This photo taken on March 24, 2023 in Geneva shows a sign for Credit Suisse bank.
Fabrice Coffrini | AFP | fake images
UBS Group is looking to cut more than half of Credit Suisse’s workforce starting next month as a result of the bank’s acquisition, Bloomberg News reported on Tuesday.
Bankers, traders, support staff at Credit Suisse’s investment bank in London, New York and in parts of Asia are expected to bear the brunt, with almost all activities at risk, according to the report.
UBS intends to eventually reduce the total combined workforce by 30%, or 35,000 people, with a workforce at Credit Suisse currently numbering around 45,000, according to the report, citing people familiar with the matter.
Up to 10,000 jobs would be cut if the Swiss national companies of the two banks were to merge.
UBS and Credit Suisse declined to comment.
Reuters had reported last week that UBS will cut Asia investment banking jobs at Credit Suisse next month, with a significant reduction in investment bankers covering Australia and China.
Earlier this month, UBS Chief Executive Sergio Ermotti warned of painful decisions about job cuts after the Credit Suisse acquisition, but did not give details on the number of possible layoffs.
UBS completed its emergency acquisition from embattled rival Credit Suisse in June, forging a Swiss banking and wealth management giant with a balance sheet of $1.6 trillion and a workforce of 120,000.