UBS ready to cut over half of Credit Suisse-WWN workforce
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Ubs prepares a drastic slimming cure for Credit Suisse. In fact, starting in July he will launch draconian cuts that will halve the number of employees of the Swiss banking giant. The reductions reflect theemergency capture just three months ago when UBS, in an operation engineered by the Swiss authorities, took over Credit Suisse. Bankers and traders at Credit Suisse’s investment bank in London, New York and parts of Asia will bear the brunt of the cuts, the agency reports. Bloomberg. UBS has told staff it expects three rounds of cuts this year, one by the end of July and two in September and October.
The UBS-Credit Suisse merger account
UBS’s goal would be to reduce by 30%
, about 35,000 jobs, the total workforce of 120,000 employees resulting from the marriage between the two giants. The cuts being worked on by UBS worsen an already difficult picture for employment in the global financial sector. The big Wall Street giants have in fact already announced personnel cuts and, according to some estimates, are on the way to exceeding 11,000 workforce cuts this year. Scissors to reverse the trend that started after the pandemic when, to cope with the boom in agreements and trading, banks had significantly increased their workforce.
Nearly one million employees globally
At the end of the first quarter the big five banks dominate Wall Street
combined, they had a record 882,000 employees globally, unchanged from the end of 2022 but up more than 100,000 jobs from March 2020.
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