UBS Chief Executive Officer Sergio Ermotti announced that UBS will eliminate approximately 1,000 positions in Switzerland due to overlaps in domestic banking, and also announced that an additional 2,000 roles are anticipated to be cut. 

ThinkAdvisor reported that the integration of Credit Suisse increased UBS's workforce to about 120,000, which the bank intends to reduce by about 30%. The bank's goal is to achieve a cost-to-income ratio of under 70% by the end of 2026. Achieving the cost-to-income ratio will involve the intricate migration of Credit Suisse clients, assets, and infrastructure. 

Ermotti shared that at least half of the $10 billion in cost savings by 2026 will come from restructuring the investment bank and reducing non-core assets, while the remaining half will result from actions across other operations. 

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