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Thousands of UBS Swiss Jobs at Risk: Report
25 Oct
Summary
- Up to 12,000 UBS jobs in Switzerland are at risk.
- This is a 'worst case' scenario due to potential relocation.
- Stricter capital rules could force UBS's hand.
The Swiss Bank Employees Association (SBPV) has issued a stark warning regarding the future of UBS jobs in Switzerland. According to a letter sent to lawmakers, as many as 10,000 to 12,000 of UBS's approximately 34,000 Swiss positions could be jeopardized. This "worst case" scenario arises if the bank is compelled to relocate or undergo a sale or merger due to potentially stringent capital regulations.
These potential job cuts loom alongside those already planned from UBS's integration of Credit Suisse, which was acquired in 2023. UBS anticipates approximately 3,000 layoffs in Switzerland over several years, primarily through natural attrition, early retirement, and insourcing of previously outsourced roles. The SBPV urges lawmakers to find a compromise that avoids imposing an excessive burden on the bank, emphasizing UBS's duty to its Swiss base.
