UBS to lay off thousands of Credit Suisse employees
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Switzerland’s largest bank, UBS, is preparing to fire thousands of employees of the bank it bought after completing its state-aided takeover of rival Credit Suisse.
Swiss banking giant UBS is preparing for layoffs after taking over Credit Suisse. The giant bank will dismiss more than half of the employees at Credit Suisse, which has 45,000 personnel, next month.
The segments that will be most affected by the wave of layoffs will be bankers, processors and support personnel. Employees of Credit Suisse’s branches in London, New York and some Asian regions will be the ones most affected by this wave.
THERE WILL BE 3 SEPARATE WAVE OF WORK
There will be three separate waves of layoffs this year, according to sources who asked for anonymity as the plans have not yet been made public. It is stated that the first wave is expected to take place by the end of July, while the other two tours are planned in September and October.
Three months after UBS bought Credit Suisse in a government-brokered bailout, the full extent of the layoffs began to become clear.
When the deal was completed, UBS’s total number of employees increased to approximately 120,000, and the company lost approximately 6 billion in personnel costs in the coming years. dollar He said he wanted to save money.
IT WILL FIND 35 THOUSAND PEOPLE
It is thought that UBS plans to eventually reduce its total headcount by about 35,000 people. UBS spokespersons are refusing to comment on the layoffs for now.
After the Wall Street investment banks, including Morgan Stanley and Goldman Sachs, announced that they would lay off thousands of their staff, UBS’s starting to lay off their staff shows that things are getting worse for the global financial sector.
WHAT HAPPENED?
USAAfter the banking crisis that started in March, there was a Credit Suisse panic in Europe. The developments after the Saudi National Bank, the biggest partner of Credit Suisse bank, announced that it would not increase its capital, dragged the bank to the brink of bankruptcy.
Switzerland’s largest bank, UBS, announced that it would buy 167-year-old Credit Suisse for 3 billion francs, with the government’s liquidity support of 200 billion francs.
UBS and Credit Suisse World While the total number of employees across the world reached 120,000, UBS announced that it would make layoffs to reduce costs.
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