UBS Could Cut Tens of Thousands of Jobs at Credit Suisse
Published: Wednesday, Jun 28th 2023, 11:58
Mise à jour le : Vendredi, 13 octobre 2023, 14:12
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UBS is reportedly planning to cut 35,000 jobs from the recently acquired Credit Suisse, with the first round of cuts expected to take place next month. This would represent more than half of the Credit Suisse employees, or around 30% of the combined UBS and Credit Suisse workforce. The cuts are expected to be spread out over three rounds, with the first round taking place in July, followed by two more in September and October. The Investment Banking activities of Credit Suisse are particularly at risk, while the wealth management division is expected to fare better, especially in Asia. The Swiss business is being looked at separately, and it is not yet clear how the integration of the two banks will be handled. If a full integration takes place, up to 10,000 jobs could be lost in Switzerland. UBS CEO Sergio Ermotti has previously stated that job cuts are unavoidable, but that most of them can be handled through attrition and retirement. UBS has also recently equalised the social plans of both banks, so that employees affected by the job cuts will be treated equally regardless of whether they are from UBS or Credit Suisse. The news has had little impact on the stock market, with UBS shares trading slightly higher in line with the overall market.
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