After Credit Suisse’s rescue, Swiss banking giant UBS will eliminate 35,000 jobs
In order to complete the emergency rescue buyout of its competitor in March, Swiss banking company UBS intends to eliminate 35,000 employees at Credit Suisse, or more than half of its staff, according to a report by Bloomberg News on Tuesday.
Before investor concerns about its solvency almost caused Credit Suisse to fall under, it employed roughly 45,000 people. This triggered a sizable rescue organized by the Swiss government.
Due of the overlapped activity at two of the most significant banks in the world, analysts have already warned that significant job losses were imminent.
When asked by AFP over the alleged job losses, UBS refused to comment.
At the end of the previous year, the two organizations together employed almost 120,000 people, 37,000 of whom were based in Switzerland.
According to a Bloomberg article quoting insiders at the firms, staff have been informed of three waves of impending job losses this year, the first of which will occur at the end of July and the others in September and October.
Sergio Ermotti, chief executive of UBS, had earlier this month issued a warning that the next months were likely to be “bumpy,” stating that the merger would need “waves” of challenging choices, notably with respect to employees.
