UBS integrates Credit Suisse and enters the final stage, CEO says a new round of layoffs will be launched soon.

UBS Group's dramatic rescue of Credit Suisse has been completed over the past three years, and the bank is now entering the crucial final stage of integration work. UBS CEO Sergio Ermotti said in an interview in Shanghai on Tuesday that after shutting down some of the computer systems acquired through the acquisition, UBS will soon start a new round of layoffs. The bank will also close several information technology and data centers. "In Switzerland, we are still maintaining and operating two separate IT systems," Ermotti said, referring to UBS's own system and the system acquired from the competitor before the acquisition. "Closing one of them will bring synergies," reflected in "real estate footprint and, to some extent - unfortunately - also some staff reductions." Ermotti said that the number of layoffs in Switzerland is expected to be "less than 3,000" and will take place "from now until early 2027."