Swiss multinational investment bank, UBS Group AG (SIX:UBSG), has reportedly laid off about 12 employees from its U.S. investment banking division on Thursday. The job cuts are a part of the firm's ongoing integration process with Credit Suisse (SIX:CSGN), another Swiss banking giant, which it acquired in June 2023.
The majority of the released employees held overlapping roles within the company. This move to eliminate these positions is a part of a broader strategy by UBS to streamline operations in the aftermath of the merger with Credit Suisse.
The Credit Suisse acquisition significantly expanded UBS's workforce, bringing the total number of employees to approximately 120,000. However, as part of its restructuring efforts, UBS plans to significantly reduce this number. More than half of Credit Suisse's 45,000-strong employee base is being targeted for potential job cuts.
In addition to these layoffs in the U.S. banking sector, UBS is also making significant reductions in its Asian wealth-management division. These reductions form part of a larger plan aimed at achieving over $10 billion in cost savings and eliminating approximately 3,000 domestic jobs.
UBS's CEO Sergio Ermotti is leading these changes as part of a strategic move to consolidate and streamline operations following the merger. The bank's investment-banking unit, which includes the markets division, will soon be relocated to 11 Madison Avenue in New York's Flatiron District.
Despite the ongoing changes and job cuts, UBS declined to comment on the matter.
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