UBS to absorb Credit Suisse Swiss operations
Job cuts unveiled in Switzerland
CEO Ermotti announces $10 billion-plus of savings
Results lay bare scale of task ahead
UBS posts $29 bln profit due to one-off deal effect ZURICH, Aug 31 (Reuters) – UBS (UBSG.S) embarked on a more than $10 billion cost cutting plan on Thursday, saying it will axe 3,000 jobs in Switzerland alone after swallowing up its stricken rival Credit Suisse.
The plan to cut around one in 12 Swiss jobs at the newly forged bank giant gives a glimpse of the scale of the shake-up as UBS grapples with consolidating a competitor that unravelled after panicked customers withdrew billions from their accounts.
In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. The toll could be far higher as Credit Suisse has already said that 8,000 people had stopped working at the bank in recent months, before Thursday’s cuts.
www.reuters.com/business/finance/ubs-absorb-credit-suisses-domestic-bank-2023-08-31/#:%7E:text=ZURICH%2C%20Aug%2031%20(Reuters),its%20stricken%20rival%20Credit%20Suisse