Swiss banking giant UBS may eliminate an additional 10,000 jobs by 2027 as part of its ongoing integration of Credit Suisse, Swiss newspaper SonntagsBlick reported on Sunday.
UBS did not confirm the reported figure but acknowledged that workforce reductions are continuing as the merger progresses. The bank told news agency Reuters that it aims to minimise layoffs both in Switzerland and globally. “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.
9% of workforce to be axed?
A reduction of 10,000 positions would represent roughly 9% of UBS’s global workforce. The bank employed about 1,10,000 people at the end of 2024. That figure has already declined sharply since the emergency takeover of Credit Suisse in March 2023.
Following the merger, the combined entity briefly employed around 1,19,100 workers in mid-2023. But by the end of September 2025, headcount had fallen to 1,04,427, a drop of roughly 15,000 jobs, according to SonntagsBlick.
UBS cutting 1250 roles per quarter on average
UBS has been trimming around 1,250 roles per quarter on average. According to Reuters, larger waves of reductions, up to 2,000 jobs over the next four to five quarters, are likely. This would depend on the pace of integrating Credit Suisse operations and eliminating overlaps across units.
The takeover of Credit Suisse, once Switzerland’s second-largest lender, was the biggest global bank rescue since the 2008 financial crisis. UBS acquired the struggling rival under a government-brokered deal after its sudden collapse rattled global markets.
The merger created a financial powerhouse with nearly $1.7 trillion in assets. Along with that, it triggered widespread uncertainty among staff. According to experts, operational synergies will drive further consolidation, especially in overlapping business lines and support functions across both banks, as UBS continues restructuring.