Up To 30% Of Jobs To Be Cut By Enlarged UBS: UBS Bank resulting from Credit Suisse takeover to cut workforce by up to 30%
April 3, 2023 by staff
According to an unnamed senior manager at UBS, the bank resulting from the UBS acquisition of Credit Suisse is preparing to reduce its workforce by 20-30%, as reported by Swiss newspaper Tages-Anzeiger on Sunday.
The acquisition, which was orchestrated by the Swiss government, central bank, and market regulator to prevent a financial crisis in the country, saw UBS purchase Credit Suisse for 3 billion Swiss francs ($3.3 billion).
However, concerns have been raised about the size of the new bank, which now has assets of $1.6 trillion and more than 120,000 employees worldwide. The report from Tages-Anzeiger suggested that the bank may cut around 11,000 jobs within Switzerland.
_________________________________________
Please feel free to send if you have any questions regarding this post , you can contact on
Disclaimer: The views expressed on this site are that of the authors and not necessarily that of U.S.S.POST.
Comments