The Swiss Bank Employees Association (SBPV) estimates that a departure by UBS could cost 10,000 to 12,000 of the bank's 34,000 jobs in Switzerland. It makes the case in a letter to a parliamentary committee, reported by the NZZ am Sonntag and Reuters, then by finews.ch on 26 October 2026. In it, the association calls for a compromise on the tightening of the too big to fail rules and of UBS's capital requirements. This figure describes a scenario, not an established fact.
According to finews.ch, the staff association is thereby backing UBS's position in the debate. It considers that tougher capital requirements would call into question the bank's presence in Switzerland.
What does the SBPV letter say?
The letter is addressed to the members of the Economic Affairs and Taxation Committee (EATC) examining the matter. In it, the SBPV calls for a "workable compromise" on the capital question.
It puts forward a fundamental argument: "A departure, sale or merger of UBS is being demanded by investors and is not ruled out by the bank." Such an outcome would, in its view, have serious consequences for the Swiss financial centre and for staff.
Its president, Michael von Felten, points to a gap: "The consequences for employment have not been studied to date." He notes that the studies commissioned by the Confederation nevertheless cite job cuts and a relocation of the headquarters as possible responses by the bank.
What do 10,000 to 12,000 jobs represent?
The SBPV figure corresponds to around one third of UBS's 34,000 jobs in Switzerland. It would come on top of the job cuts already under way, according to finews.ch and Fintechnews Switzerland.
These orders of magnitude are not of the same nature. Some are established facts, another is an announcement, and the last is a scenario.
| Figure | What it measures | Nature |
|---|---|---|
| 34,000 jobs | UBS's current workforce in Switzerland | Established fact |
| Around 20,000 jobs | Cuts worldwide since the takeover of Credit Suisse in 2023 | Established fact |
| Around 3,000 jobs | Cost of the merger in Switzerland, according to chief executive Sergio Ermotti | Announcement by the bank |
| 10,000 to 12,000 jobs | Possible losses in Switzerland if UBS leaves, according to the SBPV | Scenario |
The sources do not specify how the SBPV calculated its range. Nor do they say over what period these losses would occur.
Where does the debate on UBS's capital stand?
The debate concerns the "too big to fail" rules, which target systemically important banks. Switzerland has been considering tightening them since UBS took over Credit Suisse in 2023.
The sensitive point concerns the bank's foreign subsidiaries. In September 2026, the upper house backed a version that would require them to be 90% covered by capital of the highest quality. UBS estimates that this version would add around 16 billion dollars to its core capital.
According to Fintechnews Switzerland, it is now a committee of the lower house that is weighing the amount of capital required for foreign operations. Sergio Ermotti opposes the stricter rules voted by the upper house.
The SBPV letter follows on from a report published in mid-October. According to the Wall Street Journal, UBS is said to be studying contingency plans, up to and including moving its headquarters abroad. Neither UBS nor Reuters has confirmed this report.
The supervisory authority is staying out of this trade-off. Its director, Stefan Walter, points out that competitiveness is not part of FINMA's mandate, the Swiss Financial Market Supervisory Authority.
What are the consequences for banking jobs in Switzerland?
For the cuts already announced, UBS says it is spreading departures over several years. It relies mainly on natural attrition, early retirement and internal transfers.
- The employees concerned enter a coaching programme.
- Depending on age, their notice period can be extended up to 12 months.
Views differ on the market's capacity to absorb these departures. Klaus Biermann, partner at the recruitment firm Biermann Neff, recalls that banks used to pay well, even average bankers. He sees little chance of new jobs for this group, let alone on the former terms.
Christian Bretscher, president of the Zurich Bankers Association, does not expect a wave of unemployed bankers. In his view, the coaching programme cushions the blow, even if difficult cases will always arise.
What we don't know yet
- The method and time horizon behind the figure of 10,000 to 12,000 jobs.
- The content of the studies commissioned by the Confederation, which the sources do not detail.
- The timetable for the vote in the second chamber and the entry into force of the new rules.
- UBS's official position on a departure, sale or merger, which the bank does not rule out according to the SBPV.
