UBS is cutting hundreds more jobs as the long, grinding process of absorbing Credit Suisse enters its next phase. The latest round of layoffs adds to the roughly 15,000 positions already eliminated since UBS acquired its rival in March 2023.

The merger math

When UBS took over Credit Suisse in a government-brokered rescue deal, it absorbed approximately 45,000 employees. That pushed the combined workforce to roughly 120,000 people.

As of mid-2025, the headcount sits at around 104,000 to 105,000. That’s a reduction of about 15,000 positions in just over two years.

CEO Sergio Ermotti has outlined plans for up to 10,000 additional job cuts globally by 2027. The target workforce: approximately 95,000 employees.

From overlap cuts to structural overhaul

The next phase is more complex. UBS is moving from eliminating duplicate roles to decommissioning Credit Suisse’s legacy IT systems and data centers.

The Switzerland-specific impact is particularly notable. UBS anticipates cutting up to 3,000 roles in its home country, with the bulk of those reductions expected primarily between the second half of 2026 and early 2027.

Why this matters beyond banking

The Credit Suisse acquisition was never a normal deal. It was a crisis-driven rescue orchestrated by the Swiss government to prevent what could have become a systemic financial meltdown. The Swiss National Bank backstopped the transaction.

The 9% workforce reduction that Ermotti has flagged from the estimated end-of-2024 headcount of around 110,000 signals that cost discipline remains the priority.