UBS has slashed spending on external consultants and contractors by $825 million this year as it winds down its integration of Credit Suisse. The Swiss lender spent one-third less on consultants, contractors, and outsourcing in the first nine months of 2026 compared to the same period last year. The bank has also shed more than 5,500 jobs since January, outpacing most rivals.
This progress underscores the complexity of merging two global systemically important financial institutions. UBS enlisted advisers like Oliver Wyman to lead the integration after acquiring Credit Suisse in a 2023 state-orchestrated rescue. The combined workforce peaked at over 119,000 in June 2023 and has since been reduced to about 97,500 by September.
Separately, UBS has launched investment bank job cuts, consistent with its year-end resource management approach. Other European banks, including HSBC and Barclays, are also reducing headcount. UBS faces a political battle with the Swiss government over proposed capital requirements that could demand $16 billion in additional reserves.
The proposal is set for a parliamentary vote in the coming months.
Source: Financial Times Companies · Summarized by HeadlinesBriefing