UBS to cut up to 36,000 jobs after merger with Credit Suisse
Swiss banking giant UBS is considering laying off up to 30% of its staff after it buys rival Credit Suisse, Swiss newspaper Tages-Anzeiger Reported on Sunday.
UBS has agreed to a CHF3 billion ($3.3 billion, €3.02 billion) purchase after the Swiss government arranged a deal to rescue Credit Suisse – one of the global banks deemed too big to fail.
But the bank that emerged from the deal holds $1.6 trillion in assets and employs more than 120,000 people worldwide.
Tens of thousands of jobs at risk
Prior to the merger, the number of employees at UBS and Credit Suisse was around 72,000 and 50,000 respectively.
The job cuts report was not specific about which jobs would be targeted, but said that up to 11,000 employees could be laid off in Switzerland alone.
Source: DW
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