On Tuesday, UBS reported cost savings in the billions and is therefore already ahead of its own plan following the Swiss government orchestrated takeover of Credit Suisse.
When compared to the total number of people employed at the end of 2022 for the then still separate companies UBS and Credit Suisse, the total reduction in headcount is more than 13,000. This figure also includes outsourced jobs and consultants.
On the basis of full-time equivalents, UBS now reports 115,981 jobs at the end of September, after last estimating the number of full-time equivalents at the end of June 2023 at 119,100.
Big losses
UBS Group also posted its first quarterly loss in almost six years, as the integration of Credit Suisse drags on the Swiss lender’s performance.
The Zurich-based bank said it had a net loss of $785 million (CHF707 million) for the three months to September, after including total integration-related expenses of $2 billion.
UBS Chief Executive Officer Sergio Ermotti is seeking to chart a path through the biggest merger in finance in decades, cutting more than $10 billion in costs and readying the combined bank for a strategic revamp due to be announced in February.
“We are optimistic about our future as we build an even stronger and safer version of the UBS,” Ermotti said in a statement Tuesday.
The key wealth management unit saw pre-tax profit of $1.01 billion, lower than estimates. The unit saw $22 billion in net new client funds, and Credit Suisse’s wealth management business saw positive flows for the first time in a year and a half. Profit at the asset management unit also came in lower than expected.
The Swiss bank has said it will give an outline of its three-year growth strategy as well as an update on its share buyback program in February 2024, around the same time as full-year results.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Workplace Switzerland
Trump tariff shock: how Switzerland is positioning itself
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
This content was published on
Swiss electricity grid operator posts CHF103.8 million net profit, an increase of CHF3.8 million from 2023, boosted by higher tariffs.
Swiss energy needs rely on foreign imports this week
This content was published on
Switzerland will cease to produce enough domestic energy to meet its needs from Saturday, according to a study by the Swiss Energy Foundation (SES).
This content was published on
Around 50 caravans belonging to members of a travelling community attempting to enter canton Valais in southern Switzerland without prior warning were blocked by police.
Swiss consumer spending rises in March despite tariff uncertainties
This content was published on
Global financial turmoil and uncertainties surrounding trade tariffs have not yet had an impact on consumer behaviour in Switzerland, where spending rose strongly in March.
Swiss road safety group warns of e-scooter dangers
This content was published on
Accidents involving electric scooters often result in injuries to the head, face or upper body, the Swiss Council for Accident Prevention BFU warns.
This content was published on
The dramatic takeover of Credit Suisse by its rival UBS under a government-backed deal has Swiss citizens hot under the collar, a survey shows.
US steps up probe of Credit Suisse and UBS over sanctions breaches
This content was published on
The US Department of Justice has stepped up a probe into Credit Suisse and UBS over suspected compliance failures involving Russian clients.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.