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Investing.com -- UBS Group AG (NYSE:UBS) has started a series of job cuts in Switzerland, affecting both higher management levels and lower ranks, according to Bloomberg, citing individuals familiar with the situation. The layoffs are part of UBS's continued effort to reduce its workforce after integrating former rival Credit Suisse, which it acquired in an emergency rescue in 2023.
The employees who have received notices in recent weeks have the option to join a program that allows them up to a year to find a new role within the bank. UBS had previously announced that there would be approximately 3,000 redundancies in Switzerland as part of the integration process.
These layoffs coincide with UBS's efforts to remove most public traces of Credit Suisse in Switzerland. The bank has recently replaced the former rival's logo from its Zurich headquarters and is preparing to switch off Credit Suisse's IT systems as it transfers domestic client data to its own.
A spokesperson for UBS has stated that the bank will try to keep the number of job cuts in Switzerland and globally as low as possible due to the integration. The combined banks had about 35,000 staff in Switzerland at the end of 2023.
The bank is also offering support to affected employees, including assistance in finding a new role outside the bank if necessary. This support includes a comprehensive social plan that combines the strongest elements of the previous UBS and Credit Suisse plans.
Last week, UBS Chief Executive Officer Sergio Ermotti stated that headcount reduction would continue in the aftermath of the acquisition. The Swiss lender is aiming to cut an additional $5.5 billion in costs, adding to the $7.5 billion in savings already achieved since the deal.
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