UBS Cuts 30% Of Jobs After Gobbling Up Credit Suisse

The bank created by the UBS takeover of Credit Suisse is poised to slash its staff anywhere from 20% to 30%, Swiss daily Tages-Anzeiger reported, citing an unnamed senior UBS manager, Gabrielle Tetrault-Farber reported for Reuters.

Photo Insert: UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government.

UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, the central bank, and market regulator to avoid a meltdown in the country's financial system.

But the deal, designed to secure financial stability globally, has raised concerns over the size of a bank with $1.6 trillion in assets and more than 120,000 staff worldwide.

The report said the bank could slash 11,000 jobs in Switzerland. Jobs in its US investment banking arm will also be affected. UBS is set for talks to end a deal giving Wall Street dealmaker Michael Klein control of much of Credit Suisse's investment bank.

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