According to a media report, Credit Suisse (CS), which was acquired by UBS, has been terminated. According to information from Bloomberg News, more than half of CS employees will lose their jobs. The first round of dismantling is scheduled for July, followed by another round in September and October.
Investment bankers in London, New York and Asia are particularly worried about losing their jobs. In total, about 35,000 jobs will be cut.
UBS declined to comment for this to Bloomberg. Bloomberg relies on insiders for its information.
However, the fact that there have been job cuts due to the emergency takeover of CS by UBS is not new. UBS CEO Sergio Ermotti has said that such a situation is unavoidable several times. However, the reduction has not yet been quantified.
Ermotti was also convinced that a large part of the downsizing could be addressed through volatility and retirements. At the same time, the head of UBS promised a generous social plan in the event of layoffs.
For example, after acquiring CS, UBS recently aligned the benefits of social plans for both banks. This is intended to ensure that employees affected by downsizing are treated equally – regardless of whether they belong to UBS or CS.
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