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As it aims to save $10 billion from a comprehensive reorganization of the massive global banking conglomerate caused by its emergency rescue of Credit Suisse earlier this year, UBS anticipates eliminating about 3,000 employees in Switzerland.

Around 8% of the combined bank’s Swiss employees will lose their jobs, which might lead to more controversy in a nation where the transaction has already encountered opposition from the public and certain politicians.


The Swiss banking union issue a statement saying, “The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland be treated fairly and equally in the integration process.”

Sergio Ermotti, CEO of UBS, stated during a conference call with analysts on Thursday: “Every job loss is difficult for us. Cuts had made in this case, regrettably.

Ermotti state that the layoffs would occur “over a couple of years” and that the bank would offer financial assistance, outplacement services, and retraining chances to those who would be impact.

The first earnings report since it acquired its rival, the Swiss bank, which employs almost 122,000 people worldwide, provided no new information on the amount of expected layoffs outside of Switzerland.

Despite the possibility of fewer job losses, UBS confirmed plans to fully integrate Credit Suisse’s Swiss banking activities into the newly amalgamated entity rather than opt for a spin-off or IPO.

The optimum conclusion for UBS, our stakeholders, and the Swiss economy is a full merger, according to our analysis, said Ermotti in a statement. He continued by stating that this was “one of the biggest and most complex bank mergers in history.”

When the takeover announce in March, UBS said it projected to save more than $10 billion through integration by the end of 2026, which is $1 billion more and a year earlier than anticipate. The news caused the bank’s shares to increase by as much as 7%.

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