Swiss banking giant UBS Group AG has reportedly cut around 200 jobs in London as it approaches the final stage of absorbing and integrating its former rival, Credit Suisse. The reductions were carried out over the past few weeks and affected multiple business divisions at the bank.
The development comes more than three years after UBS acquired Credit Suisse in a government-backed rescue deal in March 2023. The merger significantly expanded UBS's workforce, prompting the bank to undertake a multi-year restructuring and layoff of overlapping roles.
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UBS Layoffs: What Happened?
According to a report by Bloomberg, UBS has eliminated approximately 200 positions in London in the recent weeks. The report stated that the job reductions were announced internally and covered several business units.
Bloomberg's report was based on information from people familiar with the matter, who requested anonymity as they were discussing information which had not been made public. UBS declined to comment on the latest round of job cuts.
The report stated that USB's workforce has declined by approximately 18 percent since the acquisition of Credit Suisse. The bank's integration programme has included consolidating operations, migrating clients and systems, and removing duplicated functions. The latest London job cuts are another step in that process.
Who Will Be Affected?
The reported job cuts span across multiple business divisions at UBS's London operations. The affected divisions, according to the Bloomberg report, include the wealth management division and the investment banking division.
The wealth management division provides financial advice, investment solutions and wealth management services to individual and institutional clients, while the investment banking division provides services such as corporate advisory, capital markets and financial transactions. The precise number of employees being cut from each division has not been disclosed as per the current status.
Some employees, whose positions have been eliminated, may be offered alternative roles within UBS. According to Bloomberg, people familiar with the matter stated that the bank was offering internal positions to some affected employees in order to reduce the impact of the layoffs.
UBS's Earlier Layoffs
In May 2026, Reuters reported that UBS had eliminated several hundred positions across its operations in Europe, the Middle East and Africa, citing a Bloomberg report. These reductions primarily affected support functions, although some employees in client facing banking roles were also impacted.
According to the report, some affected employees were offered alternative positions within the bank. The May job cuts were also related to the Credit Suisse merger, making them part of the same broader restructuring effort.
What Did UBS Say?
UBS had previously indicated that it intends to limit the number of employees affected by the integration. In a statement reported by Reuters in May 2026, the bank stated that the reductions were linked to the acquisition of Credit Suisse.
UBS had previously stated that it expected approximately 3,000 jobs to be eliminated in Switzerland as part of the integration. The bank also indicated that it would seek to minimise the impact on employees through internal mobility and alternative employment opportunities.
However, UBS has not publicly commented on the specific details of the latest reported 200 job cuts in London.
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