Taken on March 24, 2023 in Geneva, this photo shows the Credit Suisse bank sign.
Fabrice Coffrini | AFP | Getty’s paintings
UBS Group desires to lay off more than half of Credit Suisse’s staff from next month because of this of the takeover of the bank, Bloomberg news he announced on Tuesday.
Bankers, traders, support staff at investment bank Credit Suisse in London, Recent York and parts of Asia are expected to bear the brunt, with nearly all activities in danger, the report said.
UBS intends to ultimately cut its total workforce by around 30%, or 35,000, from Credit Suisse’s current workforce of around 45,000, the report said, citing people accustomed to the matter.
As many as 10,000 jobs can be lost if the Swiss national businesses of the 2 banks were merged.
UBS and Credit Suisse declined to comment.
Reuters reported last week that UBS would make a cut in Asia job offers in investment banking at Credit Suisse next month, with significant cuts in investment bankers in Australia and China.
Earlier this month, UBS chief executive Sergio Ermotti warned of painful decisions on employment reduction after the acquisition of Credit Suisse, but gave no details on the number of potential layoffs.
UBS finished emergency takeover with struggling rival Credit Suisse in June, creating the Swiss banking and wealth management giant with a $1.6 trillion balance sheet and 120,000 employees.