UBS To Cut 3,000 Jobs In Switzerland

UBS expects to shed around 3,000 jobs in Switzerland as it attempts to save $10 billion through a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year, as reported by Hanna Ziady for CNN.

The Swiss bank, which has a global workforce of nearly 122,000, provided no details on the numbers of likely layoffs outside of Switzerland in its second-quarter earnings statement.

The job cuts amount to approximately 8% of the staff employed by the combined bank’s Swiss operations and may spark new controversy in the country, where the deal has already proven unpopular with the public and some politicians.

“The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process,” the Swiss banking union said in a statement.

During a call with analysts on Thursday, UBS CEO Sergio Ermotti stated: “Every lost job is painful for us. Unfortunately, in this situation, cuts were unavoidable.” Ermotti mentioned that the job cuts would be spread “over a couple of years,” and the bank would provide affected employees with financial support, outplacement services, and retraining opportunities.

The Swiss bank, which has a global workforce of nearly 122,000, provided no details on the numbers of likely layoffs outside of Switzerland in its second-quarter earnings statement — the first report since it acquired its rival.

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