In Switzerland alone, up to 11,000 jobs will be affected, according to the publication
Photo: Reuters
Heads of the megabank born from UBS' takeover of Credit Suisse are considering cutting 20-30% of jobs – between 25,000 and 36,000 jobs in around the world – according to the weekly SonntagsZeitung, citing unnamed sources.
This number exceeds the jobs Credit Suisse was considering cutting as part of its restructuring plan before Swiss authorities pressured UBS to hastily buy its rival which was at risk of collapse.
In Switzerland alone, up to 11,000 jobs will be affected, according to the report.
Prior to the takeover, UBS employed few more than 72,000 employees, compared to more than 50,000 at Credit Suisse.
The report did not specify when the job cuts are planned, nor which activities would be most affected at the two banking giants.< /p>
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: AFP, APE-MPE
