UBS to cut more than half of Credit Suisse workforce - Bloomberg News
Reuters
Published Jun 27, 2023 18:57
Updated Jun 28, 2023 01:10
(Reuters) -UBS Group is looking to cut more than half of Credit Suisse (SIX:CSGN)'s workforce from next month as a result of the bank's takeover, Bloomberg News reported on Tuesday.
Bankers, traders, support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt, with almost all activities at risk, the report said.
UBS intends to eventually reduce the total combined headcount by about 30%, or 35,000 people, with headcount at Credit Suisse currently at about 45,000, the report said, citing people familiar with the matter.
As many as 10,000 jobs would be cut if the Swiss domestic businesses of the two banks are merged.
UBS and Credit Suisse declined to comment.
Reuters had last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China.
Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but did not give details about the number of potential layoffs.
UBS completed its emergency takeover of embattled rival Credit Suisse in June, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet and a workforce of 120,000.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.