UBS is planning to cut more than half of Credit Suisse’s 45,000-strong workforce starting next month as a result of the bank’s emergency takeover.
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter told the Bloomberg news agency.
Staff have been told to expect three rounds of cuts this year, with the first expected by the end of July and two more rounds tentatively planned for September and October, the people added, asking not to be named as the plans aren’t public.
Three months after UBS agreed to buy Credit Suisse in a government-brokered rescue, the full extent of the job cuts is starting to become clear. UBS, whose combined workforce jumped to about 120,000 when the deal closed, has said it aims to save some $6 billion (CHF5.4 billion) in staff costs in the coming years.
Solidaritätsnetz International sent a letter to the Government of the Confederation with a request to protect comprehensive guarantees for the rights of dismissed employees.