10,000 to 12,000 Swiss jobs at risk if UBS moves headquarters
Key Facts
The Swiss Bank Employees Association warned that moving UBS’s headquarters could put between 10,000 and 12,000 jobs in Switzerland at risk, Reuters reported, citing a letter from the association to lawmakers published by NZZ am Sonntag. The warning concerns the possibility of the bank relocating if tougher capital rules prompt UBS to take that step. The figure is not an announced plan by the bank to cut jobs, nor does it mean the cuts will necessarily happen. The jobs at risk are part of about 34,000 positions UBS has in Switzerland, according to the report. The association said the potential risk comes on top of cuts already under way as Credit Suisse integration is completed.
The warning comes amid a Swiss debate over how much capital UBS should hold to cover its foreign subsidiaries. In September, the Council of States proposed that those units be covered by Common Equity Tier 1 capital at a rate of 90%. UBS said on September 23 that implementing the proposal would require it to hold about $16 billion in additional capital at UBS AG. The bank also estimated that earlier ordinance-level regulatory measures were associated with about $2 billion more. The bank has therefore put the cost of the proposal at the center of its dispute with lawmakers, while the labor association has raised the possibility of effects on the bank’s presence and jobs in Switzerland.
UBS opposed the proposal, describing the Council of States’ decision as not a compromise and saying the additional tightening was excessive. The bank added that Swiss capital requirements are among the toughest globally and that it would continue to protect its long-term interests and contribute to the parliamentary debate. In its statement on the capital estimate, UBS said the political outcome was “not a compromise.” The bank’s statements link its objection to the amount of capital required and the rules’ potential impact on its operations. UBS has not announced a decision to move its headquarters or a plan to lay off the number of employees cited by the association.
The dispute comes as Credit Suisse integration enters its final phase, according to UBS. The bank said completing the transfer of former clients’ accounts to its systems in March 2026 brought it into that phase, and that it aims to largely complete the integration by year-end. At the end of 2025, UBS had 33,216 full-time equivalent employees in Switzerland, compared with 34,182 at the end of 2024, according to the bank’s annual report. Reuters’ estimate of about 34,000 jobs refers to the size of the Swiss workforce cited in its report, while the annual figures count full-time equivalents on a specific date. Reuters said the jobs the association warned about could come in addition to ongoing cuts related to the Credit Suisse integration.
Reuters reported that a group within UBS is considering contingency scenarios including a headquarters move or a merger with another bank if the new rules are deemed excessively strict, but cited sources as saying there are no active discussions. Options included drawing up a list of smaller U.S. banks UBS could buy, or the possibility of another bank acquiring UBS. The report also said the British government and UBS discussed during the year the possibility of a move to London if the bank changed its legal domicile. A House of Representatives committee was due to begin discussing bank rules on October 26, while a final version was not expected to be settled before December at the earliest. UBS shares closed at $46.37 on October 23, after closing at $47.93 on October 21 and $46.87 on October 22; they also registered $46.99 on October 19 and $47.23 on October 20, with those prices alone not establishing a causal link to the warning.