UBS plans to cut 35,000 jobs at Credit Suisse – more than half its workforce – in a massive rescusion orchestrated by the Swiss government, according to a Bloomberg News report on Tuesday. Credit Suisse had a staff of around 45,000 before its nearly collapse, and now UBS has warned that difficult decisions “wormas” of job cuts will be necessary before the official merging of the two big banks. ABC News reported, sources claim employees have been alerted to three upcoming waves of job cuts throughout the year.
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Meanwhile, combined, the two groups had around 120,000 employees at the end of 2020 with 37,000 of them based in Switzerland. UBS chief executive Sergio Ermotti had suggested multiple “waves of difficult decisions regarding employment” would be necessary for the successful merging.
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