UBS Group AG has cut several hundred support-staff positions across its operations in Europe, the Middle East, and Africa, according to a Bloomberg News report published last week. The reductions represent the latest wave of layoffs tied to the Swiss bank’s acquisition of Credit Suisse three years ago. A UBS spokesperson declined to comment on the report.
The cuts did not affect the United States, where UBS maintains a workforce of roughly 5,700 financial advisors. The bank has previously stated it expects to eliminate approximately 3,000 positions in Switzerland alone as it integrates Credit Suisse, Reuters reported.
UBS joins a growing list of financial advice and wealth management firms that have trimmed headcount in recent months. In March, Morgan Stanley announced plans to cut about 2,500 jobs globally, representing roughly 3% of its workforce, as the Wall Street giant realigns its priorities. A month earlier, LPL Financial Holdings reduced its workforce by about 3%, or roughly 300 employees, from its 10,100-person base.
Cetera Financial Group announced a second round of job cuts in September 2025, following a 5% reduction earlier in the year. Edward Jones laid off 259 home-office associates in the United States and Canada last August, on top of 552 associates who accepted a voluntary separation package earlier in the year. The firm said no financial advisors or branch-office team members were affected, and the total impact was less than 2% of its full- and part-time workforce.
Industry observers point to several factors driving the consolidation of back-office roles. The adoption of artificial intelligence software is automating many administrative and compliance tasks, reducing the need for support staff. Firms are also under pressure to boost profitability amid rising costs and flat revenue growth in certain segments.
According to an EY report, AI, wealth transfer, and self-direction are expected to reshape wealth management by 2030, potentially accelerating the shift away from traditional support roles. Meanwhile, a Bain report notes that wealthy clients are shifting spending from goods to experiences, which may influence how advisory firms allocate resources.
The layoffs at UBS and its peers underscore a broader trend of cost-cutting across the wealth management industry. As firms integrate acquisitions and invest in technology, they are reassessing staffing levels, particularly in non-revenue-generating functions. For advisors, the changes may mean fewer internal resources but also opportunities to leverage new tools for client service.
