Layoffs at UBS and Crédit Suisse in Luxembourg have been confirmed as part of a signed social plan at the Swiss banks.

The restructuring will occur in two phases: an initial wave in July will affect 70 to 80 employees, followed by an additional 65 to 75 job losses at the beginning of 2025.

In a joint press release, the Luxembourg Association for All Employees with a Need for Assistance (Aleba), the Independent Luxembourg Trade Union Confederation (OGBL), and the Luxembourg Confederation of Christian Trade Unions (LCGB) announced that they have secured guarantees, indemnities, and bonuses for affected employees.

The agreement includes social support measures and special conditions for employees over the age of 50.

Despite improvements to departure terms, the trade unions expressed regret over the job losses resulting from the merger of the two banks.

Currently, approximately 900 people are employed across both UBS and Crédit Suisse in Luxembourg.