UBS layoffs: Next round of job cuts planned in Credit Suisse integration - Hindustan Times
close_game
close_game

UBS layoffs: Next round of job cuts planned in Credit Suisse integration

Reuters |
Apr 18, 2024 09:41 AM IST

UBS layoffs: UBS' takeover of Credit Suisse, biggest bank merger since 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023.

UBS Group is planning another round of job cuts after its takeover of Credit Suisse that is expected to affect over a hundred positions across the group's global investment bank, Bloomberg News reported on Wednesday.

Signs of Swiss bank giant UBS bank are seen in Basel.(AFP)
Signs of Swiss bank giant UBS bank are seen in Basel.(AFP)

Read more: Micron set to get $6 billion in chip grants from US: Report

The layoffs are scheduled to take place in the upcoming weeks, the report said, citing people with knowledge of the matter, adding that the job cuts are expected in the wealth management and markets units.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

UBS declined to comment on the report.

Read more: Nestle adds sugar to infant milk, cereal products sold in several countries including India, study claims

UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse's collapse.

After the takeover last year, UBS embarked on a more than $10 billion cost-cutting plan, which led to an over 3,000 jobs cut in Switzerland. Later in the year, it also cut Credit Suisse's securities research unit's around 70% of Hong Kong-based staff headcount.

Tell us what your First Vote will stand for in a short video & get a chance to be featured on HT’s social media handles. Click here to know more!

Get Current Updates on India News, Elections 2024,, Election 2024 Date along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, May 21, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On