As UBS moves to cut around two-thirds of Credit Suisse's investment banking jobs, those in Spain are the latest ones facing the axe.
UBS is cutting all the jobs, 147 in total, at Credit Suisse's investment banking operations in Spain, «Bloomberg» (behind paywall) reported on Wednesday.
A person asking not to be named said the cuts affect the investment bankers and back- and middle-office staff in Wealth Management. UBS did, however, opt to keep Credit Suisse's private banking, likely because it sold its Spanish wealth business in 2021.
No Spanish Exit
«Despite the cuts, UBS is fully committed to Spain,» according to a spokesperson, and «With the acquisition of Credit Suisse, we're now even better positioned to accelerate our existing growth strategy and deepen our product capabilities.»
