Swiss bank UBS eliminated around 4,000 jobs worldwide in the third quarter alone as part of the integration of Credit Suisse.
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. ...