UBS to cut 35,000 jobs after Credit Suisse rescue: report

Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A view of the logo of Swiss bank Credit Suisse in Zurich, Switzerland, 21 February 2022. EPA-EFE/ENNIO LEANZA/FILE" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/10/07/credit-suisse-epa-1072022.jpg"/><figcaption>A view of the logo of Swiss bank Credit Suisse in Zurich, Switzerland, 21 February 2022. <em>EPA-EFE/ENNIO LEANZA/FILE</em></figcaption></figure></div><p>GENEVA, Switzerland - Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.</p><p>Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/20/23/ubs-takeover-of-credit-suisse-the-main-points">UBS takeover of Credit Suisse: the main points</a></li>	<li><a href="https://news.abs-cbn.com/business/03/24/23/ubs-credit-suisse-tie-up-may-not-lead-to-swiss-bliss">UBS, Credit Suisse tie-up may not lead to Swiss bliss</a></li>	<li><a href="https://news.abs-cbn.com/business/03/16/23/credit-suisse-hit-by-scandals-and-market-panic">Credit Suisse: hit by scandals and market panic</a></li></ul><p>Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world&#x27;s most important banks.</p><p>UBS declined to comment on the reported job cuts when contacted by AFP.</p><p>Combined, the two groups had around 120,000 employees at the end of last year, with 37,000 of them in Switzerland.</p><p>The Bloomberg report, citing sources close to the companies, said employees had been told of three coming waves of jobs cuts this year -- the first at end-July, the others in September and October.</p><p>UBS chief executive Sergio Ermotti had warned earlier this month that the coming months were likely to be &quot;bumpy&quot;, saying the merger would require &quot;waves&quot; of difficult decisions, particularly regarding employment.</p><p>apo/js/fb</p><div><strong>© Agence France-Presse</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/lsuSA6pwzHI?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

GENEVA, Switzerland - Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.

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UBS to cut 35,000 jobs after Credit Suisse rescue: report

UBS to cut 35,000 jobs after Credit Suisse rescue: report

Agence France-Presse

Published Jun 28, 2023 06:42 AM PHT

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