In the first quarter of 2024, UBS axed over a thousand jobs globally. It is reportedly commencing five major rounds of cuts in June.
As of 31 March 2024, UBS employed 111,549 full-time equivalents employed, according to its first quarter results, marking a net decrease of 1,293 compared to end-2023. In total, 136,622 internal and external personnel were employed at the Swiss bank, down 1,840.
Within the global wealth management business, the bank actually added more than 300 advisors to reach 10,338. There were slight reductions across all regions except Switzerland, which saw an increase of 414 advisors.
Major Downsizing
UBS is reportedly seeking to deliver five rounds of job cuts from June to November this year. Analysts estimate that up to 35,000 jobs could be lost as part of broader efforts to save over $10 billion in costs. In a recent call with journalists, CEO Sergio Ermotti said that the majority of cuts in Switzerland will start from around the end of the year and continue into 2025 and 2026.
In Asia, there are also expected to be some job losses. The onshore investment bank in mainland China is one area that could be due for cuts as UBS currently holds majority stakes in two units while local regulations only allow one. As of end-2023, APAC housed 27,638 full-time equivalent personnel.
