Business · Companies · 10 hrs ago
Union warns UBS relocation could put 12,000 Swiss jobs at risk
The Swiss Bank Employees Association warned that a UBS move could put up to 12,000 jobs at risk in Switzerland.
The bank has about 34,000 jobs in the country, and the possible losses would come on top of cuts linked to its takeover of Credit Suisse.
Swiss lawmakers are considering how much capital UBS must hold to support its subsidiaries abroad.
The upper house has proposed requiring capital equal to 90% of those subsidiaries’ requirements, a level UBS says is too high.
The bank’s chair has warned that UBS may reconsider its future in Switzerland if the rules are too strict.
UBS is preparing contingency plans that could include moving its headquarters abroad or merging with another bank, while the employees’ group is urging lawmakers to find a workable compromise.
A parliamentary committee is due to discuss the capital rules next week.
The Swiss Bank Employees Association says a UBS move out of Switzerland could put 10,000 to 12,000 domestic jobs at risk.
The bank has about 34,000 jobs in Switzerland, and any losses from a relocation would come on top of cuts linked to its Credit Suisse integration.
The warning comes as Swiss lawmakers consider tougher capital requirements for UBS’s foreign subsidiaries.
The upper house proposed last month that the subsidiaries be backed by common equity tier 1 capital equal to 90% of their requirements.
UBS considers the proposed level too strict, while the association is urging lawmakers to reach a workable compromise.
- Who
- The Swiss Bank Employees Association warned about possible job losses at UBS.
- What
- It said a UBS relocation could put 10,000 to 12,000 Swiss jobs at risk.
- When
- The warning was reported on October 25, 2026; lawmakers were preparing to discuss capital requirements the following week.
- Where
- Switzerland.
- Why
- The association says stricter capital rules could prompt UBS to relocate, sell or merge.
Swiss Bank Employees Association
Swiss lawmakers
Capital rules
Swiss Bank Employees Association
It urges a workable compromise and warns tougher requirements could put UBS’s Swiss presence in question.
Swiss lawmakers
The upper house proposed requiring UBS’s foreign subsidiaries to be backed by CET1 capital equal to 90% of their requirements.
Potential consequences
Swiss Bank Employees Association
It warns a relocation could put 10,000 to 12,000 Swiss jobs at risk.
Swiss lawmakers
The sources describe the lawmakers’ proposed requirements but do not state their view on the job-loss estimate.
UBS took over Credit Suisse after its collapse, leading to planned job cuts linked to the integration.
The Swiss Council of States proposed requiring banks to back foreign subsidiaries with CET1 capital equal to 90% of their requirements.
NZZ reported that the Swiss Bank Employees Association warned a UBS relocation could cost 10,000 to 12,000 Swiss jobs.
A committee of the Swiss National Council was due to discuss UBS’s capital requirements for its foreign subsidiaries.
- At-risk Swiss jobs
- 10,000 to 12,000
- UBS jobs in Switzerland
- About 34,000
- Proposed subsidiary capital backing
- 90% of requirements in CET1 capital
- Association
- Swiss Bank Employees Association (SBPV)
- Proposed rule
- Coverage of UBS’s foreign subsidiaries
4 sources
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