UBS declined to say whether the two developments were connected, and sources close to the bank said there was no link. It has said around 3,000 Swiss jobs will be cut, most likely later this year. In India, where UBS already has several offices, the bank is opening an additional site in Hyderabad, where it plans to add 2,000 to 3,000 roles in the coming months. "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 UBS' operations in India. "It is extremely important to us that as many jobs as possible remain in Switzerland," she said.

Source: The Edge Markets February 12, 2026 10:06 UTC