UBS continues to slim down after acquiring Credit Suisse, laying off hundreds of employees again.

UBS Group is cutting hundreds of jobs in Europe, the Middle East, and Africa, in the latest round of layoffs since acquiring Credit Suisse three years ago. Sources familiar with the matter revealed that the layoffs mainly affect employees in support functions, but also impact some client-facing bankers. In order to mitigate the impact of the layoffs, UBS is offering internal new positions to some of the affected employees. A UBS spokesperson stated that whether in Switzerland or globally, the bank aims to keep the number of layoffs resulting from acquisitions as low as possible. The spokesperson also mentioned that in order to reduce redundancies, UBS is working to transfer positions currently held by third-party suppliers to internal roles. The latest data shows that since completing the acquisition of Credit Suisse, UBS has reduced its total workforce by around 17,500 people. Bloomberg previously reported that the bank had initially planned to eventually cut around 35,000 jobs in the months following the completion of the transaction.