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

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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

 

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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.
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