Bond.az -- UBS Group AG (NYSE:UBS) shares rose 1.2% on Friday following reports of several hundred job cuts across Europe, the Middle East and Africa as part of its ongoing Credit Suisse integration.
The cuts primarily targeted support functions, though some client-facing bankers were also affected. Some employees whose positions were eliminated received offers for new roles within the firm.
A UBS spokesperson said the bank aims to keep job cuts "as low as possible" in Switzerland and globally. The bank is focusing on moving roles currently performed by third-party providers in-house to mitigate redundancies.
UBS's headcount has declined by approximately 17,500 since the Credit Suisse takeover. The bank initially planned to cut about 35,000 jobs following the deal.
The Swiss bank has been working to reduce its workforce since acquiring Credit Suisse in 2023, which added roughly 45,000 employees and brought total headcount to nearly 120,000. UBS has sold some units and eliminated duplicate roles as part of the integration process.
Additional job reductions are expected through the second half of the year.
