UBS is making slower progress with the planned job cuts following the emergency takeover of Credit Suisse than internally anticipated. By the end of June, the bank still employed more than 105,000 full-time staff - only about 14,000 fewer than the peak of over 119,000 in the summer of 2023. Since the beginning of the year, the workforce has decreased by an average of 1,300 positions per quarter. As a result, the internal goal of reaching 85,000 employees by the end of the integration process in 2026 is unlikely to be achieved.

Officially, UBS emphasizes focusing on cost targets rather than specific employee numbers. According to its own reports, 70% of the targeted savings of 13 billion USD by 2026 have already been achieved. CFO Todd Tuckner stated that the remaining cuts would be divided equally between technology expenses and personnel-related costs.

The decline in turnover has additionally slowed down the job cuts. About seven percent of employees leave UBS voluntarily each year, but recently the rate was below the historical average. Internal transfers are preferred: In Switzerland, more than two-thirds of open positions were filled with existing employees last year.

A large part of the remaining costs depends on the migration of over a million Credit Suisse retail customers to UBS systems, which will not be completed until March 2026. In the meantime, some legacy systems will remain operational, delaying the reduction. The bank announces that it will largely implement job reductions through natural attrition, early retirement, and internal transfers.