UBS continues its restructuring after the takeover of Credit Suisse, with hundreds of employees in New York and Hong Kong affected in the past week.

Credit Suisse, which has operated as a UBS subsidiary since June, is laying off 254 employees in New York, according to a memo to the New York State Department of Labor.

The mid-September layoffs affect about 9 percent of Credit Suisse's 2,714 employees in the US financial mecca. They're spread across the investment bank, trading, and asset management divisions, according to a «Financial News» (behind paywall) report. Last year, UBS laid off half a dozen employees in Hong Kong, focusing on China.

Three Rounds of Layoffs

UBS announced three rounds of layoffs after its emergency takeover of Credit Suisse. The first round, affecting around 200 investment bankers worldwide, came in July in the corporate banking and capital markets business (global banking). The second round, now in progress, started in September and is focused on research and trading functions, among others.

Since the merger with UBS was announced in March, turnover at Credit Suisse increased significantly. In the first six months of the year, around 8,000 employees had left the bank.

Personnel Axe in Asia...

Meanwhile, UBS has laid off about 7 percent of its global banking staff in Asia, affecting about two dozen China-focused investment bankers, including several high-ranking managing directors, according to a «Bloomberg» (behind paywall) story.

The layoffs were initially planned for September but postponed because of the acquisition, with the final tally yet to be determined. 

...and in Switzerland

UBS is cutting over $10 billion in costs by the end of 2026, with the bulk coming from staff reductions, with a heavy focus on restructuring Credit Suisse's investment banking operations. In Switzerland, it's expected that 3,000 jobs will be cut.

A thousand of these are related to the integration of Credit Suisse Switzerland into the banking group, with another 2,000 to other domestic businesses, according to a statement in August.