08:16 AM EDT, 08/14/2025 (MT Newswires) -- UBS is on track to miss an internal target of reducing its workforce to 85,000 by the end of 2026, when it expects to complete the integration of Credit Suisse, the Financial Times reported Thursday.

The bank had about 105,000 employees at the end of June after cutting an average of 1,300 jobs per quarter since the start of 2024, the report said. UBS had more than 119,000 employees at the end of June 2023 following the acquisition of Credit Suisse, which added about 45,000 staff.

UBS said it is focused on cost targets and "not headcount numbers," according to the FT report. The bank added that it was 70% of the way to achieving its goal of cutting costs by $13 billion by 2026.

UBS said it expects future headcount reductions to be mostly achieved through natural attrition, early retirement, and shifting external roles in-house, the report said.

UBS did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)