Swiss media reported that UBS may abolish up to 36,000 jobs worldwide following its acquisition of Credit Suisse.

(Reuters)

[Central News Agency] The Swiss "SonntagsZeitung" (SonntagsZeitung) reported today that UBS AG may cut up to 36,000 jobs worldwide after the acquisition of Credit Suisse (Credit Suisse), equivalent to 30% of the workforce.

Agence France-Presse reported that several U.S. banks have failed one after another recently, triggering fears that the crisis may spread. The Swiss government hastily arranged for UBS to acquire Credit Suisse on March 19 in order to avoid a global financial collapse.

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UBS announced on the 29th of last month that Sergio Ermotti would take over as chief executive, taking charge of the controversial Credit Suisse acquisition.

The Sunday Daily reported today citing anonymous internal sources that the management is considering laying off 20% to 30% of its manpower, or 25,000 to 36,000 jobs.

In Switzerland alone, as many as 11,000 jobs could be axed, according to the Sunday newspaper, which gave no details on who might be cut.

Before UBS acquired Credit Suisse, each had more than 72,000 employees and more than 50,000 employees.

Credit Suisse is the second largest bank in Switzerland, and is ranked among the world's leading banks with UBS. It is also a global systemically important financial institution (G-SIFIs), so it is considered "too big to fail".

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