Tens of thousands of jobs at risk after UBS takeover of Credit Suisse

The deal was orchestrated by the Swiss authorities over the weekend after they became alarmed at the rate of customer withdrawals which Credit Suisse was suffering last week.

But the takeover is expected to result in many of Credit Suisse’s 17,000 investment bankers losing their jobs as UBS winds down most of the unit. “We [will] work diligently and at pace throughout the coming period to identify which roles might be impacted,” they said. “Where necessary, we will communicate with impacted individuals in line with country-specific guidelines and policies.

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