Swiss bank UBS effectively benefits from a state guarantee that has reduced its costs by billions, a study from the University of Bern has found.

UBS Group (UBS) is reportedly cutting hundreds of jobs in Switzerland, affecting several levels, as part of its integration of formal Swiss rival Credit Suisse.

UBS Group AG (NYSE:UBS) has started a series of job cuts in Switzerland, affecting both higher management levels and lower ranks, according to Bloomberg, citing individuals familiar with the situation.

Swiss bank UBS has begun a wave of job cuts in its home market Switzerland, with hundreds of employees receiving notice in recent weeks.

The impacted employees have been given an option to join a program that allows up to a year to find a new role within the bank.

UBS Group AG has removed Credit Suisse’s signs at its one-time arch-rival’s former headquarters in Zurich, replacing them with its own.

These layoffs are part of UBS's ongoing effort to streamline its workforce following the integration of its former competitor, Credit Suisse, which UBS acquired in 2023

UBS Group AG has begun a wave of job cuts in its home market Switzerland, with hundreds of employees receiving notice in recent weeks, according to people familiar with the matter.