(MENAFN- Swissinfo) UBS is on track to miss an internal target to cut its headcount to 85,000 by the time it completes its integration of Credit Suisse next year. This content was published on August 14, 2025 - 12:03 3 minutes Simon Foy, Financial Times

The Swiss lender has shed an average of just 1,300 roles per quarter since the start of 2024, leaving it with more than 105,000 full-time staff at the end of June, according to company filings.

External Content

The current pace of job cuts means UBS is set to miss the internal target of reducing its full-time headcount to 85,000 by the end of 2026, when it is set to complete the integration of its former crosstown rival, which it took over in an emergency rescue deal in March 2023.

While UBS has not publicly disclosed a headcount target, people familiar with the matter previously told the Financial Times that executives were aiming to have a total workforce of 85,000 by the end of the integration process.

UBS said:“We are working towards cost targets, not headcount numbers.” The bank added that it was 70% of the way to achieving its goal of cutting costs by $13 billion (CHF10.5 billion) by 2026 and was“well on track” to achieving the planned savings.

The bank's finance chief Todd Tuckner last month told analysts the remaining cost reductions would be“split half-and-half” between savings on technology spend and“people [and] capacity-related” expenses.

UBS took on about 45,000 employees overnight when it acquired Credit Suisse in a state-orchestrated rescue. Staff numbers peaked at more than 119,000 at the end of June 2023 and it has removed about 14,000 full-time roles since then.

More More Where did it all go wrong for Credit Suisse?

This content was published on Feb 9, 2023 A roadmap of scandals that have led Credit Suisse to massive losses and restructuring cuts.

Read more: Where did it all go wrong for Credit Suisse

MENAFN14082025000210011054ID1109930377