Thu, Apr 18th 2024
UBS Group AG announces further job reductions across its global operations as it continues to integrate Credit Suisse.
UBS Group AG is set to implement another series of layoffs as it progresses with the Credit Suisse integration, aiming to streamline its workforce and optimize costs claims reports from bloomberg.
The planned cuts will impact various departments, including the global investment bank and wealth management, the report continues.
This move is part of a strategy to reduce staff costs by approximately $6 billion over the next few years, following the emergency acquisition of Credit Suisse, which had increased UBS’s total workforce to about 120,000 globally, claims people familiar with the matter.
These changes come amid challenges, including proposed regulatory reforms potentially requiring UBS to increase its capital by $20 billion, intensifying the complexity of the ongoing merger and restructuring efforts.
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