UBS Group AG (NYSE:UBS) is gearing up for another round of layoffs as part of its ongoing efforts to improve efficiency following its acquisition of Credit Suisse last year. The Swiss bank reportedly plans to cut more than 100 positions within its global investment bank, aiming to save approximately $6 billion in employee costs over the coming years. These layoffs are expected to occur in the upcoming weeks, although the exact timing remains undecided, according to Bloomberg.
The integration of Credit Suisse has significantly increased UBS’s headcount, boosting it from around 75,000 to approximately 120,000 employees when the deal closed in June. This has prompted a reevaluation of staffing needs across the board. Meanwhile, UBS shares have seen a downturn recently, influenced by new pressures from the Swiss government, which is pushing for stricter capital requirements for the bank.
Is UBS Stock a Buy, According to Analysts?
On TipRanks, UBS comes in as a Moderate Buy based on nine Buys, two Holds, and one Sell rating assigned in the past three months. The average UBS stock price target of $31.98 implies 13.77% upside potential.
