The big bank UBS is making progress with its cost savings. The headcount fell by a further 1,300 to 111,549 full-time positions between January and March, according to figures published on Tuesday. At the end of 2022, UBS and Credit Suisse together still employed around 123,000 people. The combined cost savings of UBS compared to the 2022 financial year have now reached around CHF 5 billion on an annualized basis, UBS writes. This corresponds to almost 40% of the total cost savings of CHF 13 billion targeted by 2026. The merger of the two operating companies UBS AG and Credit Suisse AG is to be completed on May 31.
The big bank has also further reduced the SNB's Emergency Liquidity Assistance (ELA): On May 6, it repaid a further CHF 9 billion to the Swiss National Bank. This brings the total repayments to date to CHF 29 billion. UBS intends to repay the remaining CHF 9 billion "in the coming months".
Source:
https://www.fuw.ch/ubs-aktien-mit-kurssprung-nach-starken-q1-zahlen-339204029072
