UBS plans to hire up to 3,000 employees in India even as it prepares to cut a similar number of jobs in Switzerland as part of its integration of Credit Suisse.
The Swiss lender said on Wednesday it would expand its operations footprint in Hyderabad, adding between 2,000 and 3,000 roles in the coming months. According to Reuters, the hiring push would effectively double UBS’s workforce in the city.
The announcement comes as UBS continues to integrate former rival Credit Suisse, which it acquired in a state-backed rescue in 2023. The takeover left UBS as Switzerland’s sole major banking group and triggered a broad restructuring programme.
UBS has previously said around 3,000 jobs in Switzerland are set to be cut, most likely later this year. The bank declined to say whether the hiring in India was linked to the Swiss job reductions, and sources close to the company told Reuters there was no direct connection.
Chief executive Sergio Ermotti has indicated that most of the Swiss job losses are expected to occur through natural attrition or early retirement, in an effort to limit social impact.
In India, UBS is focusing on expanding technology and operational capabilities. Matthias Schacke, who heads UBS operations in India, said the bank is looking to strengthen its tech capabilities, including artificial intelligence, while broadening its operational footprint in the country.
“We’re looking forward to further expanding our tech capabilities, including AI, while enhancing our operations footprint in the location,” Schacke said, according to Reuters.
The contrasting workforce moves underscore the structural shifts underway within global banking groups. As UBS streamlines overlapping functions in Switzerland following the Credit Suisse merger, it is simultaneously investing in lower-cost technology hubs and specialist centres abroad.
Labour representatives in Switzerland have expressed concern about preserving domestic employment. Natalia Ferrara, vice president of the Swiss Bank Employees Association, told Reuters it was important that as many jobs as possible remain in Switzerland and that domestic regulations should not deter investment.
The integration of Credit Suisse represents one of the largest restructurings in European banking in recent years. UBS has committed to extracting cost savings while maintaining service continuity and regulatory compliance.
The expansion in India reflects the bank’s long-term strategy to strengthen technology, AI and operational support functions, even as it reduces headcount in higher-cost markets.
Investors will be watching how effectively UBS balances cost discipline with growth investment as it completes the Credit Suisse integration and repositions itself for a more technology-driven banking landscape.