SWI: Up to 35,000 UBS & Credit Suisse jobs at risk

Swissinfo reports:

The megabank created by the UBS takeover of Credit Suisse is poised to reduce its global workforce by 20-30% – between around 25,000 and 36,000 positions – according to the SonntagsZeitung newspaper, citing an unnamed senior UBS manager.

This is far more than the 9,000 jobs Credit Suisse had planned to cut in its restructuring plan before the Swiss authorities forced UBS to buy out its imploding rival on March 19. In Switzerland alone, up to 11,000 jobs would be affected, the SonntagsZeitung saidExternal link.

Before the takeover, UBS employed just over 72,000 people worldwide, compared with more than 50,000 at Credit Suisse. UBS agreed to buy Zurich rival Credit Suisse for CHF3 billion ($3.3 billion) in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in the country’s financial system…

The full post is here.