UBS may cut 12,000 Swiss jobs if capital rules tighten - report

The Swiss Bank Employees Association has warned that up to 12,000 jobs at UBS in Switzerland could be at risk if stricter capital requirements force the bank to relocate. This potential job loss represents an additional 10,000 to 12,000 positions among UBS's current Swiss workforce of approximately 34,000 employees. These cuts would occur alongside already announced layoffs as UBS integrates Credit Suisse.

The warning comes as a Swiss parliament committee prepares to debate capital requirements for UBS's foreign subsidiaries. In September 2026, the upper house proposed that UBS maintain 90% Common Equity Tier 1 capital for these units, a figure the bank finds excessive. UBS Chairman previously stated that the company would need to assess its future in Switzerland if regulations become too burdensome.

Certain UBS shareholders have even called for the bank to relocate. The bank is reportedly developing contingency plans, including potential relocation of its headquarters or merger with another financial institution. The Swiss Bank Employees Association expressed hope for a viable compromise in its letter to lawmakers, noting that stricter capital rules could jeopardize UBS's continued presence in Switzerland.