UBS has announced plans to hire up to 3,000 employees in India, signaling a major expansion of its operations in the country. The hiring drive will primarily focus on Hyderabad, where the bank is opening an additional office site. This expansion is expected to double UBS’s workforce in the city and significantly enhance its technology and operational capabilities.
The move comes at a time when UBS is undergoing structural changes following its 2023 acquisition of Credit Suisse in a state-engineered rescue deal. The integration has resulted in plans to cut approximately 3,000 jobs in Switzerland, with most reductions expected to occur later this year. According to UBS CEO Sergio Ermotti, the bank aims to manage these job cuts responsibly, relying largely on natural attrition and early retirement programs to minimize social impact.
While the hiring surge in India mirrors the number of job reductions planned in Switzerland, UBS has declined to confirm any direct connection between the two developments. Sources close to the bank have also stated that there is no link between the expansion in India and the workforce reductions in Switzerland.
In India, UBS is focusing on strengthening its technology capabilities, including artificial intelligence and advanced operational functions. Matthias Schacke, who heads UBS operations in India, emphasized the bank’s commitment to expanding its tech expertise and enhancing its operational footprint in the region.
The announcement has drawn attention in Switzerland, where employee representatives stress the importance of maintaining as many domestic jobs as possible. Natalia Ferrara, Vice President of the Swiss Bank Employees Association, underscored that Swiss employment regulations should not make the country less attractive for UBS.
Overall, UBS’s strategic workforce shift reflects a broader trend in global banking, where institutions are balancing cost efficiencies in mature markets with expansion in high-growth regions such as India.
