Swiss wealth giant UBS has started a restructuring process that will see hundreds of jobs cut across its largest divisions with the aim to save the company around $1bn (£710m, €823m) over the next three years.
The operations affected are the investment bank, wealth management and Swiss business, according to newswire Bloomberg, encompassing most positions from managing directors to junior employees.
As many as 700 roles could be eliminated in the Swiss unit alone. Most of them will be within the corporate cost centre, and around 200 in wealth management and personal and corporate banking.
These are in addition to the 125 jobs to be cut as part of a previous wealth restructuring.
The current process is believed to be the first part of a three-year long restructure, as further roles could be at risk down the line.
UBS declined to comment to International Adviser about the restructuring process.
‘Maintain costs’
In the wealth manager Q1 2021 results, group chief financial officer Kirst Gardner said: “The restructuring of around $300m, it’s broad-based across the group and across geographies.
“Also, just to clarify, the $1bn we indicated, we will only reinvest that if we actually see growth opportunities at more than hurdle. Otherwise, that would be an opportunity to reduce our costs.
“So, just to be very, very clear about that, the real intent is to maintain our costs around flattish, grow the top line and deliver positive operating leverage.”
