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ZURICH, Aug 31 - UBS Group embarked on a sweeping plan to cut more than $10 billion in costs, saying on Thursday it will axe 3,000 jobs in Switzerland alone after it took over its stricken rival Credit Suisse.
He wrote in a memo to staff that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. Globally, 8,000 Credit Suisse have already left over the first half of the year. The decision to absorb Credit Suisse's local operation is, however, contested in Switzerland. Proxy adviser Ethos, representing Swiss pension funds and foundations that owned stakes in both banks, said spinning off the Swiss bank instead would have avoided"a major systemic risk for Switzerland, an important negative impact on employment and issues for the fair competition.
SHOTGUN MARRIAGE The Swiss job cuts give a taste of more to come at the global bank, whose reach spans Wall Street to London.
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