UBS may have to eliminate up to 12,000 positions in Switzerland if stricter capital requirements force the bank to relocate, the Swiss Bank Employees Association said in a letter to lawmakers, as reported by NZZ am Sonntag and Reuters. UBS’s Swiss workforce numbers approximately 34,000 employees, so the potential cuts would represent roughly one‑third of its domestic staff. These job reductions would be in addition to the ongoing workforce reductions associated with the integration of Credit Suisse, which UBS is still completing.
A committee in the lower house of the Swiss parliament is scheduled to discuss capital requirements for UBS’s foreign subsidiaries. In September 2026, the upper house (Council of States) proposed that UBS back those foreign units with a Common Equity Tier 1 (CET1) capital ratio of 90%. UBS has indicated that a 90% CET1 buffer is excessive, and the bank’s chairman has previously stated that the company would need to carefully evaluate its future in Switzerland if the new regulations prove too stringent.
Some UBS shareholders have advocated for the bank to leave Switzerland. In response, UBS is developing contingency plans that could include relocating its headquarters abroad or merging with another financial institution. The Swiss Bank Employees Association has asked lawmakers for a "viable compromise," warning that stricter capital requirements could threaten UBS’s continued presence in the country.