UBS CEO Sergio Ermotti gives a figure for job cuts in Switzerland. Thousands of jobs are on the line.
With the complete integration of Credit Suisse into UBS now decided, the cost is likely to be around 3,000 jobs in Switzerland, UBS CEO Sergio Ermotti said Thursday on an analyst call, as reported by the news agency «AWP».
The integration of Credit Suisse's domestic business affects about 1,000 jobs, according to the report, with other local divisions accounting for 2,000. The figure is significantly lower than an estimated by BAK-Basel Institute economists in the spring, who expected up to 10,000 jobs to get the axe.
No Standalone Viability
This morning, UBS said the decision to completely integrate Credit Suisse is «by far» the best outcome an internal analysis concluded. It wasn't just a question of liquidity at Credit Suisse; the bank could no longer have survived on its own, Ermotti said.
The Swiss Bank Employees Association (SBPV) also mentioned 3,000 employees being affected. They will benefit from a good social plan, according to the association's assessment, and «UBS is carrying out its restructuring over several years, thereby fulfilling its social responsibility.»
