Business Essentials for Professionals


UBS Will Eliminate More Than Half Of The Credit Suisse Workforce: Report

UBS Will Eliminate More Than Half Of The Credit Suisse Workforce: Report
According to a Bloomberg News story, UBS Group plans to reduce more than half of Credit Suisse's personnel as a result of the bank's acquisition.
The majority of the risk is projected to fall on bankers, traders, and support workers at Credit Suisse's investment bank in London, New York, and several regions of Asia, according to the report.
According to the article, which cited people with knowledge of the situation, UBS plans to eventually lower the overall combined staff by roughly 30%, or 35,000 workers, with Credit Suisse's headcount now at about 45,000.
If the Swiss domestic businesses of the two banks were combined, 10,000 jobs could be lost.
There were no comments on the report from Credit Suisse and UBS.
There were rumours last week that UBS might reduce the number of investment bankers covering Australia and China and Asia at Credit Suisse starting in the next month.
Sergio Ermotti, chief executive of UBS, earlier this month spoke of difficult choices regarding job cuts following the acquisition of Credit Suisse, but he did not specify the precise number of possible layoffs.
In June, UBS finished its emergency acquisition of troubled rival Credit Suisse, creating a massive Swiss banking and wealth management company with a $1.6 trillion balance sheet and 120,000 employees.

Christopher J. Mitchell

Markets | Companies | M&A | Innovation | People | Management | Lifestyle | World | Misc