GENEVA, April 2 — The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30 per cent, Swiss daily Tages-Anzeiger reported on Sunday, citing...
GENEVA, April 2 — The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30 per cent, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.
UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in the country’s financial system. But the deal, which was also designed to help to secure financial stability globally, has raised concerns over the size of a new bank with US$1.6 trillion in assets and more than 120,000 staff worldwide.Jobs in its US investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse’s investment bank.
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