UBS is planning to hire 3,000 people in India, even as the company reportedly plans to axe the same number of roles in Switzerland.
The workforce reduction in Switzerland is a result of its merger with Credit Suisse. Though the bank has declined to say if the two developments are connected, sources close to UBS, as per ET, have said that there is no link between the two.
UBS commented that it will cut down 3,000 Swiss roles later in the year. Most of the affected roles, according to CEO Sergio Ermotti, are expected to either go through natural attrition or early retirement, as the bank aims to limit the social impact the moves may cause.
The bank has several offices in India and plans to open an additional site in Hyderabad, for which it aims to hire 2,000 to 3,000 employees in the coming months. With this, UBS’ workforce in the city is expected to double.
“We’re looking forward to further expanding our tech capabilities, including AI, while enhancing our operations footprint in the location,” said Matthias Schacke, who heads the bank’s operations in India.
