UBS intends to cut 20-30% of employees after the merger with Credit Suisse
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UBS plans to cut 20% to 30% of its workforce after the merger with Credit Suisse is completed. About this with reference to the top manager of UBS reports Sonntagszeitung.
Considering that about 120 thousand people are now full-time employees of the two Swiss banks, up to 36 thousand employees from all over the world may fall under the reduction. At the same time, about 11 thousand jobs will be cut directly in Switzerland.
19 March National Bank of Switzerland announced about the merger of the two largest banks in the country – UBS and Credit Suisse. The reason was the long-term financial problems of Credit Suisse, which ended 2022 with a loss of $ 7.9 billion – this is the bank’s worst result since 2008.
The merger between UBS and Credit Suisse will create one of the largest global systemically important financial institutions in Europe. UBS assets are estimated at $1.1 trillion, Credit Suisse – at $575 billion.
Shortly after the deal was announced, UBS made a decision return to the post of CEO Sergio Ermotti, who led the bank from November 2011 to October 2020.
Read more about the collapse of Credit Suisse – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.
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