When it reported its second quarter results in July, group chief executive Oswald J. Grübel confirmed the group was looking to take out between CHF1.5bn and CHF2bn (£1.2bn to £1.5bn) in the coming two or three years.
Today it updated its position by saying these plans included a headcount reduction of 3,500 worldwide which will include some redundancies as well as natural turnover.
Of the expected 3,500 staff reductions, approximately 10% will come from the global asset management division which includes its fund management business across the Americas, Asia Pacific, Switzerland and Europe as well as a global sovereign markets group and a number of back office functions.
The company also intends to cut costs by CHF550m (£424m)through restructuring, with CHF450m being made in the second half of this year, the vast majority in the third quarter. The global asset management group will suffer 10% of these cuts.
Elsewhere, 45% of the headcount reduction will come from the investment bank (and 55% of the restructuring cost cuts), 35% from wealth management and the Swiss bank (30% of costs), and a further 10% from wealth management in the Americas (5% of costs).
The actual number of redundancies is still subject to employee consultation as required under the applicable local rules.
