EXCLUSIVE: UnionBank distances itself from UnionDigital, UBX layoff rumors

The bank confirmed exclusively to radar Business that workforce developments involve its digital-first subsidiaries amid planned integration.

UnionBank has distanced itself from layoff rumors involving its digital-first subsidiaries, UnionDigital and UBX, confirming exclusively to radar Business that the workforce developments are separate from the bank itself, amid ongoing integration efforts.

A circulating Reddit post alleged that around 50% of employees at UnionDigital and UBX were laid off due to redundancies. The poster did not provide further details to substantiate the claim.

UnionBank did not confirm the veracity of these claims but clarified that the decision to let go of employees involved its subsidiaries, not the bank itself.

“The workforce developments mentioned in the post pertain to UnionDigital and UBX and not UnionBank,” the bank told radar Business.

UnionDigital and UBX operate separately from the bank. However, UnionBank said the planned integration of the two subsidiaries could lead to a leaner workforce.

“The planned integration of UnionDigital and UBX into UnionBank will involve organizational changes, including adjustments to workforce requirements,” the bank said.

UnionBank assured the public that it was assisting affected employees through severance packages and offering them opportunities to take on other roles within the company.

“Many actually have outstanding offers already, and we continue to encourage those affected to take advantage of the assistance and support we have made available to them,” the bank said.

In March, UnionBank denied circulating rumors that it would retrench up to 3,000 employees after radar Business published an Overheard report speculating about the possibility.

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