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  

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.

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