UBS Group has cut several hundred jobs across its operations in Europe, the Middle East and Africa (EMEA), marking the latest phase of workforce reductions linked to its integration of Credit Suisse.
According to a report by Bloomberg News, cited by Reuters and other media outlets, the cuts primarily affected support staff and did not extend to the United States, where UBS maintains a network of approximately 5,700 financial advisers.
The reported reductions come three years after UBS completed its landmark acquisition of Credit Suisse and continue the bank's efforts to consolidate operations and realise integration-related efficiencies.
Workforce reductions remain focused outside the US
Bloomberg News reported that the latest round of job cuts affected several hundred employees across EMEA markets.
The report indicated that the reductions were concentrated mainly among support functions rather than front-line advisory roles.
A spokesperson for UBS declined to comment on the reported workforce reductions, according to Reuters.
The latest cuts did not impact the firm's US advisory business, which remains one of the bank's largest wealth management operations globally.
Key facts from the reported layoffs
• Several hundred jobs were reportedly eliminated across EMEA operations.
• The cuts primarily affected support staff positions.
• The reductions did not include US operations.
• UBS employs approximately 5,700 financial advisers in the United States.
• The move is linked to the ongoing integration of Credit Suisse, according to Bloomberg News.
Integration programme continues three years after takeover
The latest workforce actions represent another step in UBS's long-running integration programme following its acquisition of Credit Suisse.
The takeover, completed during the banking turmoil of 2023, created one of the world's largest wealth management institutions and triggered a multi-year restructuring process aimed at combining systems, operations and personnel.
According to Reuters, UBS previously stated that it expected around 3,000 positions in Switzerland to be eliminated as part of the integration process.
As large-scale mergers often create overlapping roles across technology, operations, compliance and support functions, workforce reductions have become a recurring feature of the bank's consolidation strategy.
Financial firms continue to trim headcount
UBS joins a growing list of financial services and wealth management firms that have reduced employee numbers in recent months.
The industry-wide trend reflects a combination of cost-management initiatives, operational restructuring and efforts to improve profitability.
Recent workforce actions reported across the sector include:
• Morgan Stanley announced plans in March to eliminate approximately 2,500 jobs, representing around 3% of its global workforce.
• LPL Financial Holdings reportedly reduced about 3% of its 10,100-person workforce earlier this year, according to InvestmentNews.
• Cetera Financial Group announced a second round of workforce reductions during 2025 after previously cutting around 5% of its workforce.
• Edward Jones disclosed layoffs affecting 259 home office associates in the United States and Canada, in addition to 552 employees who accepted voluntary separation packages.
The broader financial services sector is simultaneously investing in technology modernisation, automation and artificial intelligence initiatives, areas that are increasingly reshaping back-office operations and support functions.
Cost discipline remains a priority across banking
Banks and wealth management firms continue to face pressure to improve efficiency while investing in digital capabilities, regulatory compliance and client-facing technology.
For UBS, much of the current restructuring remains tied to the complex task of integrating Credit Suisse's operations into its existing business structure.
While the bank has not publicly commented on the latest reported cuts, the workforce reductions underscore the scale of transformation still underway within the combined organisation.
As UBS progresses with its integration programme, further operational consolidation and efficiency measures are likely to remain closely watched by investors, employees and competitors across the global banking industry.