UBS expects to hire up to 3,000 people in India, the Swiss bank said on Wednesday, a figure similar to the number of jobs set to disappear in Switzerland as a result of its integration with former rival Credit Suisse.
UBS declined to say whether the two developments were connected, and sources close to the bank said there was no link.
UBS bought Credit Suisse in a state-engineered rescue in 2023, leaving it as Switzerland’s sole major banking group. It has said around 3,000 Swiss jobs will be cut, most likely later this year.
Most roles are expected to go through natural attrition or early retirements, according to CEO Sergio Ermotti, who has said the bank aims to limit the social impact.
In India, where UBS already has several offices, the bank is opening an additional site in Hyderabad, where it plans to add 2,000 to 3,000 roles in the coming months.
The hiring push would double UBS’s workforce in the city, it said.
“We’re looking forward to further expanding our tech capabilities, including AI, while enhancing our operations footprint in the location,” said Matthias Schacke, who heads UBS’ operations in India.
Natalia Ferrara, vice president of the Swiss Bank Employees Association, declined to comment on developments in India but said Swiss rules should not make the country unattractive for UBS.
“It is extremely important to us that as many jobs as possible remain in Switzerland,” she said.
Reuters
