UBS Set to Drastically Reduce Credit Suisse Workforce in Massive Layoffs
TL;DR Summary
UBS Group AG is planning to cut over half of Credit Suisse Group AG's workforce, which amounts to around 22,500 employees, starting next month as part of the bank's emergency takeover. The cuts will primarily affect bankers, traders, and support staff in Credit Suisse's investment bank in London, New York, and some parts of Asia. UBS aims to save $6 billion in staff costs in the coming years and intends to reduce the total combined headcount by about 30%, or 35,000 people. The job cuts come as a result of UBS's takeover of Credit Suisse, which was brokered by the government.
- UBS Preparing to Cut Over Half of Credit Suisse Workforce Yahoo Finance
- UBS to Cut More Than Half of Credit Suisse Workforce Bloomberg Television
- UBS cutting half of Credit Suisse staff and about 35,000 or 30% of combined staff after merger: Bloomberg MarketWatch
- UBS To Cut 35,000 Jobs After Credit Suisse Rescue: Report Barron's
- UBS Plans Major Layoffs Following Credit Suisse Acquisition: Report - UBS Gr (NYSE:UBS) Benzinga
Reading Insights
Total Reads
0
Unique Readers
11
Time Saved
4 min
vs 5 min read
Condensed
89%
937 → 101 words
Want the full story? Read the original article
Read on Yahoo Finance