UBS (UBS.US) cuts around 200 jobs in London to consolidate Credit Suisse enters the final phase

The Zhitong Finance App learned that UBS Group (UBS.US) recently implemented a new round of job streamlining in London, cutting a total of about 200 jobs over the past few weeks. The bank's integration with Credit Suisse is coming to an end.

According to people familiar with the matter, this round of layoffs has already been reported internally, covering various core business lines such as wealth management and investment banking. A UBS spokesperson declined to comment on the news. At the same time, the news said that in order to cushion the impact of layoffs, UBS provided transfer opportunities within the group for some of the employees involved to reduce the impact of personnel adjustments as much as possible.

In 2023, UBS acquired Credit Suisse under the mediation of the Swiss government. After the merger was completed, the group employed close to 120,000 people. After continuous optimization of redundant jobs, business line integration and system migration, the total number of UBS employees dropped to 10,9990 as of September 30, 2026. UBS previously indicated in its three-quarter report that Credit Suisse's integration target plan will generally be implemented by the end of 2026, that the offline work of Credit Suisse's legacy IT systems is progressing smoothly, and the group continues to fulfill the cost reduction goals brought about by mergers and acquisitions.

Market analysis points out that London, as UBS's European investment banking and wealth management hub, combined with the high degree of overlap between the original Credit Suisse local teams, has always been a key area for integration and slimming; this round of layoffs is a structural optimization in the final stages of mergers and acquisitions, and is not the beginning of a new large-scale layoff cycle.