of the 120,000 jobs in the combined UBS / Credit Suisse group could be let go. According to the Financial Times, tens of thousands of staff could be cut with Credit Suisse employees most at risk. A major restructuring and cost cutting programme was already underway at the embattled lender before the Swiss authorities arranged the rescue deal with 9,000 jobs cuts planned as well as a major scale back of its investment bank.
Much uncertainty remains around the future of the Swiss banking group with the potential for litigation, job cuts, restructuring and outflows. The first step must be to shore up confidence and convince shareholders of potential synergies from the combined group.
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