Megabank executives born from takeover Credit Suisse from UBS expect to cut 20-30% of jobs –25,000 to 36,000 locations worldwide– reports the weekly SonntagsZeitung, citing unnamed sources.
That number exceeds the number of jobs that Credit Suisse was about to cut as part of its restructuring plan before Swiss authorities pressured UBS to hastily buy its bankrupt competitor.
According to the publication, only in Switzerland it will affect up to 11,000 jobs.
Prior to the acquisition, UBS had just over 72,000 employees compared to over 50,000 at Credit Suisse.
The publication did not specify the period during which the job cuts are planned, nor the types of activities that will be most affected by the two banking giants.
Before it was acquired by Switzerland’s No. 1 bank on March 19, Credit Suisse planned to cut 9,000 jobs by 2025 as part of its restructuring plan.
Source: AFP, APE-MPE.
Source: Kathimerini
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