UBS may cut 10,000 more jobs by 2027 as Credit Suisse integration enters deeper restructuring: Report

UBS may eliminate up to 10,000 jobs worldwide by 2027 as part of its ongoing integration of Credit Suisse, Swiss newspaper SonntagsBlick reported on December 7— signalling that the cost-cutting drive following the historic rescue takeover has entered a more aggressive phase. 

The latest potential round of cuts, targeting staff both in Switzerland and overseas, would amount to roughly 9% of UBS’s global workforce, which stood at around 110,000 employees at the end of 2024. Responding to the report, UBS did not confirm the figure but said it would “keep the number of job cuts in Switzerland and globally as low as possible.”

Deeper consolidation  

After UBS acquired its troubled rival Credit Suisse in 2023 — the biggest global banking tie-up since the 2008 financial crisis — the merged group employed around 119,100 people. By September 2025, that number had already fallen to 104,427, marking the elimination of about 15,000 jobs, largely attributed to overlapping functions created by the merger. 

But what is happening now marks a notable shift. Phase one was about removing duplicate roles; phase two signals structural consolidation inside UBS itself. 

UBS has been cutting around 1,250 positions each quarter so far. Over the next four to five quarters, the bank is expected to announce larger waves of reductions, potentially up to 2,000 layoffs per quarter, depending on how smoothly Credit Suisse’s integration continues. 

Takeover that reshaped Swiss banking 

UBS’s emergency acquisition of Credit Suisse — once a 167-year-old pillar of global finance — ended an era in Swiss banking history, significantly denting the country’s long-standing reputation for financial stability. The move consolidated nearly $1.7 trillion in assets under UBS, but also triggered long-running anxiety among employees across both institutions. 

The next stage of cuts suggests that the financial and operational strain of absorbing Credit Suisse is proving more persistent than early projections indicated. While the first wave addressed redundancies, the upcoming reductions appear to cut closer to UBS’s core operations — a sign that management sees deeper restructuring as necessary to realise long-term cost efficiency. 

What’s different this time 

The “second phase” of layoffs reflects broader consolidation rather than just post-merger overlap. Analysts note that trimming roles within UBS's own divisions points to the bank seeking long-term structural optimisation, not just short-term cost savings. 

With 2027 set as the horizon for completing the integration, UBS’s workforce looks poised for one of the most significant reorganisations in modern European banking.