Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

cde.news desk 2 April 2023, 13:20 · 1 min read

epaselect epa10532710 The logos of the Swiss banks Credit Suisse and UBS are displayed on different buildings behind traffic lights in Zurich, Switzerland, 19 March 2023. The bank UBS takes over Credit Suisse for 2 billion US dollars. Shares of Credit Suisse lost more than one-quarter of their value on 15 March 2023, hitting a record low after its biggest shareholder, the Saudi National Bank, told outlets that it would not inject more money into the ailing Swiss bank. EPA-EFE/MICHAEL BUHOLZER

GENEVA, April 2 (Reuters) – The bank created by the UBS UBSG.S takeover of Credit Suisse CSGN.S is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.

UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in the country’s financial system.

But the deal, which was also designed to help to secure financial stability globally, has raised concerns over the size of a new bank with $1.6 trillion in assets and more than 120,000 staff worldwide.

The report said the bank could cut about 11,000 jobs in Switzerland.

Jobs in its U.S. investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse’s investment bank.

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Topics UBS

Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

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