UBS slashes jobs in Spain

UBS is implementing substantial job reductions in Spain as part of its broader strategy to streamline and downsize Credit Suisse’s investment banking workforce. Specifically, UBS is eliminating all 147 positions within Credit Suisse’s investment banking operations in the country. This move affects not only investment bankers but also back- and middle-office staff who work in the Wealth Management division.

In contrast, UBS has chosen to retain Credit Suisse’s private banking operations in Spain. This decision likely arises from UBS’s prior sale of its Spanish wealth business in 2021, making it logical to maintain a presence in the private banking sector. UBS’s commitment to the Spanish market remains unwavering despite the staff reductions.

According to a spokesperson from UBS, the bank remains fully committed to Spain, and the acquisition of Credit Suisse’s assets has bolstered their position to accelerate their existing growth strategy and enhance their range of financial products and services. This strategic move aims to solidify UBS’s standing in Spain while optimising its operations in line with the broader restructuring plans following its acquisition of certain segments of Credit Suisse’s business.