The Swiss Bank Employees Association has warned that stricter capital rules could put UBS’s future in Switzerland in doubt.
According to a letter to lawmakers reported by NZZ, a move abroad could lead to UBS job cuts of 10,000 to 12,000 roles.
That is about a third of the bank’s 34,000 Swiss jobs, on top of cuts already made.
A lower house committee is weighing how much capital UBS must hold for its foreign business.
The upper house has backed stricter rules, which UBS chief executive Sergio Ermotti has opposed.
The group wants lawmakers to reach a workable compromise. Its letter says investors are pushing for UBS to move, sell or merge. It adds that the bank has not ruled this out.
Michael von Felten, the group’s president, wrote that no one has yet studied the effect on jobs.
Since taking over Credit Suisse in 2023, UBS has cut about 20,000 roles worldwide.
Ermotti has said the merger will cost about 3,000 jobs in Switzerland.
UBS said the cuts are spread over several years, mostly through staff leaving, early retirement and internal moves.
Staff chosen for job cuts join a coaching scheme. Depending on age, their notice can be extended to 12 months.
Klaus Biermann, partner at recruiter Biermann Neff, said banks once paid even average bankers well.
He sees little chance of new jobs for this group, let alone on their old terms.
However, Christian Bretscher, president of the Zurich Banking Association, does not expect a wave of unemployed bankers.
He said the coaching scheme helps ease the impact, though hardship cases will always occur.
Featured image: Edited by Fintech News Switzerland, based on image by UBS via its website.
