El optimización estratégica de mano de obra de UBS y su impacto en el valor de los accionistas

The acquisition of Credit Suisse by UBS in 2023 marked one of the most pivotal moments in Swiss banking history. As the integration nears completion, UBS faces the dual challenge of achieving aggressive cost reductions while mitigating operational risks that threaten its long-term stability. With a target of eliminating 10,000 jobs by 2027 and navigating regulatory pressures, the bank's ability to balance efficiency gains with risk management will define its path to shareholder value creation.

Cost Reduction: A Calculated Approach to Efficiency

UBS has embarked on an aggressive workforce optimization strategy, aiming to reduce its global headcount by 9%-or 10,000 roles-by 2027. As of Q3 2025, the bank had already cut 6,549 positions compared to the same period in 2024, with a further 322 reductions in the most recent quarter alone. These cuts are part of a broader $13 billion cost-saving initiative, of which the bank has already achieved $10 billion, representing 77% of the target. The focus on attrition and internal mobility has minimized large-scale layoffs, though progress has lagged expectations, with only 1,300 roles eliminated per quarter as of June 2025 according to UBS's latest quarterly report.

The rationale for these cuts is clear: eliminating redundancies from the merged entity. For instance, the Non-Core and Legacy division's risk-weighted assets have declined by 64% by Q3 2025, and over 90% of Credit Suisse's Wealth Management accounts in key markets have been migrated to UBS platforms. Branch consolidations and the reduction of non-core portfolios further underscore the bank's commitment to streamlining operations.

Operational Risks: The Hidden Costs of Integration

While cost-cutting is central to UBS's strategy, the integration of Credit Suisse has introduced significant operational risks. The most pressing issue is the unresolved weaknesses in internal controls, highlighted by an adverse audit opinion from Ernst & Young in March 2024. This opinion flagged material deficiencies in financial reporting, many inherited from Credit Suisse's complex legacy systems. UBS has launched a remediation program but has not provided a timeline or cost estimate for full resolution.

Regulatory pressures compound these challenges. Swiss government proposals would increase UBS's capital requirements by an estimated $24 billion, on top of existing demands for $18 billion in additional CET1 capital post-merger. These requirements, coupled with ongoing litigation from former Credit Suisse shareholders and a $511 million U.S. tax probe settlement, create a volatile environment for risk management.

Balancing the Equation: Technology and Process Innovation

UBS's response to these challenges hinges on leveraging technology and process improvements to align cost reductions with risk mitigation. The bank has positioned itself as an "AI-first" institution, appointing Daniele Magazzeni as its first Chief AI Officer to oversee AI deployment across operations. Over 280 AI use cases have already been identified, including tools like the "UBS Red" advisor assistant, which enhances productivity for financial advisors. These innovations aim to offset the risks of workforce reductions by automating tasks and improving decision-making.

Process overhauls have also yielded measurable results. By Q3 2025, UBS reported $900 million in additional exit-rate cost savings for the quarter, bringing cumulative savings to $10 billion-$1 billion ahead of schedule. The migration of Credit Suisse's Swiss client accounts and the reduction of risk-weighted assets in the Non-Core division demonstrate progress in streamlining operations while managing residual risks according to Q3 2025 financial reports.

Shareholder Value: A Delicate Tightrope

UBS's strategy to balance cost-cutting with risk mitigation is critical to its ability to deliver shareholder value. The bank has maintained a CET1 capital ratio of 14.3% as of March 2025, providing a buffer against regulatory demands. It has also committed to capital returns, including a 10% increase in the ordinary dividend and up to $2 billion in share repurchases in 2025. However, the success of these initiatives depends on resolving internal control issues and accelerating integration. Delays in workforce reductions or unresolved compliance risks could erode investor confidence.

Conclusion

UBS's post-merger integration represents a high-stakes balancing act. While the bank has made strides in reducing costs and improving operational efficiency, unresolved risks-particularly in internal controls and regulatory compliance-pose significant headwinds. The integration of AI and process innovations offers a promising path to mitigate these risks, but the ultimate test will be whether UBS can achieve its cost targets without compromising stability. For shareholders, the coming quarters will be pivotal in determining whether this strategic overhaul translates into sustainable value creation.