Navy and gold graphic with the headline UBS Cuts 200 London Jobs

UBS Cuts About 200 London Jobs as Credit Suisse Merger Nears Its End

November 7, 2026 Invest Clarity Path Team

Direct answer

UBS has cut about 200 jobs in London in recent weeks, as its long integration of Credit Suisse nears completion. The cuts span wealth management, investment banking and other parts of the bank, and they come as UBS says the merger work should be finished by the end of 2026.

What happened

Bloomberg reported on November 5, 2026 that UBS cut about 200 London positions in recent weeks, citing people familiar with the matter. A UBS spokesperson declined to comment. The cuts were announced internally in recent weeks, and some of the staff affected were offered other roles inside the bank.

UBS rescued its rival Credit Suisse in 2023. The combined workforce was just under 120,000 after the deal and has fallen by about 18 percent since then. Chief executive Sergio Ermotti has said the integration should be finished by the end of 2026.

The cuts do not come from a loss-making bank. UBS reported net profit of 2.7 billion dollars for the third quarter of 2026 on October 28, and on the same day it raised its target for cumulative gross cost savings through the end of 2026 to 13.7 billion dollars, up from 13.5 billion dollars.

One risk still hangs over the bank. Proposed Swiss capital rules for foreign units could force UBS to hold more capital, and that debate is moving through the Swiss parliament. Moody’s affirmed UBS’s long term issuer rating at Aa2 with a stable outlook.

Why it matters for beginners

When two big banks merge, duplicate roles disappear. This round of cuts is the final stage of a merger that began with a rescue in 2023, not a sudden sign of trouble.

Job cuts at a major bank can still worry workers and investors, so the context matters. UBS is profitable, it is raising its savings target, and the cuts are part of a plan that was announced years ago. For savers and investors, the bigger item to watch is the Swiss capital rules debate, because it could change how much capital UBS must hold and how much it can return to shareholders.

For a wider view of the jobs market, our post on US job cuts falling to a three-year October low shows employers in the United States announced far fewer cuts in October than a year earlier.

What to watch next

Whether UBS confirms the Credit Suisse integration is complete by the end of 2026.
The Swiss parliament’s debate on capital rules, with a committee session scheduled for November 23 and 24.
UBS’s next results, for an update on costs, headcount and the savings target.

FAQ

Why is UBS cutting jobs in London?

To finish combining UBS and Credit Suisse after the 2023 rescue deal. Roles that overlap after a merger are often removed as the two banks become one.

How many jobs has UBS cut since the Credit Suisse deal?

The combined workforce has fallen by about 18 percent from just under 120,000 after the takeover. Bloomberg reported in 2023 that UBS ultimately intends to reduce the combined headcount by about 30 percent, but UBS has not spelled out a final target.

Does this mean UBS is in trouble?

Not on the reported figures. UBS made 2.7 billion dollars in profit in the third quarter of 2026, and Moody’s affirmed its long term rating at Aa2 with a stable outlook.

Will more cuts follow?

That is not clear yet. UBS has not given a final headcount number, and the next marker is whether it confirms the integration is complete by the end of 2026.