Before being acquired, Credit Suisse planned to cut 9,000 jobs by 2025 as part of its restructuring program
Bosses at the megabank born from UBS’ takeover of Credit Suisse are considering cutting 20-30% of jobs – between 25,000 and 36,000 – worldwide, the SonntagsZeitung weekly newspaper reported, citing unnamed sources.
That number exceeds the jobs Credit Suisse was considering cutting as part of its restructuring plan before Swiss authorities pressured UBS to hastily buy its failing rival.
In Switzerland alone, up to 11,000 jobs will be affected, according to the publication.
Before the acquisition, UBS had just over 72,000 employees, compared to more than 50,000 at Credit Suisse.
The publication does not specify the period during which the job cuts are planned, nor the activities that will be most affected at the two banking giants.
Before it was acquired on March 19 by Switzerland’s No. 1 bank, Credit Suisse planned to cut 9,000 jobs by 2025 as part of its restructuring plan.
Source :Skai
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