UBS Group (UBS) to Cut Jobs for $10 Billion Cost Reduction

Zacks04-22

UBS Group AG UBS, following its acquisition of Credit Suisse, plans to cut jobs in five separate waves, starting this June. In August 2023, UBS announced its plan to lay off around one in 12 employees...

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In August 2023, UBS announced its plan to lay off around one in 12 employees...</p>\n\n<a href=\"https://finance.yahoo.com/news/ubs-group-ubs-cut-jobs-152800062.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS Group (UBS) to Cut Jobs for $10 Billion Cost Reduction</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS Group (UBS) to Cut Jobs for $10 Billion Cost Reduction\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-22 23:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ubs-group-ubs-cut-jobs-152800062.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UBS Group AG UBS, following its acquisition of Credit Suisse, plans to cut jobs in five separate waves, starting this June. In August 2023, UBS announced its plan to lay off around one in 12 employees...</p>\n\n<a href=\"https://finance.yahoo.com/news/ubs-group-ubs-cut-jobs-152800062.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4535","symbol_name":"淡马锡持仓","start_time":0,"source_url":"https://finance.yahoo.com/news/ubs-group-ubs-cut-jobs-152800062.html","article_id":"2429974651","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/_L8rg5z51x8JJKpu0GKglw--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/b7bb4f736664e55f42e44a6643a3724c"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2429974651","pubTimestamp":1713799680,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Shares of UBS have gained 18.7% on NYSE over the past six months compared with the industry’s growth of 15.8%. Image Source: Zacks Investment Research. In an effort to streamline operations and adapt to a rapidly changing operating environment, BlackRock, Inc. BLK is planning to eliminate 600 jobs. This accounts for nearly 3% of the company’s total global workforce. Per a Reuters article, the job cuts are not focused on a single team.Despite this elimination, BLK remains positive about its future growth prospects. By the end of 2024, the company expects to employ more workforce, as it plans to expand certain parts of its business.Citigroup Inc. C is planning to eliminate 20,000 job positions, excluding its workforce in Mexico, over the medium term. As Citigroup announced a net loss of $1.8 billion for fourth-quarter 2023, the decision will help improve its performance. 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In August 2023, UBS announced its plan to lay off around one in 12 employees in Switzerland to reduce costs by more than $10 billion by 2026. In total, 50-60% of former Credit Suisse employees are likely to be made redundant. The news was reported by Reuters, which cited the SonntagsZeitung newspaper.UBS' plan to reduce costs will mainly result from cutting its workforce. According to the source, 30,000 and 35,000 jobs are expected to be eliminated globally.Approximately 25% to 30% of former Credit Suisse staff could be laid off in the first wave of job cuts in June. The later waves are set to take place in the months of August, September, October and November.In June 2023, UBS Group completed the acquisition of Credit Suisse (a regulatory-assisted deal). The company is on track to complete the integration process by the end of 2026. This move is expected to enhance capabilities in wealth and asset management, as well as aid in growing its capital-light businesses.However, after the acquisition of Credit Suisse, UBS has been facing class action suits and complaints from individual shareholders and former employees of Credit Suisse over inadequate consideration. Such successive lawsuits are expected to increase costs, thereby adversely impacting the company’s profitability. Hence, an increase in claims against the company and regulatory fines over Credit Suisse’s dealings are expected to increase litigation provisions in the near term.Nonetheless, management is optimistic about the Credit Suisse acquisition and believes it to be the most beneficial option for the company in the upcoming period.\nShares of UBS have gained 18.7% on NYSE over the past six months compared with the industry’s growth of 15.8%.  Image Source: Zacks Investment Research\nCurrently, UBS Group sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nOther Banks Taking Similar Steps\nIn an effort to streamline operations and adapt to a rapidly changing operating environment, BlackRock, Inc. BLK is planning to eliminate 600 jobs. This accounts for nearly 3% of the company’s total global workforce. Per a Reuters article, the job cuts are not focused on a single team.Despite this elimination, BLK remains positive about its future growth prospects. By the end of 2024, the company expects to employ more workforce, as it plans to expand certain parts of its business.Citigroup Inc. C is planning to eliminate 20,000 job positions, excluding its workforce in Mexico, over the medium term. As Citigroup announced a net loss of $1.8 billion for fourth-quarter 2023, the decision will help improve its performance. In fact, these job cuts would result in savings of approximately $2-$2.5 billion over the medium term.Such measures will help C to focus on its core strengths, thereby improving its results in the upcoming period.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nCitigroup Inc. (C) : Free Stock Analysis Report\nBlackRock, Inc. (BLK) : Free Stock Analysis Report\nUBS Group AG (UBS) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429974651"}