UBS to cut 20-30% of staff after Credit Suisse takeover
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UBS Group will cut its staff by 20-30% after completing its takeover of Credit Suisse.
About this informs Bloomberg.
In total, they plan to cut 36,000 workers around the world.
Yes, 11,000 workers will be laid off in Switzerland. By the end of 2022, the two lenders together employed almost 125,000 people, and about 30% of the total number in Switzerland.
UBS has said publicly that it will provide an explanation of the job cuts as soon as possible. While it was understood that significant cuts would occur, the lender views talent retention as a significant part of the risks associated with the implementation of the takeover.
Also read: The collapse of Credit Suisse: how the 167-year-old Swiss bank went bankrupt in a week and why the US is “printing” dollars again
We will remind:
International investment bank UBS AG considers the possibility of a takeover of its Swiss competitor Credit Suisse, which is in a difficult position, in order to stabilize the global banking system.
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