The Swiss bank UBS plans to eliminate 35,000 jobs, or more than half of the total number of jobs at its competitor, Credit Suisse, the agency “Bloomberg News” reports.
Credit Suisse employed about 45,000 people before the bank nearly collapsed, necessitating a massive rescue by UBS.
Analysts have previously indicated that large-scale job cuts could be expected after the merger of these banks, given the overlapping activities of the two financial institutions.
Both banks together employed approximately 120,000 people at the end of last year.
“Bloomberg News” reports that “Credit Suisse” employees were informed about the upcoming job cuts in three phases – the first is scheduled for the end of July, and the others in September and October.
UBS reportedly completed its takeover of Credit Suisse in mid-June, paving the way for an ambitious merger between the two banks.
In mid-March, UBS agreed to take over the troubled Credit Suisse for three billion francs.
The Swiss Central Bank is backing the takeover deal with 100 billion francs in emergency liquidity assistance for both banks. Both UBS and Credit Suisse are among 30 banks in the world considered too big to fail.
The bank was involved in several scandals before its share price plummeted on March 15 due to the refusal of its largest shareholder – the Saudi National Bank – to buy more Credit Suisse shares.
Credit Suisse borrowed 50 billion francs from the country’s central bank, but it failed to restore confidence in the bank.
2023-06-28 15:05:40
#merger #UBS #Credit #Suisse #result #job #losses
