UBS has cut about 200 jobs in London over the past few weeks, Bloomberg reported. Its work to absorb Credit Suisse is nearly complete.

The Swiss bank agreed to the deal in March 2023, when the fall of Silicon Valley Bank sparked a crisis that left a weakened Credit Suisse near collapse.

People familiar with the matter said the bank told staff about the cuts internally. These UBS job cuts in London span several units, including wealth management and investment banking.

The bank is offering some of those affected new roles to soften the effect on staff, the people said. A company spokesperson declined to comment.

After the takeover more than three years ago, the combined workforce rose to nearly 120,000. Since then, headcount has fallen by roughly 18%.

Pay has also changed for some junior investment bankers. In the EMEA region, those promoted to the first associate grade received a smaller rise this year. This came after the group revised how it sets pay.

CEO Sergio Ermotti has led the process since the deal. In recent months, he has signalled it should be complete by year end.

The work includes moving large volumes of data and cutting jobs that overlap. Bloomberg said it seems to be on track.

Even so, UBS is in a dispute with the Swiss government over future capital rules for its foreign units.

The government and its regulators want the bank to hold more capital for those units. This would lower its return on equity.

Featured image: Edited by Fintech News Switzerland, based on image by Drazen Zigic via Magnific.