UBS To Cut 35,000 Jobs After Credit Suisse Rescue: Report

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.

Follow IBTimes UK and ACCESS FREE content now! Easily manage your Newsletters subscriptions and save your favorite articles. No payment method required. Register for FREE and unlock all IBT UK content.

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.

The biggest revolution in news since the internet. Follow IBTimes now for the most sensational stories shared regarding Business Technology World National Politics Media & Culture Opinion Sports Crypto Social Capital and more.

Robert Wilson author
Articles: 12200