PLL - UBS Layoffs 2024: What to Know About the Latest UBS Job Cuts
2024-02-06 10:16:34 ET
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UBS (NYSE: UBS ) layoffs are coming as the Swiss bank looks to reduce its headcount following the absorption of Credit Suisse last year.
According to UBS, it still has some measures to take before it can reap the benefits of bringing Credit Suisse into its fold. It looks like part of that will see it cut out jobs after the merger . This makes sense as some positions are likely redundant with overlap between employee responsibilities.
What’s still unclear is how many workers will be affected by the UBS layoffs. What we do know is the company is seeking $13 billion in cost savings by the end of 2026. Of that, it expects about $6.5 billion of those savings to come from job cuts.
UBS Layoffs: What’s Next?
As UBS seeks to cut costs after its Credit Suisse takeover, the company is ensuring investors that its financial performance will bounce back. To boost that claim, the company intends to reintroduce stock buybacks later this year.
While the UBS layoffs are largely connected to its acquisition of Credit Suisse, traders will note that a tough economy has been weighing on companies. Several major businesses have already announced headcount reductions this year as they prepare to endure increased inflation and interest rates.
UBS stock is down 4.8% as of Tuesday morning.
Investors can find even more of the most recent stock market stories ready to go below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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