website: www.fnlondon.com

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April 22, 2024 06:00 ET (10:00 GMT)

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