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UBS's cuts seem to involve senior people from Credit Suisse

UBS is making another round of job cuts, but some people there seem more at risk than others. 

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Bloomberg reported today that UBS is preparing a new round of cuts across the investment bank, the markets business and the wealth management business. 100 jobs are expected to go in the investment bank, and the cuts will reportedly "go beyond the routine pruning of underperformers."

UBS declined to comment. However, there are indications that in wealth management at least, changes are already underway and that one sort of person at the Swiss bank is coming off worse than the rest.

Inside ParadePlatz reports that many of the wealth management cuts appear to involve senior people from Credit Suisse and that "45 supposed untouchables" were cut this week. Citing a UBS memo, it says they include Raffael Gasser, the former head of private banking international at Credit Suisse who joined UBS in September 2023 as head of North Europe private wealth clients and Andrea Grob, who joined from Credit Suisse in July last year as sector head for wealth management in Turkey, Greece and Africa.  Matteo Franceschini, a historic UBS banker managing Southern Europe, is also going. A raft of UBS veterans will now run the wealth management business in Europe (Niels Zilkins, Tobias Vogel, Victoria Hagmann, Alejandro Velez, Carl Von Wrede and Gianluca Gera) under Christine Novakovic.

UBS is due to report its first quarter results in early May. Speaking to investors after announcing the bank's fourth quarter results, CFO Todd Tuckner said the bank expected to finish onboarding 400 Credit Suisse markets professionals in the first quarter of 2024 and that as Credit Suisse bankers are onboarded he expected banking "to generate almost twice its baseline revenues by 2026, assuming supportive markets." However, Tuckner also noted that the bank is aiming to make $13bn in cost savings and would pace any reinvestment of that amount, "depending on how that revenue trajectory develops."

UBS's investment bank made a $169m loss in the fourth quarter. One London MD there told us the expectation is that the "final Credit Suisse people" slated for removal are due to go soon.

Photo by Alex Gruber on Unsplash

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AUTHORSarah Butcher Global Editor

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