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Time of India
22-05-2025
- Business
- Time of India
UBS to shift around 1,000 job roles from Mumbai to Hyderabad
Hyderabad: Global banking giant UBS, which just wrapped up the merger and integration of Credit Suisse, is planning to move around 1,000 tech job roles from Mumbai to Hyderabad by the end of 2025 as part of its plans to rationalise its overall India headcount, a top UBS India official told TOI. The Swiss bank currently has around 2,000 employees in Hyderabad, which it plans to grow to 3,500-4,000 over the next two to three years, Matthias Schacke, Head of India Services and Technology, UBS India, said. This includes the approximately 1,000 jobs that UBS is moving from Mumbai, where it currently has around 2,500 employees. Pune is currently UBS's largest hub in India with around 10,000 employees, of which around half are tech-related roles. "We believe that from a technology perspective, it's a fantastic proposition here (in Hyderabad). There are some more business-related functions that will probably remain in Mumbai, but I think we are fully in for Hyderabad," he said. "We have around 2,000 people in Hyderabad, and now we're building another 1,000-seater across the street. And there is even more demand in the pipeline, actually, so we're not even finished, and we're running out of space," Schacke added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Viral Video: मृत्यू कसाही येऊ शकतो! सीसीटीव्हीत कैद झाली काळीज पिळवटणारी घटना Latest News Read More Undo Speaking about the bank's overall India plans, Schacke said UBS aims to stabilise its India headcount at around 20,000 by the end of 2026 from nearly 24,000 currently, as it focuses on increasing its permanent employee base. "We are actually rationalising the vendor footprint and prioritising our permanent footprint to bring it up to around 85%. That's the idea. Currently, we are around 65-68%," he said. "While automation, artificial intelligence, and other emerging technologies will take some of the lower-tier roles away, there will be more meaty roles coming at the same time. And that's why I expect, with a lot of movements in and out, our footprint will be around 20,000," he explained. Pointing out to the crucial role that India plays in UBS's global operations, particularly in technology, he said 50% of the company's global certified engineers are Indians, and India houses 40% of the company's total tech footprint. In terms of the entire organisation, India houses around 18-20% of UBS's total global headcount of around 1.3 lakh. Schacke said the Swiss bank is also investing heavily in building AI capabilities in India, where it already spends around $1 billion in operating costs each year. "As we have invested a lot in certifying our engineers, we are now looking into building and certifying AI capabilities here," he said. Highlighting India's strategic importance, Schacke said the recent Credit Suisse integration demonstrated India's crucial role. "The whole cloud strategy integration, all the applications that come together from Credit Suisse and UBS, thousands of applications to be decommissioned, client migration — all these topics which are very crucial and critical for the bank, they would not have happened without India," he emphasised.
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Business Standard
22-04-2025
- Business
- Business Standard
UBS to sell wealth management biz to 360 One, to take 4.95% stake in it
360 ONE Wealth and Asset Management Ltd (360 ONE) on Tuesday said it proposes to acquire wealth management business of UBS India. Under the proposed deal, Switzerland-headquartered UBS India will pick up a 4.95 per cent stake in 360 ONE through warrants, according to an exchange filing. As part of this collaboration, it is proposed that clients from both institutions will have access to onshore and offshore wealth management solutions, 360 One said in a regulatory filing. Potential collaborative opportunities for asset management products and investment banking services will also be explored, it said. In addition, 360 ONE will acquire UBS's onshore wealth management business in India through its subsidiaries, it said. UBS will also purchase warrants amounting to 4.95 per cent stake in 360 ONE, demonstrating UBS's commitment to the fast-growing ultra and high-net-worth Indian market, it said. The entire transaction will be subject to the necessary regulatory approvals, it added. "A joint committee led by senior leadership from both institutions will be established to explore growth opportunities. This is a first step towards a powerful collaboration, which will further enhance the value proposition and unlock synergies for our clients and employees," it said. With this transaction, it opens the way for a global, personalized, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders, Akhil Gupta, Chairman, 360 ONE said. "We are proud of this latest milestone and convinced that this strategic collaboration with 360 ONE will help accelerate our momentum in one of the world's most significant and fastest-growing markets. "Together, we are best placed to serve our global Indian clients wherever they are as they seek greater opportunities, both domestically and globally," UBS Co-Head Global Wealth Management Asia Pacific Jin Yee Young said.
