UBS has already cut 20,000 jobs in two years, and it's not over yet

As we know, since its acquisition of Credit Suisse (CS), UBS has embarked on a major restructuring that has resulted in thousands of job cuts. According to calculations by "SonntagsBlick," which analyzed the bank's quarterly reports, some 20,000 positions have already been eliminated, both internal and external, since 2023, it said on Sunday.

At the end of March 2025, UBS had 126,100 employees, both internal and external. However, the No. 1 Swiss bank had a total of 145,900 employees in the summer of 2023. That's 19,800 more.

And it's not over yet. But it's difficult to estimate the cuts to come at this stage, because the UBS rationalization process must continue at least until 2026, the time to migrate the last clients from Credit Suisse. Only then will we know how many jobs will have been eliminated in total. As a reminder, UBS had indicated in June 2023 that it wanted to eliminate 35,000 jobs . The press, for its part, mentioned the elimination of 20 to 30% of jobs , or some 30,000 positions.

We're getting there. Because the $13 billion savings target set by UBS CEO Sergio Ermotti two years ago has only been reached two-thirds of the way through (8.5 billion). To make up the remainder, an additional 10,000 jobs could be eliminated by 2026, according to estimates.

SonntagsBlick also points out that UBS remains very discreet about job cuts in Switzerland itself. Since the acquisition of CS, the figure of 3,000 layoffs has been circulating. However, some internally believe this is an underestimate.

In any case, the bank is pressuring former Credit Suisse employees in particular to leave the company voluntarily, a source reports. However, those who leave are entitled to a generous social plan that includes continued pay for one year and 12,000 francs for continuing education.