{"text":[[{"start":11.48,"text":"UBS has slashed spending on external consultants and contractors by more than $800mn this year, as the Swiss lender winds down its Credit Suisse integration and axes thousands of jobs to trim costs."}],[{"start":25.42,"text":"Switzerland’s biggest bank spent one-third less on consultants, contractors and outsourcing during the first nine months of 2026 than in the same period last year, company filings show — a drop of $825mn. It has also shed more than 5,500 jobs since January, outpacing most of its rivals."}],[{"start":46.4,"text":"The job cuts and sharp drop in spending on external advisers underline the progress UBS has made in its mammoth integration of Credit Suisse."}],[{"start":55.2,"text":"Bringing together two global systemically important financial institutions for the first time has been a complex task. UBS enlisted an array of advisers to help with the process after acquiring its former rival in a state-orchestrated rescue in 2023, with Oliver Wyman securing the lucrative contract to act as the bank’s lead management consultant on the project."}],[{"start":76.28,"text":"UBS took on about 45,000 employees overnight when it acquired Credit Suisse and has had to transfer more than 1mn customers on to its own systems. The combined workforce peaked at more than 119,000 in June 2023. Since then, UBS has shed about 21,500 full-time roles, leaving it with about 97,500 employees at the end of September, filings show."}],[{"start":104.12,"text":"Separate from the integration, UBS has launched a round of job cuts in its investment bank in recent weeks, according to people familiar with the matter. One person said the move was consistent with the bank’s “normal year-end approach to managing resources and performance”."}],[{"start":118.96,"text":"Several European banks have been reducing headcount this year, with HSBC shedding more than 4,000 positions since January and Barclays announcing plans last month to axe 5,000 roles."}],[{"start":129.96,"text":"UBS’s heavy spending on external advisers during the integration stood in contrast with a broader push in the banking industry to reduce reliance on consultants as a way to rein in costs. Before it acquired Credit Suisse, UBS had sought to reduce its spending on external advisers as part of a $1bn cost-cutting drive."}],[{"start":148.92,"text":"Alongside the integration, UBS has been embroiled in a high-profile political battle with the Swiss government over proposals to impose tougher capital requirements on the bank."}],[{"start":160.14,"text":"Its executives suffered a setback in September when Swiss lawmakers pressed ahead with strict new rules that the lender said would require it to hold about $16bn of additional capital, rejecting a compromise proposal."}],[{"start":174.68,"text":"The proposal will proceed to the parliament’s lower house to be voted on in the coming months."}],[{"start":175.18,"text":"UBS declined to comment."}],[{"start":186.08,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793867250_5414.mp3"}