UBS Group is planning to reduce Credit Suisse’s workforce by over 50% starting next month as a result of the bank’s takeover, according to Bloomberg News.
Bankers, traders, and support staff in Credit Suisse’s investment bank in London, New York, and certain parts of Asia are expected to be most affected, with nearly all activities at risk, the report stated.
UBS intends to eventually decrease the combined headcount by around 30%, or 35,000 people. Currently, Credit Suisse has approximately 45,000 employees. The information was provided by individuals familiar with the matter, as cited in the report.
READ: Up to 30% of jobs to be cut by enlarged UBS, according to Tages-Anzeiger
If the Swiss domestic businesses of the two banks merge, up to 10,000 jobs could be eliminated.
Both UBS and Credit Suisse declined to comment on the matter.
Last week, Reuters reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with a significant reduction in investment bankers covering Australia and China.
Earlier this month, UBS CEO Sergio Ermotti warned of the need for difficult decisions regarding job cuts following the takeover of Credit Suisse, but did not disclose the specific number of potential layoffs.
In June, UBS completed its emergency takeover of struggling competitor Credit Suisse, creating a Swiss banking and wealth management powerhouse with a balance sheet of $1.6 trillion and a workforce of 120,000.
READ: UBS completes Swiss mega-merger, gaining influence as a global wealth player
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
