UBS is to cut 500 IT jobs from around the world, the Swiss banking giant has confirmed.
Around 180 of the roles will be cut from its Swiss operations, 90 for the US and the rest from the UK and Asia-Pacific. The total represents just under 6% of UBS’ 8,700-strong total IT workforce.
A spokesperson for the bank told Bloomberg that some of the job cuts in Switzerland relate to its engagement with Indian IT offshore outsourcing provider Cognizant.
The bank said 40 employees have opted for early retirement, and that some roles may be moved, but that there would certainly be redundancies.