Integration of Credit Suisse is coming to an end, UBS Group AG (UBS.US) plans to lay off employees again in January.

According to informed sources, UBS Group AG plans to start a new round of layoffs in mid-January. These sources also stated that UBS Group AG plans to conduct another round of layoffs later in 2026, during which they will close the computer system obtained from a competitor they acquired in 2023. UBS Group AG is entering the final year of its historic Credit Suisse integration plan. The group acquired Credit Suisse in a government-brokered deal in 2023, instantly increasing its workforce to nearly 120,000 employees. Since then, the number of employees has decreased by about 15,000, but this is still less than half of the internal target of 35,000 job cuts previously reported. UBS Group AG has never confirmed its broader layoff plans. UBS Group AG previously stated that it plans to cut about 3,000 jobs in Switzerland in the coming years, and in 2023 took an unusual step to detail the layoff plan in the country. A spokesperson for UBS Group AG responded to inquiries by stating that many job cuts will take place over the next few years, some of which will be achieved through early retirement or by not filling vacancies when employees decide to leave. The spokesperson said the bank will also seek to reassign those employees whose current positions are being eliminated. The Zurich-based bank is currently in the middle of a large-scale IT system migration for Credit Suisse clients, with the goal of completing the overall integration by the end of 2026. Informed sources say the second round of layoffs is expected to take place after the IT migration is completed in mid-next year, and also added that even after the migration is completed, the bank will still need to retain some IT and operations experts to ensure a smooth transition. Over the past two years, UBS Group AG's layoffs have continued globally, with the investment banking department bearing the brunt of the job cuts. Wealth management staff have been relatively better off as UBS Group AG seeks to retain key Credit Suisse private bankers and their serviced clients.