UBS may cut 12,000 Swiss jobs if capital rules tighten - report

Up to 12,000 UBS jobs in Switzerland face potential elimination if stricter capital requirements force the bank to relocate, the Swiss Bank Employees Association said in a letter to lawmakers, newspaper NZZ am Sonntag on Sunday.

The association warned that a relocation could eliminate 10,000 to 12,000 positions from UBS’s approximately 34,000-strong Swiss workforce. These cuts would come on top of job reductions already in progress as the bank completes its integration of Credit Suisse.

The warning arrives as a committee in the lower house of Swiss parliament prepares to discuss capital requirements for UBS’s foreign subsidiaries. In September 2026, the upper house proposed that UBS back those units with 90% Common Equity Tier 1 capital.

UBS has indicated this level is excessive. The bank’s chairman previously stated the company would need to carefully evaluate its future in Switzerland if new regulations prove too stringent.

Some UBS shareholders have advocated for the bank to leave Switzerland. The bank has been developing contingency plans that include relocating its headquarters or merging with another financial institution, sources said.

The Swiss Bank Employees Association requested a "viable compromise" in its letter, stating that stricter capital requirements could threaten UBS’s continued presence in Switzerland.