2023-06-27 20:57:22
the swiss bank UBS will lay off more than half of Credit Suisse’s staff starting next month, mainly affecting bankers, traders and support staff London, New York and Asiaas revealed by sources familiar with the matter.
According to the information advanced by ‘Bloomberg’, the layoffs will come in three rounds, all this year, with the first scheduled for the end of July and the other two in September and October. These processes will lead to the departure of 30% of the employees of the combination of the two financial entities, that is, of about 35,000 workers, which will come, for the most part, from Credit Suisse. The latter employs around 45,000 people. With these measures, UBS plans to save 6 billion dollars (5,474 million euros) over the next few years.
For his part, the current CEO of UBS, Sergio Ermotti, who returned to the Swiss bank in March to lead the union of both firms, said Tuesday from Zurich that the process is progressing “very good”.
UBS acquired Credit Suisse as a result of the Swiss state-sponsored merger after the contagion of the financial instability unleashed by the collapse of the Silicon Valley Bank (SVB) in the United States.
The layoffs at UBS thus continue with the dynamic already existing in the sector and for which Goldman Sachs announced on June 1 that it would do without 250 employees, which would be added to the 3,200 communications in January. For its part, Morgan Stanley is finalizing the exit of 3,000 workers.
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