UBS To Ax Half Of Credit Suisse Employees

UBS Group AG is planning to cut more than half of Credit Suisse Group AG’s 45,000-strong workforce starting next month as a result of the bank’s emergency takeover, Marion Halftermeyer, Laura Benitez and Myriam Balezou reported for Bloomberg News.

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Reuters had last week reported that UBS will cut Asia investment banking jobs at Credit Suisse next month, with a significant reduction in investment bankers covering Australia and China.

UBS completed its emergency takeover of embattled rival Credit Suisse in June, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet and a workforce of 120,000.

Adam Mawardi also reported for The Telegraph that UBS is planning on eventually reducing its total combined headcount by 30% or 35,000 people. Credit Suisse, which was bought by rival UBS in a government-brokered rescue in March, currently has 45,000 workers.

The £2.6-billion takeover was orchestrated by Swiss authorities in March to avoid Credit Suisse failing and causing a wider meltdown in the global banking industry.

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