UBS To Cut Half Of Credit Suisse's Workforce After Emergency Takeover
By Jen Snow
June 28, 2023
According to a person familiar with the situation, half of Credit Suisse's workforce is set to be slashed and includes traders, bankers, and support staff from the London, New York, and Asia offices. The layoffs are expected to be conducted over 3 rounds with the first one kicking off in July and the last two coming between September and October.
The current Credit Suisse workforce has roughly 45,000 employees. UBS increased its workforce to approximately 120,000 after it merged with the struggling Swiss lender and now plans to reduce jobs in order to save $6 billion. UBS is expected to cut its workforce by 35,000 workers or 30 percent.
https://creativedestructionmedia.com/news/business/2023/06/28/ubs-to-cut-half-of-credit-suisses-workforce-after-emergency-takeover/