Responding to the report, UBS did not confirm this number, but said it would “keep the number of jobs cuts in Switzerland and globally as low as possible”.
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“The role reductions will take place over the course of several years and will be mostly achieved through natural attrition, early retirement, internal mobility and inhousing of external roles,” UBS said.
UBS has been cutting jobs as a result of the integration of former rival Credit Suisse, which it bought in 2023.
A reduction of 10,000 jobs would equate to a 9% cut in total jobs for the Swiss bank, which had around 110,000 employees at the end of 2024.
Reporting by Alexandra Schwarz-Goerlich; Writing by Christoph Steitz; Editing by Elaine Hardcastle and Christina Fincher
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