Business · Companies · 10 hrs ago
UBS begins major job cuts as staff face 'Needs focus' ratings
UBS has begun a major round of job cuts, aiming to reduce its workforce from 97,000 to about 90,000.
The cuts affect staff in Switzerland, including back-office workers and front-office bankers.
The article says profit figures and asset inflows in Iqbal Khan’s EMEA wealth-management division appear strong, making the layoffs a contrast.
UBS puts the share of staff rated “Needs focus” at one fifth, but an insider says past and current job losses are excluded from the calculation.
That insider estimates the share could be closer to one quarter as the number of employees counted shrinks.
Employees affected by the current cuts are first placed in a “Coach” programme, where they can apply for jobs inside or outside UBS.
A source says some Zurich private bankers are considering moving to competitors, including people who had not wanted to leave before.
UBS is beginning what Inside Paradeplatz calls its largest-ever round of job cuts.
The bank plans to reduce its workforce from 97,000 towards 90,000.
The cuts affect back-office staff and front-office bankers in Switzerland, according to the report.
A source says employees’ ratings, including “Needs focus,” are being used to guide dismissals.
The article says the official share of staff rated “Needs focus” is one-fifth, while an insider estimates it could be one-quarter after accounting for employees already leaving.
- Who
- UBS and employees facing job cuts, including back-office staff and front-office bankers in Switzerland.
- What
- UBS has begun a major round of job cuts. The report says “Needs focus” ratings may be used to guide who is affected.
- When
- November 9, 2026; the article says the cuts officially start that day.
- Where
- UBS; the article identifies affected staff in Switzerland.
- Why
- UBS aims to reduce its workforce from 97,000 towards 90,000. The article does not state the bank’s reason for the reduction.
This story does not have two clearly opposing sides.
Employees who lost their jobs during the year were no longer included in the reported workforce figures, according to an insider.
UBS officially begins the job-cut round, according to the article.
Affected employees are placed in a “Coach” program and can apply for jobs internally or externally, according to the article.
- Current workforce
- 97,000
- Target workforce
- About 90,000
- Official “Needs focus” share
- One-fifth of the workforce
- Insider estimate of “Needs focus” share
- One-quarter of the workforce
- Affected Swiss roles
- Back-office staff and front-office bankers
What people are saying
The magic word is “Needs focus”.
There has never been such a number of top-qualified people with great experience.