UBS to cut more than half of Credit Suisse workforce – Bloomberg News

UBS Group is looking to cut more than half of Credit Suisse’s workforce from next month as a result of the bank’s takeover, Bloomberg News reported on Tuesday. | Reuters

UBS and Credit Suisse declined to comment.

Reuters reported last week that UBS will cut Asia investment banking jobs at Credit Suisse next month, with significant reduction in investment bankers covering Australia and China. Earlier this month, UBS chief executive Sergio Ermotti warned of painful decisions about job cuts following the takeover of Credit Suisse, but did not give details about the number of potential layoffs.

UBS completed its emergency takeover of embattled rival Credit Suisse in June, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet and a workforce of 120,000.Your subscription has been successful.

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