UBS may eliminate up to 12,000 jobs in Switzerland if new capital requirements force the bank to relocate. The Swiss Bank Employees Association raised this concern in a letter to lawmakers, as reported by the newspaper NZZ am Sonntag. The association indicated that relocation could impact 10,000 to 12,000 of UBS's approximately 34,000 positions in the country.
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These potential cuts would add to ongoing job reductions associated with UBS's integration of Credit Suisse. This warning comes as a committee in the lower house of the Swiss parliament prepares to discuss capital requirements for UBS's foreign subsidiaries. A proposal from the upper house in September 2026 suggested that UBS support these units with 90% Common Equity Tier 1 capital, a level that the bank has deemed excessive.
UBS's chairman has previously stated that the bank will need to assess its future in Switzerland if the regulations become too stringent. Some shareholders have even pushed for the bank to consider leaving the country entirely. Sources indicate that UBS is developing contingency plans, which could include relocating its headquarters or merging with another financial institution. The Swiss Bank Employees Association is seeking a "viable compromise," emphasizing that stricter capital requirements could jeopardize UBS's presence in Switzerland.