UBS CEO Signals Job Cuts Will Continue in Quest to Lower Costs

UBS Group AG Chief Executive Officer Sergio Ermotti said he will keep cutting headcount in the wake of the historic acquisition of Credit Suisse.

The Swiss lender seeks to shed another $5.5 billion in costs in addition to the $7.5 billion already achieved since the deal, Ermotti said in an interview with Bloomberg News Editor-in-Chief John Micklethwait in Davos on Tuesday. It’s “inevitable” that this will involve redundancies, though UBS would try to rely on voluntary leavers as much as possible, he said.