UBS is planning a major workforce reshuffle as it continues to absorb Credit Suisse following its government-backed rescue in 2023. The Swiss bank reportedly expects to cut about 3,000 jobs in Switzerland later this year, while hiring a similar number of roles in India.
The new jobs will be concentrated in Hyderabad, where UBS is expanding its presence. The bank aims to double headcount in the city over the coming months, focusing on technology, engineering and artificial intelligence (AI). This expansion is part of a broader strategy to build cost-efficient, tech-heavy capacity in India, which offers deep talent pools and faster hiring compared to Switzerland.
The Swiss job cuts are taking place due to the overlap created by the merger. Duplicate teams in support functions, IT, and management are being consolidated. UBS has indicated that attrition and early retirements will be used wherever possible, but the bank is clearly streamlining operations to reduce costs while modernising systems.
The move highlights a growing trend among global banks to place technology and operations teams in lower-cost markets such as India. While this boosts competitiveness, it also raises concerns in Switzerland, where regulators want critical capabilities retained locally. The issue is particularly sensitive now that UBS stands as the country’s only major banking group.
By hiring 3,000 roles in India while cutting the same number in Switzerland, UBS is trying to balance workforce efficiency with global reach, underscoring India’s rising importance in the financial-services sector.