UBS has significantly scaled back its spending on external advisers, cutting the bill by over $800 million as the complex project to integrate Credit Suisse winds down. The Swiss bank announced these financial adjustments alongside a workforce reduction of 5,500 positions, signaling that the merger process is nearing its final stages.
The move reflects the bank's strategy to streamline operations now that the bulk of the integration work has been completed. By reducing reliance on outside consultants and trimming staff numbers, UBS aims to optimize costs following the massive consolidation effort.
Sources: Financial Times.