The Swiss Bank Employees Association has told lawmakers that a UBS relocation forced by stricter capital requirements could eliminate 10,000 to 12,000 positions from the bank’s Swiss workforce of about 34,000, NZZ am Sonntag reported on Sunday, and asked parliament for a workable compromise. The warning comes before a lower house committee discussion of capital requirements for UBS’s foreign subsidiaries; the upper house proposed in September that those units be backed by 90 percent common equity tier 1 capital, a level UBS has called excessive. The cuts the association describes would come on top of reductions already under way as UBS finishes integrating Credit Suisse, and the report carried no comment from UBS itself.
Bank staff warn 12,000 UBS Swiss jobs at risk
The Swiss Bank Employees Association has warned lawmakers that 10,000 to 12,000 of UBS's roughly 34,000 Swiss jobs could be eliminated if tighter capital rules force the bank to relocate, NZZ am Sonntag reported on Sunday.
Why it matters: The warning lands as a lower house committee prepares to discuss capital requirements for UBS's foreign subsidiaries, after the upper house proposed in September that those units be backed by 90 percent common equity tier 1 capital.
Data as of Developing item, October 25, 2026, 08:12 ET. Single chain of sourcing: the Swiss Bank Employees Association's letter to lawmakers, as reported by NZZ am Sonntag on October 25, 2026 and carried by Investing.com the same day, read in full. The 10,000 to 12,000 figure is the association's warning about a relocation scenario, not a UBS announcement; the report carries no UBS response and no timeframe for the cuts it describes.
Sources
- UBS may cut 12,000 Swiss jobs if capital rules tighten - report - Investing.com, reporting NZZ am Sonntag - 2026-10-25