News Formal

UBS looks to axe 30% of staff and keep Credit Suisse's domestic business

  • 📰 Reuters
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The emergency takeover of Credit Suisse by UBS could spell bad news for thousands of bankers. Sources say the combined firm is considering cutting 30% of its workforce

is weighing cutting tens of thousands of jobs following its emergency takeover of Credit Suisse, as the Swiss bank leans towards keeping the domestic operations of its fallen rival, according to a person familiar with the discussions.

Such plans indicate that UBS wants to absorb Credit Suisse's domestic business, streamlining operations and cutting costs in the process, a controversial decision which could trigger concerns about the bank's domestic market dominance. If implemented, the total job cuts would amount to more than 30,000. Total job losses could reach 35,000, Bloomberg NewsThe logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland, October 25, 2022. REUTERS/Arnd Wiegmann/File Photo

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UBS looks to axe 30% of staff and keep Credit Suisse's domestic business - sourceUBS is weighing cutting tens of thousands of jobs following its emergency takeover of Credit Suisse, as the Swiss bank leans towards keeping the domestic operations of its fallen rival, according to a person familiar with the discussions.
Source: Reuters - 🏆 2. / 97 Read more »