UBS acquires Credit Suisse, and tens of thousands of people face the risk of layoffs.


[Financial Channel/Comprehensive Report] UBS' rescue of Credit Suisse, which is in financial crisis, is expected to lead to tens of thousands of layoffs. According to people who know UBS's plan, Credit Suisse's domestic Business and investment banking, which together employ more than 30,000 people, are expected to bear the brunt.

"Financial Times" reported that people familiar with the matter pointed out that after UBS merged with Credit Suisse, the number of employees in the group will exceed 120,000, and as many as one-third of the positions may overlap.

It is too early to determine how many jobs will be cut, the people added.

Please read on...

As of the end of 2022, Credit Suisse will have just over 50,000 employees, and Credit Suisse is already undergoing extensive layoffs, with 4,000 laid off so far this year.

The acquisition is expected to result in the loss of many of Credit Suisse's 17,000 investment banking staff, as UBS is expected to close most of its operations.

UBS, which employs 74,000 people globally, will also seek to eliminate overlapping positions at Credit Suisse in Switzerland, closing branches and reducing staff in administrative positions, according to people familiar with the matter.

The Swiss Bank Employees' Association (Swiss Bank Employees' Association) said on Tuesday (21st) that the takeover of Credit Suisse by UBS would produce layoffs that threaten the labor market, and the banking industry may not be able to bear it, and called for a moratorium on layoffs before the end of the year.

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