Swiss banking behemoth UBS will initiate five-stage layoffs starting in June as part of its cost-cutting programme following the acquisition of Credit Suisse, according to a report by SonntagsZeitung cited by Reuters on Sunday.
In August, UBS revealed plans to cut approximately one in 12 of its Swiss jobs and reduce costs by over $10 billion. This move is part of its strategy to consolidate a competitor that experienced significant customer withdrawals.
The majority of the cost savings are expected to come from staff reductions, with estimates suggesting that between 30,000 and 35,000 jobs could be eliminated globally. According to an insider quoted by SonntagsZeitung, “50-to-60 per cent of ex-CS (Credit Suisse staff) will probably be laid off over the five rounds.”
The first round of layoffs in June is expected to affect 25–30 per cent of former Credit Suisse employees.
Subsequent rounds of layoffs are scheduled for August, September, October, and November, with the planned savings from these measures projected to be 12 billion Swiss francs ($13.2 billion).
