New Delhi, April 22: UBS, a leading Swiss banking giant, is set to initiate a series of layoffs starting in June of this year. The UBS layoff is expected to be a part of a larger cost-cutting strategy to streamline the company's operations. In response to the recent acquisition of Credit Suisse, UBS is likely to reduce expenses by over USD 10 billion through layoffs in 2024. It is estimated that the layoffs could affect between 30,000 and 35,000 jobs worldwide, which showcases the significant impact of this decision on the bank's workforce.

As per a report of Republic World, UBS is planning to roll out layoffs in five distinct waves beginning in June. This approach is indicative of a strategic restructuring within the company, aiming to achieve a more efficient operational model. The UBS layoff might be tough, but it is considered as a necessary step toward reaching a substantial savings goal. The anticipated savings from this cost-cutting initiative is expected to total around 12 billion Swiss francs, which is approximately USD13 billion. Nike Layoffs 2024: Sportswear Giant To Lay Off 740 Employees From Its Oregon Headquarters.

UBS Cost-cutting Strategies and Impact

The UBS layoffs are part of a broader initiative to trim costs significantly. The layoffs are not being taken lightly, as they represent a substantial reduction in the company's global workforce. The job cuts could range maximum of up to 35,000 positions, a figure that highlights the scale of UBS's restructuring efforts. Google Layoffs 2024: To Slash Costs, Tech Giant Reportedly Lays Off ‘Unspecified’ Number of Employees in Finance and Real Estate Teams.

UBS may implement these layoffs in five different waves starting from June and which may follow in August, September, October and November. The UBS layoff in different phases could be seen as an attempt to manage the process carefully and minimising disruption where possible while still achieving the necessary cost reductions. Each wave of UBS layoffs will likely bring its own set of challenges and adjustments, both for the employees affected and for the company as a whole.

(The above story first appeared on LatestLY on Apr 22, 2024 11:47 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).