UBS cuts approximately 200 jobs in London

UBS Group AG has reduced its workforce by around 200 positions in London as the bank nears the completion of its integration of Credit Suisse. The job cuts, which occurred over recent weeks, reportedly impacted several divisions, including wealth management and investment banking.

This restructuring follows the March 2023 government-backed acquisition of Credit Suisse. Since the takeover, UBS has seen its total workforce decline by approximately 18 percent as it works to consolidate operations, migrate data, and eliminate overlapping roles. While the bank has not officially commented on the specific layoffs, reports indicate that some affected employees may be offered alternative positions within the company.

The integration process, led by CEO Sergio Ermotti, aims to streamline operations and achieve cost efficiencies. This follows a long-term goal reported in 2023 to reduce the total headcount by roughly 30 percent.