Finance
UBS Asset Management Tells Unions It Needs to Cut One Fifth of Italy Staff
Published by Global Banking & Finance Review®
Posted on March 20, 2026
2 min readLast updated: March 20, 2026
Quick Summary
UBS Asset Management Europe has notified Italian unions that it plans to eliminate nine roles—around one‑fifth of its 42‑strong staff in Italy—due to centralising functions and streamlining its organisational structure.
UBS Asset Management to Cut One Fifth of Staff in Italy Amid Restructuring
UBS AME Announces Job Cuts and Organizational Changes
Details of the Planned Reductions
MILAN, March 20 (Reuters) - UBS Asset Management Europe (AME), a Luxembourg-based unit of Swiss bank UBS, has written to unions in Italy to start negotiations over nine job cuts at its local business, roughly a fifth of overall staff, a copy of the letter seen by Reuters showed.
Departments Affected by the Cuts
Dated March 19 and signed by branch manager Emanuele Bellingeri and the head of personnel, the letter said a centralisation of functions and a slimmer organisational set-up made redundant, among others, a local risk management team, one job in the legal department and two in Exchange Traded Funds.
Centralisation and Industry Trends
UBS AME said a more centralised business model was common in European asset management in order to curb costs and improve controls, ensuring a better running of cross-border activities.
Impact on UBS AME's Italian Operations
The letter said the Italian unit of UBS AME had a staff of 42, of whom 40 are based in Milan. It includes 26 senior executives.
Union Negotiations and Next Steps
"The bank stands ready - starting immediately - to jointly assess with unions the most suitable ways to manage the cuts," the letter said.
UBS Response and Media Coverage
UBS did not immediately reply to a Reuters email seeking comment.
(Reporting by Valentina Za, editing by Gavin Jones)
Key Takeaways
- •UBS AM Europe is proposing nine job cuts in Italy, representing approximately 20% of its local workforce (42 employees). (investing.com)
- •The reductions affect key areas such as local risk management, legal, and ETFs, as the firm shifts toward a more centralized European operating model. (investing.com)
- •This move follows prior UBS-wide restructuring, including cuts in Italy in 2025 linked to Credit Suisse integration, highlighting ongoing cost pressures and efficiency drives. (bloomberg.com)
References
Frequently Asked Questions about UBS asset management tells unions it needs to cut one fifth of Italy staff
1How many jobs will UBS Asset Management cut in Italy?
UBS Asset Management Europe plans to cut nine jobs, about a fifth of its staff in Italy.
2What is the reason for the staff cuts at UBS in Italy?
UBS cited a centralisation of functions and a slimmer organisational set-up aimed at reducing costs and improving controls.
3Which departments are affected by the UBS staff cuts in Italy?
The cuts affect the local risk management team, the legal department, and Exchange Traded Funds roles.
4How many people work at UBS Asset Management in Italy?
The Italian unit of UBS Asset Management Europe employs 42 staff, mostly based in Milan.
5How is UBS managing the staff cuts process?
UBS has begun negotiations with unions to jointly assess suitable ways to manage the job cuts.
