Thousands more UBS jobs could be cut, newspaper reports
UBS has completed the acquisition of the failed Credit Suisse bank
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Listening: Thousands more UBS jobs could be cut, newspaper reports
Swiss banking giant UBS could shed a further 18,000 jobs by the end of 2026 to meet its post-Credit Suisse takeover cost savings targets, according to a media report.
On Wednesday, UBS posted a net profit of $1.14 billion (CHF985 million) for the months of April to June 2024, which were better results than analysts had expected.
The combined banking group has shed 9,000 jobs in the last 12 months, achieving CHF6 billion in costs so far.
The NZZ am Sonntag newspaper believes a further 18,000 posts will have to be shed to achieve the final cost savings target of CHF13 billion by the end of 2026.
The newspaper arrived at this estimate after analysing the bank’s stated financial targets and by speaking to two experts who did not want to be named in the article.
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