Preliminary estimates by the bank foresee job cuts of up to 30 percent of the total payroll of 120,000 resulting from the forced Credit Suisse acquisition.
Switzerland’s largest bank may be forced to cut up to 30,000 jobs after the forced takeover of Credit Suisse two weeks ago, the Swiss weekend newspaper «SonntagsZeitung» (German, behind paywall) reported yesterday.
According to the publication, the forecasts were the first preliminary estimates the bank made following the acquisition and would comprise 20 to 30 percent of all jobs in the combined entity, which currently employs roughly 120,000 people.
Not Surprising
In Switzerland, the publication reported UBS might cut up to 11,000 jobs.
As finews.asia previously reported, the development is not altogether surprising. Decisions related to jobs and strategy are likely to change regularly in the months leading up to the completion of the deal.
