UBS has cut the most jobs in the industry after CS takeover
Published: Tuesday, Dec 26th 2023, 18:01
العودة إلى البث المباشر
The big bank UBS has cut a particularly large number of jobs among global banks in 2023. This was calculated by the "Financial Times".
The takeover of Credit Suisse by UBS has led to a reduction of at least 13,000 jobs at the combined bank, writes the British business daily on Tuesday. And further major rounds of redundancies are expected in the coming year.
According to FT calculations, 20 of the world's largest banks will have cut more than 60,000 jobs in 2023 - more than at any time since the financial crisis. The same institutions cut more than 140,000 jobs during the global financial crisis 15 years ago.
In second place is the US bank Wells Fargo, which has already cut 12,000 jobs in the first nine months of the year according to its own figures. Citigroup cut 5000 jobs, Morgan Stanley 4800, Bank of America 4000 and Goldman Sachs 3200 (ranks 3 to 6).
The Financial Times drew on information provided by the companies and its own reporting for the compilation. At least half of the job cuts in 2023 came from Wall Street lenders whose investment banking operations were struggling with the pace of interest rate hikes in the US and Europe.
Over 10 billion to be saved
At the beginning of November, UBS had already announced in its third quarter results that around 13,000 jobs had been lost compared to the end of 2022. Calculated in full-time equivalents, the major Swiss bank reported just under 116,000 jobs at the end of September.
CS, which has since been taken over, had already announced in October 2022 that around 9,000 of the 52,000 jobs at the time would be cut. Following the takeover by UBS, the media speculated that the combined bank would cut 30,000 to 35,000 jobs out of a total of around 120,000 by the end of 2022. UBS itself does not quantify the global job cuts, but aims to reduce annual costs by more than 10 billion dollars by the end of 2026 compared to 2022.
At the end of August, UBS management announced that there would be 3000 redundancies in Switzerland alone: 1000 redundancies due to the integration of Credit Suisse's Swiss business and a further 2000 redundancies in other local business areas.
©كيستون/إسدا
Arabic 
English 
German 
French 
Spanish