UBS Group joins the long list of financial advice and wealth management firms that have eliminated staff positions, cutting several hundred jobs – mainly support staff - across its operations in Europe, the Middle East and Africa, Bloomberg News reported last week.
UBS joins a number of firms – including Morgan Stanley and LPL Financial Holdings Inc. – that have recently cut jobs. The reductions in jobs at large firms are happening in an era when artificial intelligence software is replacing back office jobs and firms are trying to boost profitability.
The layoffs at UBS are the latest wave of reductions tied to the acquisition of Credit Suisse three years ago, according to the report, which was cited by Reuters and other news publications. The staff cuts did not occur in the United States, where UBS has roughly 5,700 financial advisors.
A UBS spokesperson declined to comment.
UBS has previously said it expected to lose around 3,000 in Switzerland as it integrates Credit Suisse, according to Reuters.
UBS joins the list of financial advice-focused firms cutting employees.
It was reported in March that Morgan Stanley planned to eliminate roughly 2,500 jobs across its global workforce, a move affecting about 3% of employees as the Wall Street giant adjusts its structure and priorities.
A month earlier, InvestmentNews reported that LPL Financial Holdings was cutting about 3% of its 10,100-person workforce.
Cetera Financial Group last September announced a second round of job cuts for the calendar year of 2025 after it reduced its workforce by 5% earlier in the year.
And Edward Jones last August announced job cuts, laying off 259 home office associates in the United States and Canada.
Those layoffs were on top of 552 home office associates earlier this year that chose to accept a voluntary separation plan, commonly known as a buyout, according to the company.
In total, this impacted less than 2% of Edward Jones' total full- and part-time workforce. No financial advisors or branch office team workers were laid off, according to the company.
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