UBS Group plans to begin another round of job cuts in mid-January, following previous reductions that brought its workforce down from 120,000 to around 105,000 employees. The bank is nearing the end of its integration with Credit Suisse, acquired in 2023, with more layoffs expected in the future.

The merger with Credit Suisse led to an initial increase in UBS’s staff numbers, but since then, approximately 15,000 jobs have been cut, falling short of an internal target of 35,000 reductions. UBS has not publicly disclosed broader job reduction goals, but reports suggest plans to cut 10,000 jobs by 2027.

UBS is undergoing a significant IT migration for Credit Suisse clients, with the integration expected to be completed by the end of next year. The bank has delayed the migration of some ultra-high net worth clients, and further job cuts are anticipated after the IT transition, likely in the middle of next year.

The third quarter of 2025 saw UBS report a net profit attributable to shareholders of $2.4 billion, marking a 74% year-on-year increase. The bank aims to achieve job reductions through various means, such as early retirements and not replacing departing employees, while also reassigning affected staff to new roles.

Read more at Yahoo Finance: UBS reportedly prepares for further job reductions in mid-January