UBS cuts about 200 London jobs as Credit Suisse fusion ends
Wealth management and investment banking are among the units that have been affected
UBS, the Swiss bank, has reduced approximately 200 positions in London as its integration with Credit Suisse draws to a close, according to sources familiar with the matter. The cuts, which span various units, including wealth management and investment banking, were announced internally in recent weeks. Some employees are offered new roles within the bank to mitigate the impact on staff.
Following its acquisition of Credit Suisse three years ago, UBS's workforce expanded to just under 120,000, but has since declined by about 18 percent. UBS aims to reduce its combined headcount by 30 percent overall, though it has not disclosed specific plans. The latest layoffs coincide with junior investment bankers in Europe, the Middle East, and Africa receiving smaller pay increases upon promotion to associate in 2026, due to changes in the bank's compensation structure.
This round of cuts marks a crucial phase for UBS, which operates significantly in London at 5 Broadgate. The Swiss bank has been integrating Credit Suisse since late 2023, with CEO Sergio Ermotti overseeing the process, which is expected to conclude by the end of 2026. However, UBS is in conflict with the Swiss government over its capital requirements for foreign units, a matter currently under debate in the Swiss legislative process.
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