According to people familiar with the matter, the merger between Credit Suisse and UBS will cut at least 9,000 jobs.

(Reuters)

[Financial Channel/Comprehensive Report] Under the auspices of the Swiss government, UBS agreed to acquire Credit Suisse to temporarily resolve the liquidity crisis. The business overlap is too high, and before UBS announced the acquisition of Credit Suisse, Credit Suisse had decided to lay off 9,000 employees.

Considering that UBS and Credit Suisse have nearly 125,000 employees combined, the merger is bound to save expenditure on personnel costs.

UBS chairman Colm Kelleher said that the final number of layoffs is still uncertain, and UBS should choose to retain Credit Suisse's wealth management business and reduce its investment banking business.

Please read on...

Credit Suisse previously estimated that after the merger of the company and UBS, by 2027, the annual cost will be cut by more than 8 billion US dollars (approximately NT$244.2 billion), which is almost half of Credit Suisse's 2022 expenditure, which is quite impressive.

The news of layoffs does not seem to be the worst. There is even news that Credit Suisse's final layoffs will not only exceed original expectations, but may be several times more than 9,000.

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