BRUSSELS (dpa-AFX) - Banking firm UBS Group AG (UBS) has initiated major job cuts across higher management levels as well as lower ranks in Switzerland, according to a report by Bloomberg.
The strategic move comes as the company is trying to reduce its workforce following the integration of Credit Suisse Group AG, an investment banking company, which was acquired by UBS in 2023 for around $3.3 billion.
Notably, the employees who have received the layoff notice have an option to join a program, allowing them to find a new opportunity within the bank in a year. The company is also offering assistance to affected employees to find opportunities outside the bank.
Previously, UBS has announced its plan to cut approximately 3,000 jobs in Switzerland as part of the integration process, the report added.
Currently, UBS's stock is trading at $35.34, down 0.04 percent on the New York Stock Exchange.
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