The combined entity did away with thousands of roles in the third quarter, helping it save about $1 billion in costs.
Switzerland's largest bank has kicked its cost savings and integration programs, and the related job cuts, into high gear following its forced rescue of Credit Suisse early in the year, disclosure materials for the third quarter released Tuesday indicate.
It reported headcount falling by more than 4,000 in the June-September quarter, with them down more than 13,000 since the end of last year (on a proforma basis).
Fluctuation Eases Situation
At the cusp of 2023, both UBS and Credit Suisse employed about 120,000 people. But by the middle of the year, about 8,000 Credit Suisse employees had turned their back on the integration of the two banks. According to UBS, that allowed it to manage a large proportion of the expected cuts – with some estimates foreseeing up to 35,000 of them – through fluctuation.
The efforts have helped the bank to keep expenses down. According to the information provided, $2 of the $3 billion in cost savings reaped in 2023 were from integration efforts. And about half of the integration savings, or $1 billion, came from lower personnel expenses.
In total, UBS's leadership is expecting to save over $10 billion when it completes the integration process in 2026.
