Layoffs 2024: UBS CEO to start job cuts in Switzerland late this year

UBS CEO Sergio Ermotti said the cuts are not something the bank sees as "imminent".

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.

Sergio Ermotti, chief executive officer of UBS Group AG, during a Bloomberg Television interview in Zurich, Switzerland. (Bloomberg)

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.