UBS to lay off 3,000 employees
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UBS will lay off 3,000 jobs in Switzerland as part of its $10 billion savings plan.
10 billion in costs after UBS Group acquired Credit Suisse dollar As part of its savings plan, it plans to cut 3,000 jobs in Switzerland over the next few years.
UBS had purchased the Swiss Credit Suisse bank for 3 billion Swiss francs ($ 3.37 billion) in a package prepared by the Swiss government in March and assumed the bank’s debt of $ 5.4 billion.
UBS announced that Credit Suisse will retain its local bank unit and expects the layoffs to be met with backlash in Switzerland.
UBS, the world’s largest asset manager, could have taken Credit Suisse’s local banking unit into a separate company and went public, but Credit Suisse made a profit on the bank’s unit last year, making the bank’s only debt-free local banking unit.
Sergio Ermotti, CEO of UBS, explained in his message to employees that the 1,000 layoffs would result from their acquisition of the unit, while the 2,000 layoffs would be due to the need for a deep restructuring of Credit Suisse.
UBS shares rose 5 percent in early trading to their highest level since 2008.
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