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UBS CEO says job cuts in Switzerland to start in late 2024

Published 05/07/2024, 05:49 AM
Updated 05/07/2024, 05:50 AM
© Reuters. CEO of UBS Sergio Ermotti attends the Swiss Bank Annual General Meeting, one year after buying rival Swiss bank Credit Suisse, in Basel, Switzerland, April 24, 2024. REUTERS/Denis Balibouse/File Photo
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ZURICH (Reuters) - UBS's CEO on Tuesday said the majority of job cuts in its home market, Switzerland, will start from around the end of the year and continue into 2025 and 2026.

© Reuters. CEO of UBS Sergio Ermotti attends the Swiss Bank Annual General Meeting, one year after buying rival Swiss bank Credit Suisse, in Basel, Switzerland, April 24, 2024. REUTERS/Denis Balibouse/File Photo

In a call with journalists, Sergio Ermotti said the cuts are not something the bank sees as "imminent" and that in the next months it will need "more resources to really manage the very complex integration process."

Last August UBS said it would axe 3,000 jobs in Switzerland alone after swallowing up its stricken rival Credit Suisse, a move expected to help the bank make significant cost savings.

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