UBS Cuts 200 London Jobs as Credit Suisse Integration Nears

UBS Group AG cut approximately 200 positions in London across multiple business divisions, including wealth management and investment banking. The layoffs were announced internally as part of a broader restructuring following the 2023 government-backed rescue acquisition of Credit Suisse. The combined workforce of the two institutions reached nearly 120,000 before declining by about 18% to date.

Chief Executive Officer Sergio Ermotti expects the integration process to be finalized by the end of 2026. While some affected employees received offers for alternative roles within the bank, junior investment bankers across Europe, the Middle East, and Africa experienced smaller pay increases upon promotion this year.

Parallel to the workforce reductions, the bank is opposing a proposal from the Swiss government and regulators to increase capital requirements for its foreign units. The bank argues that such a regulatory shift would reduce its return on equity.