UBS has cut about 200 jobs in London in recent weeks as its integration of former rival Credit Suisse nears completion, according to people familiar with the matter cited by Bloomberg. The reductions were announced internally and span several parts of the business, including wealth management and investment banking.

A spokesperson for UBS declined to comment, and the figure of about 200 rests on unnamed sources rather than a company announcement. The precise number of employees affected in each business division has not been disclosed, according to the reports.

Integration nears its end

UBS agreed to buy Credit Suisse in early 2023 in a government-backed rescue deal, after its longtime rival neared collapse. The combined workforce swelled to just under 120,000 following the takeover and has dropped by about 18% since. Chief executive Sergio Ermotti has led the integration and has signalled in recent months that it should be finalised by the end of 2026.

Bloomberg reported in 2023 that UBS ultimately intends to reduce the combined headcount by about 30%, although the bank has not spelled out its plans. The London cuts, at the bank's large operations at 5 Broadgate, form part of that wider multi-year programme of operational consolidation, system migration and the elimination of overlapping roles. UBS reported a solid third-quarter profit on 28 October 2026, and has said it has implemented around $13.2 billion in cost savings from the integration, with more to be stripped out in the final months of the year.

Sources: Bloomberg, 5 November 2026, via Bytes Europe; IANS, UBS cuts around 200 jobs in London amid Credit Suisse integration, 5 November 2026.