UBS notifies Italian unions of plans to reduce workforce by one third

Swiss bank UBS has informed unions in Italy of plans to cut 180 jobs in the country, which accounts for about a third of its workforce.

One of the letters to the unions indicated that UBS intends to reduce positions at UBS Fiduciaria, an asset custody services company that recently merged with Credit Suisse Servizi Fiduciari. Specifically, the company plans to eliminate 18 out of the 34 jobs at UBS Fiduciaria.

The majority of reductions will occur in the Italian arm of UBS Europe SE, where 162 of its 568 jobs are expected to be cut. According to the letter, the layoffs will primarily affect some group functions, with the remainder in global wealth management, excluding corporate advisory and front-office roles. Investment banking positions will not be impacted.

UBS confirmed that these changes aim to align its business model and operational structure for both the Italy Branch and UBS Fiduciaria SpA. The bank also stated that Italy remains a strategic focus for the group's future growth.