Up to 12,000 jobs at risk if UBS relocates: Swiss workers’ association
The Swiss parliament is set to discuss how much capital the bank must hold to back its foreign subsidiaries
The Swiss Bank Employees Association has warned that UBS could be forced to cut up to 12,000 jobs in Switzerland if the bank is compelled to relocate due to stricter capital rules. In a letter to lawmakers, the association stated that a relocation, sale, or merger of UBS could result in the loss of 10,000 to 12,000 of the company's approximately 34,000 jobs in Switzerland.
This represents the "worst-case" scenario, according to the letter, which was first published on October 24 by NZZ am Sonntag and seen by Reuters. The warning comes amid discussions in the Swiss parliament about how much capital UBS should hold to back its foreign subsidiaries.
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