Published 1 year ago

UBS-Credit Suisse merger could see up to 30% job cut globally: Report

Summary by Ground News

UBS Group AG will cut its workforce by between 20% and 30% after completing its takeover of Credit Suisse Group AG. The two lenders together employed almost 125,000 people at the end of 2022. As many as 11,000 employees will be laid off in Switzerland, SonntagsZeitung reported.

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Times of India

Up to 30% of jobs may go in UBS-Credit Suisse merger: Reports

The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown, following fears of contagion from the collapse of banks in the United States. UBS announced on Wednesday it would bring back former chief executive Sergio Ermotti to handle the huge risks involved in the Swiss banking giant's controversial absorption of its troubled rival Credit Suisse.

1 year ago·India

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News18 India

UBS-Credit Suisse Layoffs: Merger Could See Around 36,000 Jobs Cut, Says Report

Up to 11,000 jobs could be cut in Switzerland alone, according to the weekly, which did not provide details of which posts could be targeted.

1 year ago·India

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Reuters

UBS may cut up to a third of jobs after Credit Suisse takeover, Tages-Anzeiger reports

The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.

1 year ago·United Kingdom

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NDTV

Credit Suisse and UBS Merger Could Cost 36,000 Jobs: Report

Before the merger, UBS and Credit Suisse had employed slightly more than 72,000 and 50,000 people, respectively.

1 year ago·New Delhi, India

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Hindustan Times

UBS-Credit Suisse merger anticipated to cause over 30,000 jobs loss

The takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown.

1 year ago·New Delhi, India

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WION

Hastily arranged marriage of UBS-Credit Suisse could lead to loss of 36,000 jobs: Report

The hastily arranged alliance of Credit Suisse and UBS could trigger a loss of 36,000 jobs across the world, according to German media. The management brought in to wade through the stormy waters of the merger may be looking to cut between 20 per cent to 30 per cent of the workforce, meaning somewhere between 25,000 to 36,000 could end up losing their jobs, reported SonntagsZeitung.

1 year ago·Noida, India

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